Yes, I believe so, the Captain just posted a very clear explanation of what Gabelli is up to. His companies--likely computer algorithms-- are doing arbitrage on a deal that in his/their professional opinion is going to close and net some profits according to a formula they have determined is successful with tender offers in merger/acquisitions. This is the definition of arbitrage: "the simultaneous buying and selling of securities, currency, or commodities in different markets or in derivative forms in order to take advantage of differing prices for the same asset."
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