Trading LAHO will last a few days on the Gray Sheets. Lots of shares to sell. I would imagine that there will be buying and selling. May be you can get 50%, but more likely 25% or less, imho.
The merger is most likely dead, unless the companies go dark on the gray sheets. Company(s) Silence will be your best indication on whether to sell on the Gray Sheets. Put your orders in early. I would call my broker to sell at best market price if possible, but that is just my personal decision. Hard to know what best price will be as there will be no quotes.
I do not provide investment advice. This post is my personal opinion.