The Most Probabilistic Scenario for a Deal to Go South

The most likely scenario would be that the Department of Defense says to the FTC, we don't really want L3 to dominate the solid rocket booster and missile propulsion technology market. In this particular case, all you can do is buy the share of the target company. There's nothing really to hedge out because you're going to get paid in cash. But other than that, I would suggest they just buy this stock, sit there, let the deal close, and then take their cash.