Is not the deal going through but what happens immediately after.

There are going to be a lot of unwanted K shares on the the markets by retails and institutions. The K SP will tank. Think about it . If institutions wanted to be holding so much K, wouldn't they be doing so already. Not good.

Like I was saying.... in the unpleasant event you end up with K shares, just keep writing covered calls until they get called away. of course a lot of people will be doing that, so there won't be much premium....

ebear