Options Wonderland

[JimmyTL]

Question for the OptionGods (you guys...)
Would this have been a smart play at the time?
Okay, so on sunday of last week BAC agreed to buy MER for 50B in an all stock transaction. Meaning MER investors would get .8595 shares of BAC for every share owned. Now the next day, on monday, BAC closed at 26.55 a share and MER closed at 17.06

.8595 x 26.55 = 22.82 which is $5 more than MER's closing price of 17.06

Since the deal was set, doesn't this gap eventually have to be filled by either BAC dropping or MER moving up (or both meeting in the middle)?

So my question is this, wouldn't it have been smart to buy calls on MER and Puts on BAC and just wait for that $5 gap to close? I don't see how anything could've went wrong, am I missing something here?

btw MER hit $30 on friday so those calls would've made serious bank...