I don't expect a higher offer, so I sold my ARIAS position. Id did, however, buy some Feb 24 calls for a nickel each ($5 per contract) just in case a higher offer were to emerge before the buyout is completed.
I'm guessing, but I suspect those shorts may be in place as some sort of hedge.
Some had speculated that when the convertible issue was done, several purchased that security while shorting the common. As I said back then, I'm not sure how the mechanics of this works out, but that doesn't mean it doesn't.
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