Biotech Values

[maumar]

"Exact Sciences will combine with Genomic Health for $72.00 per share in a cash and stock transaction valued at $2.8 billion."

But GHDX closed at $73.07. Is it because "Genomic Health stockholders will receive $27.50 in cash and $44.50 in shares of Exact Sciences stock, subject to a 10% collar centered on Exact Sciences' volume-weighted average price for the 45 trading days ended July 26, 2019."? Or are investors just bullish on the merger? Perhaps, bullish investors think there is less risk in buying GHDX than EXAS, though even EXAS closed almost flat after being down over $15 this morning.