CZR Undervalued to terms of Deal

Using easy logic on the terms of the deal as ERI is trading at 30.60, CZR should be at 11.15 easy. Using the simple conversion of 1 share of CZR getting 8.40 in cash plus .0899 conversion. With or without any penalty or fees for the length of the deal being placed into the base. My thinking is with 3 states to still approve the deal we will see a closing of the gap with each approval announced and I see CZR trading back at or above the original basis of the deal that valued CZR at 11.75 a share in near future. I will take another buck or so in the near future.