Hedge Fund - Merger Arbitrage Strategy

Vertex Capital is a hedge fund that employs a relative value strategy. The fund focuses on identifying mispricings in related securities and aims to capitalize on these discrepancies to generate returns, regardless of broader market movements. Recently, they have concentrated their efforts on the merger arbitrage segment of their portfolio, where they are assessing two companies: Acme Corp and Beta Inc. Currently, Acme Corp's shares are priced at $80, while Beta Inc's shares are priced at $100. The expected merger terms indicate that, upon completion, Acme shareholders will receive 0.8 shares of Beta Inc.

Given this scenario, which of the following best describes a potential investment strategy Vertex Capital could employ in this situation to generate alpha?