On Sunday, for paid subs you got my thoughts on the $MSFT / $ATVI deal

I was bullish (still am) on it going through and provided a trade structure with a PUT hedge

Considered $77.50 strike, $1.75 premium @ 7/21 exp for imp vol gain

As of this morn, premium now $2.25 (Bid)

Granted I said that Cedar Grove Capital's long position in $ATVI was at a much lower cost than when the CMA announced it didn't have a problem anymore with Call of Duty last month and that needed to be taken into consideration when structuring the trade

However, assuming net exposure @ ~0 with the same L-commons + PUT contract structure ATVI. Math works out below