11. Tango Corp. has made an offer to acquire Cash Corp. The deal specifies that one share of Tango will be exchanged for two shares of Cash. Tango is currently trading at $50 per share, and, after a run-up following the acquisition announcement, Cash is currently priced at $24 per share. The deal has been approved by the board and is awaiting approval by the stockholders and federal agencies, both of which seem likely.

What trades would an arbitrage hedge fund manager make in this situation?