为什么另一种计算方式不对

NO.PZ2023010407000006 问题如下 GunnPatel is event-iven hee funmanager for Senson Funwhifocuses on merger arbitrage strategies. Patel hbeen monitoring thepotentiacquisition of Meura InSellshom, InSellshom hofferetobuy Meura in a stock-for-stoal. Sellshom wtrang $60 per share justprior to the announcement of the acquisition, anMeura wtrang $18 pershare.The offer ratio is 1 share of Sellshom in exchange for 2 shares of Meura.Soon after the announcement, Meura’s share prijumps to $22 while Sellshom’sfalls to $55 in anticipation of the merger receiving requireapprovals antheclosing successfully. the current share prices of $55 for Sellshom an22 for MeurPatel attempts to profit from the merger announcement. He buys40,000 shares of Meura ansells short 20,000 shares of Sellshom. Calculate the payoffs of the merger arbitrage unr the following twoscenarios: i. The merger issuccessfully complete ii. The merger fails. i. the current share prices of $55 for Sellshom an$22 for Meura,Patel woulreceive $1,100,000 from short selling 20,000 shares of Sellshom anoulp$880,000 to buy 40,000 shares of MeurThis provis a net spreof$220,000 to Patel if the merger is successfully complete ii. If the merger fails, then prices shoulrevert bato theirpre-merger announcement levels of $18 per share for Meura an$60 per share forSellshom. The manager woulneeto buy ba20,000 shares of Sellshom $60 pershare, for a totof $1,200,000, to close the short position. Patel woulthensell the long position of 40,000 shares of Meura $18 per share for a totalof $720,000. This net loss woul$260,000, calculateas: (Sellshom:$1,100,000 – $1,200,000 = –$100,000) + (Meur–$880,000 +$720,000 = –$160,000). i. the current share prices of $55 for Sellshom an$22 for MeurPatel woulreceive $1,100,000 from short selling 20,000 shares of Sellshom anwoulp$880,000 to buy 40,000 shares of MeurThis provis a net spreof $220,000 to Patel if the merger is successfully complete**可否理解为 cost= 22*40,000 去买被收购的M票；然后是裸卖空 S票？所以凭空收到55*20,000; 利润是这里的差额ii. If the merger fails, then prices shoulrevert bato their pre-merger announcement levels of $18 per share for Meura an$60 per share for Sellshom. The manager woulneeto buy ba20,000 shares of Sellshom $60 per share, for a totof $1,200,000, to close the short position. Patel woulthen sell the long position of 40,000 shares of Meura $18 per share for a totof $720,000. This net loss woul$260,000, calculateas: (Sellshom: $1,100,000 – $1,200,000 = –$100,000) + (Meur–$880,000 + $720,000 = –$160,000).**可否理解为 关闭头寸的就是要付 20,000 *60的票，所以单比损失了 $1,100,000 – $1,200,000 = –$100,000；M票也是关闭这个头存，但这里是裸卖空获得的720； 最后损失是这两笔交易的差额。

NO.PZ2023010407000006 问题如下 GunnPatel is event-iven hee funmanager for Senson Funwhifocuses on merger arbitrage strategies. Patel hbeen monitoring thepotentiacquisition of Meura InSellshom, InSellshom hofferetobuy Meura in a stock-for-stoal. Sellshom wtrang $60 per share justprior to the announcement of the acquisition, anMeura wtrang $18 pershare.The offer ratio is 1 share of Sellshom in exchange for 2 shares of Meura.Soon after the announcement, Meura’s share prijumps to $22 while Sellshom’sfalls to $55 in anticipation of the merger receiving requireapprovals antheclosing successfully. the current share prices of $55 for Sellshom an22 for MeurPatel attempts to profit from the merger announcement. He buys40,000 shares of Meura ansells short 20,000 shares of Sellshom. Calculate the payoffs of the merger arbitrage unr the following twoscenarios: i. The merger issuccessfully complete ii. The merger fails. i. the current share prices of $55 for Sellshom an$22 for Meura,Patel woulreceive $1,100,000 from short selling 20,000 shares of Sellshom anoulp$880,000 to buy 40,000 shares of MeurThis provis a net spreof$220,000 to Patel if the merger is successfully complete ii. If the merger fails, then prices shoulrevert bato theirpre-merger announcement levels of $18 per share for Meura an$60 per share forSellshom. The manager woulneeto buy ba20,000 shares of Sellshom $60 pershare, for a totof $1,200,000, to close the short position. Patel woulthensell the long position of 40,000 shares of Meura $18 per share for a totalof $720,000. This net loss woul$260,000, calculateas: (Sellshom:$1,100,000 – $1,200,000 = –$100,000) + (Meur–$880,000 +$720,000 = –$160,000). 老师好，进行merger arbitrage的计算，如题所述的条件不用考虑是嘛？就是S一股可以换M公司两股这个条件会在什么样的问题下用到呢？