Linear cash-settled contracts in M&A deals are more expensive and more exposed to broker manipulation than nonlinear collar or Asian TWAP contracts when trades have linear price impact.
(1994) Derivative security markets, market manipulation, and option pricing theory, Journal of Financial and Quantitative Analysis , 29: 241-261
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Pricing and Hedging Financial Derivatives in Merger\&Acquisition Deals with Price Impact
Linear cash-settled contracts in M&A deals are more expensive and more exposed to broker manipulation than nonlinear collar or Asian TWAP contracts when trades have linear price impact.