On June 14, 2015, Vedanta Resources PLC of the UK announced the merger of two of its Indian subsidiaries, namely, Vedanta Limited and Cairn India Limited. Per the terms of the merger, Vedanta Limited would issue one share of itself for every share of Cairn India. In addition, it would also issue a preference share of INR 10 in face value. The stock prices of the two companies, however, soon started trading outside the range suggested by the above exchange ratio. This gave rise to different possible trading strategies for the investors with different possible outcomes. The case is written around mid-September 2015, when the share prices of both companies declined and the shareholders were yet to receive any formal communication from the management.

中文翻译：

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韦丹塔和凯恩印度合并带来的利润机会

2015 年 6 月 14 日，英国 Vedanta Resources PLC 宣布合并其两家印度子公司，即 Vedanta Limited 和 Cairn India Limited。根据合并条款，韦丹塔有限公司将为凯恩印度的每一股发行一股自己的股份。此外，它还将发行面值 10 印度卢比的优先股。然而，两家公司的股价很快就开始在上述汇率所建议的范围之外交易。这为具有不同可能结果的投资者带来了不同的可能交易策略。该案写于 2015 年 9 月中旬左右，当时两家公司的股价均下跌，股东尚未收到管理层的任何正式沟通。