I'm still puzzled as to why there is still such a merger gap between AMD and $XLNX. I have never seen that large of a gap for a merger. I don't think it has anything to do with doubt about the merger closing, but more about the valuations of each company at the close. I believe the market thinks XLNX is close to fully valued now post-merger so investors won't bid it up much higher. That implies that the market believes AMD is going to drop, which is contrary to the recent market pressure on AMD which is up. So let's assume the market thinks XLNX is within 5% of its closing valuation. That says they're expecting a high of about $240 for XLNX valuation post-merger and that AMD will fall. So that implies an AMD price of about $140 post merger. I don't know how else to explain the low 1.44 ratio. Any other thoughts?

$AMD(AMD)$ $Xilinx(XLNX)$