Arbitrage opp.  Proposed deal from AT&T (T) for Centennial Communications (CYCL) is $8.50/sh due to close by the end of 4Q 2009.  There are some warning signs / risk, thus the gap.

More thoughts on this deal from DividendGrowthInvestor at Seeking Alpha.

Gap: ($8.50 - $7.46) / $7.46 = 13.9% ROI  (33.4% annualized if it takes till end of ‘09 to close).

Disclosure: I own CYCL shares in my real money portfolio.