Good Deal or Bad Deal?

[MrMon]

Yes, it's dull, it's boring, and it's not going to be a 10 bagger. But it's also a low risk way to make 8% in less than 4 months. Why is this not a good deal, even if you take delays into account. (I've seen nothing on the deal being possibly blocked, which is the other risk.)

Nasdaq Stock Market Inc. (NDAQ), Instinet Group Inc. (INGP)

Current discount: $0.44 or 8.09%
Acquirer: NDAQ
Target: INGP
Offer per share: $5.44 cash
Value of outstanding common equity: $1,878,976,000
Target share price: $5
Expected closing: Year end 2005 12/31/2005
Annualized gain: 28.18%