Ariad Pharmaceuticals Inc fka ARIA

[longx]

From now until the cash conversion day there is still small possibility for Takeda to back out from the deal. For example, what if Takeda reviewed the recent SEC filing and found out Araid management wasn't honest and played hardball to boost buyout price. Or FDA requests more data for Briga and extend the approval deadline beyond 04/29/17, etc.

By waiting until the cash-out day, it will cost the shorts only $.20 -> $.30/share, but if Tekada backs out from the deal, shorts will win the jackpot. There is no need for them to cover now.