Question: In a stock financed merger using a Fixed Value structure, the pre-closing risk (I.e., risk between announcement and close) is born:? 1)100% by target 2)100%

In a stock financed merger using a Fixed Value structure, the pre-closing risk (I.e., risk between announcement and close) is born:?

1)100% by target

2)100% by buyer

or

3) By both buyer and seller based on the % ownership of the 2)

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