Musk has already outlined his immediate next steps: get confirmation from the major shareholders that they are not selling at $420, and find a few more buyers to join the Saudis in the buyout. The next step after that should be a formal offer letter from Musk. It is likely to show that well over 51% of shareholders are not selling (and therefore the shareholder vote to approve the deal is a mere formality), the identity of the buyers and their purchase agreements, and a description of the trading restrictions going forward. When that offer is disclosed, I see no reason why arbs would not immediately move the price to near $420. The deal is as close to a lock as you can get. How long will it take before that offer letter appears? It could take a number of weeks, but really, it could happen as early as next Monday morning. It shouldn't take that long for the major shareholders to commit they are not selling, and to negotiate and sign purchase agreements with a few major buyers. It's a lot of lawyering, but there are no shortage of those who will work around the clock. Musk does everything as fast as he can. I don't believe he will dawdle with this one.