Though the trader did not exit the position yesterday, it seems he was still able to sell the puts this morning at a premium to his initial cost.

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"The substantial premium reflected in our initial proposal anticipated a friendly transaction with you, " Ballmer wrote.

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Moreover, the reduction in the premium can outlive the initial shock.

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That is because in the current environment, when markets allow buyers to provide a reasonable multiple, get financing, offer an attractive premium and clear the deal with shareholders, the initial bid is likely to be fully valued.

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