Merger Arbibtrage

If the deal DOES go through, & we have longed the target & have shorted the aquirer, we collect the spread collected when the trade was initiated. I’m trying to make sense of this. Is it because, regardless of where the prices ‘end up’, the target’s shares have become part of the aquirer, which we use to close the short of the acquirer. We don’t collect the appreciation of the target, nor the depreciation of the acquirer, we collect the spread collected to start the trade?
Is this a good summary of what happens if the deal does go through?