The deal has been struck at close. If price continues to drop long term holders are better off, since they will end up getting more $MITL. Exiting this position will be tricky on Monday. Two options exists, hold for retrace, which is likely to return to $12.20, maybe better; or sell at loss at $11.85 limit.
Pre-Market price action will determine whether or not to double up and hold out until the deal completes.
It took exactly 41x, 1 hour bars to reach break-even. I held on for 1 week since the news were good and the earnings matched expectations. However, the stock price did not. Thus it gave me no reason to dump early since it is a sound company with decent fundamentals. Thus even though it had dropped to $11.80, past my stop loss, I had confidence it would retrace. It re-gained traction today, 04/21/16 at around 3 PM. I missed the sell off at $12.30+ @ 3:50 PM when it had spiked.
I will post a follow up chart for the next 41 bars, it appears that a pattern is emerging. I would expect the outlook to be bullish, but I would not bet money on it this time.