$KTOV Arguments in favor of stable price before buyout: - Avoid obvious appearance of insider trading before buyout. Backed up by LOXO history, and associations to high profile insider trading scandal (Erbitux/Martha Stewart/Imclone). - Still allows for "legal" manipulation-heavy insider trading by hedge funds (trading is based on clues, not actual illegal insider facts). Arguments for price run-up: - Easier to justify premium to LLY stockholders. - Two step merger through SPAC might artificially reduce appearance of large premium. - Reduces tax writeoff. This might be ameliorated by going through SPAC which will have a higher market cap? I tend to vote for the "stable price" theory.