Every other condition is done. What remains is an administrative problem with a short timeline.
This is a merger arb trading at a wide spread with only one condition left. The shareholder meeting was held, the holders who voted backed the deal by an overwhelming margin, and it still did not clear. The threshold is a majority of shares outstanding rather than votes cast, and turnout came up just short. The gap left to close is small.
The timeline uncertainty does create complications, since the exchange ratio is variable rather than fixed. But the vote is scheduled for this week, and if it passes, shareholders collect a large spread shortly after.
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