The Skew in the Tsuruha-Welcia-Aeon Combination

Tsuruha is trading 5+% through its merger terms with Welcia. This is probably due to the latent possibility that Orbis and/or others will mount a more serious campaign to block the merger at the current ratio. That's tough, but not impossible. Watch for more active news. IF there is an effort, they might get 10-15% more on the ratio. I'd note, the later Tender Offer is up for grabs in any case.