Trina Solar is a good stock to own even without the merger and the current valuation is fair based on it's balance sheet, past performance and industry specific metrics. If the acquiring company were to try and buy even a fraction of the amount of shares on the market they would end up raising the price significantly higher than their offering price of 11.60. It might take some time for the bureaucratic hurdles in China to be overcome. You can bet the arbitrage companies will be tracking the merger review process closely and wait till the very last minute to increase their positions any further. 3 months is the maximum for the review process, but it could finish early, like by the end of this month. But whenever it happens I doubt there will be much volume between now and just before the merger is completed.