Indeed, if the price goes above 54 and remains above 54, he will get a good deal. It will do neither of those things. It's only even getting near 54 because of

Indeed, if the price goes above 54 and remains above 54, he will get a good deal. It will do neither of those things. It's only even getting near 54 because of the impending deal. People buying now know that when the deal closes, the shares will be worth 54, so if they can buy for less than that, then buy, buy, buy. Once the deal closes, it's profit-taking time, so sell, sell, sell--and the stock price plummets.