xmsr implied volatility

anybody know why the implied volatility is so high in xmsr right now? is there going to be a decision on the sirius merger in the next month or something? This volatility just seems way to high. Any suggestions on a delta neutral position to take advantage of the high implied volatility?

 

Short-sell the January-08 $12.50 straddle.

 

Is it wise to create a Jan spread under this condition?

 

a decision has been expected for awhile. it is supposed to be out early this year.