On September 15, 2008, Bank of America Corp (Tick symbol: BAC)

announced its plan to acquire Merrill Lynch (Ticker symbol: MER) in

an all stock deal. Bank of America offered 0.8595 shares of its own

stock for each share of Merrill Lynch (i.e., 1 MER= 0.8595 BAC).

You noticed that the closing prices of BAC and MER on September

15 were at $26.55 and $17.06, respectively. If you believed that the

deal would go through, what strategy could you have designed to

make an arbitrage profit?