Alpha Natural (NYSE: ANR) will be acquired by Cleveland Cliffs (NYSE: CLF) in a cash and stock transaction valued at $10 billion.
ANR stockholders will receive 0.95 CLF common shares and $22.23 in cash. Based on CLF closing price on July 15, ANR shares would receive $128.12 per share.
ANR August option implied volatility of 86 is above its 26-week average of 64 according to Track Data, suggesting larger price movement.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com











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