Do you believe in natural equilibrium?
Do you not think that if and when the day comes that they announce a conversion of A's to common that the spread between the 2 will correct to a 12.5 multiple in a microsecond? Do you not believe that since it will be the common that are being diluted that the vast majority of that spread will be made up by a drop in the common share price? Why is it that people think the spread will be frozen at roughly a multiple of 6 even after it is announced that there will be a conversion at a multiple of 12.5?...It is not logical.
Ponder this. A stock sells for $10. A weak rumour starts that a $15 takeover offer in coming. Stock rises to $12 on speculation. The offer does materialize for a $15 buyout...What does the stock now trade for at the opening bell (+/-2%)? Is there any hope of someone selling to you at $13 after $15 is a given?...Why not? Do you really think the spread between A's and common will be any different if and when the conversion becomes fact?