The deal is not guaranteed to close. Merger Arbitrage funds help support the price, but most stock holders are happy exiting with the upside they just gained w

The deal is not guaranteed to close. Merger Arbitrage funds help support the price, but most stock holders are happy exiting with the upside they just gained while not risking a few pennies per share on the possibility of the deal not closing. This is common price action during M&A.