Glazer is a merger/arbitrage firm and this was a nice setup for them. With the stock pinned at around $12.50 it looks like they sold the Dec 20 calls (10,000) as well as bought 3.5M shares. If a better deal were to come through, they make money on the common, if nothing happens by Dec 20, then cash the premiums. So for a 12 day play they make about $250,000 (or more based upon their borrowing rate). A nice, relatively risk-free strategy. Everybody making money except the long-term shareholders.
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