CHC Buyout Price Behaviour

I have invested in CHC Helicopter in hope to earn the spread between current price to the takeout price, read my analysis here. The price behavior is interesting so far. Although it has been increasing steadily from the buyout announcement, the rise in price is not as big as I expected.

I Have researched and researched any issues with the buyout there are none. The buyout have the following steps to complete:

1. regulatory approval from the EU, which the fund will satisfy.
   
2. shareholders approval, which is guaranteed by virtue of large ownership by CEO and a family trust.

However, it seems that as the equity markets sell off, the gap to the takeout price is increases, as seen in the graph above. It seems that investors will sell anything to meet their margin demands. there is the also added skepticism that financing is not going to be provided by banks. However as outlined part of this financing package is equity provided by First reserve.