Ok, so I am buying a position in WYE for my simulated portfolio today.  Entry price: $42.87.

Here’s the number crunch:

Deal terms: $33 cash plus 0.985 shares of PFE per share of WYE.

Entry price of WYE: $42.87

PFE today: $14.26

Deal says I get: 0.985 * $14.26 = $14.046 per sh of WYE plus another $33 per sh of WYE, or $47.046.

Gap: $4.176 sh or 9.74% ROI.

Risk factor: PFE stock tanks at time of deal close.  The $33/sh safety net is nice though.