First let me address my take on ALU as a standalone company:  I believe that ALU on its own would still be a nicely profitable investment, but it may have taken the full four years to see the $7 to $8 PT that I had in mind when I started to accumulate.  So I would still hold it if the deal had fallen through.

That said, there is no question that a combined NOK-ALU would be a far stronger company that either one on its own.  In other words, I like this investment far better now that NOK is involved.

On the Elliott Management involvement:  I see little to no risk with them being involved.  I doubt these folks would rock the boat to the point where NOK walks away.  They should have a decent idea regarding how far they can push NOK.  Activists are typically very smart, I am sure they have done a great deal of research/due diligence before getting involved.  In addition, they see an opportunity on potentially getting NOK to sweaten the deal given that there already is another firm that has called for a better price. 

In short, I am quite positive that Elliott Management has gotten involved, it gives me a great deal of comfort that others see the potential in the NOK-ALU deal.