PSD- Puget Power

What I paid for it: $18.00

What I like about it:

• Fair insulation from credit problems, and recession.
• Good dividend yield at 4.1% (distribution Dec 1).
  
• Company due to be purchased at $30 pending one final approval (this is the big one).
  

What I don't like about it:

• P/E higher than industry, sector, and S&P.
• Price to Sales higher than industry, sector, and S&P.
• Doesn't really meet any of my traditional Graham investing rules.
• One should never buy into litigation.

Why I bought it:
Company suffered a substantial downturn at the same time as everyone else did in October even though at the same time they received secondary approval for the sale of the company.

Put simply, reward was significantly larger than the risk. There is a very strong chance that the final approval will come through for the sale of the company in the next few weeks. A fact represented in today's $26.28 closing price.

Best Case Scenario:
In and out $30.

Worst Case Scenario:
4% dividend, intrinsic value still larger than $20.

What are your thoughts?