Traders who believe the merger will be completed can buy Centel shares and sell Sprint shares short.

What's more, the move to buy Centel for Sprint shares worth approximately $2.7 billion is hardly a done deal.

Ultimately, the shareholder vote on the merger may hinge on the price of Sprint shares at that time.

At the time, the stock market valued each Sprint share as worth 1.1 E.D.S. shares.

Under the transaction, Centel shareholders will receive 1.37 Sprint shares for each Cental share.

Yesterday, the total holdings in Sprint shares of the two executives were worth less than $68 million, about $55 million short of the tax potentially due.

His Sprint shares were worth $28.5 million yesterday, or nearly $32 million less than the taxes.

Sprint shareholders will get one share of 360degrees Communications for every three Sprint shares they own.

Under the terms of the deal, Centel holders would receive 1.37 Sprint shares at the time the deal closed.

Wall Street speculation that such a deal is in the works has raised Sprint shares from a low of $42.625 Sept. 1 to $54.4375 yesterday.