A M&A semi-arbitrage

mlif

BMO is set to buy MI at .1257 BMO share for every MI share.
bot 8 MI Jan6C at .9 & 1 BMO Jan55p at .5.
If (a big if) their prices converge,
max-loss -.7 if BMO close between 55.7 & 54.3,
positive if beyond 55.7 or 54.3.