This is typical on most acquisitions, the acquired company trades at a discount to the official bid.  It is a discount in case the acquisition falls through.  Because of this, I am planning to buy ALU shares not NOK.  I happen to think the transaction will take place, if this will indeed the case, even if NOK does fall more, this serves as a cushion, or if NOK stabilizes or even rise, I get to pocket this discount which is not bad, about 6% to 7.5%