Playing ViroPharma

I really didn’t expect ViroPharma, Inc. (Ticker: VPHM) to be acquired, but it happened today. Shire PLC (Ticker: SHPG) will acquire ViroPharma for $50 per share in cash. I’m playing this deal by selling the ViroPharma January 2016 $45 Puts for $0.40. This deal should close pretty fast as Shire will acquire ViroPharma via a tender offer and should completed by the end of the year.