This is a strange beast. You would have expected that because there's a stated acquisition price of $1.172, the price of Saizen reit would have traded closer to that price as arbitrators close in to profit from it. But the price jumped to 1.09 from 0.925/0.930 expectedly, then went to a high of 1.14, before lingering around the 1.10/1.12 range and closing at 1.10 for Monday. If you buy in at 1.12 for example, you would easily have made 0.05 cts, about 4.5% off this arbitrade. This doesn't even include the dividend (from July to Dec 2015) that is going to be declared, which amounts to about 0.03, bringing the total reward to 0.08 cts, or 7.1%. And quite possibly, there should be another partial dividends from Jan 2016 to whatever date that Saizen assets ......