RAX is a cloud hosting company.  It has received a $32 cash buyout offer from APO.  The offer is likely to close in the fourth quarter of this year. 

There is about 30% probability of a strategic competing bidder to emerge.  If such a bidder emerges and a bidding war starts, the eventual price may go as high as $39.

Your most likely risk is that you will get $32 cash and you have some probability of making decent money.  The stock is trading at $31.52 as of this writing.

Caution: it is prudent to limit the quantity to 50% of the full core position size.