Merger arbitrage: how to profit from event-driven arbitrage [Second edition] 9781118736357, 9781118736807, 9781118736661, 1118736354, 1118736664, 9781118834992, 1118834992

Table of contents :
Series Page --
Title Page --
Copyright --
Table of Contents --
Preface --
Acknowledgments --
Part One: The Arbitrage Process --
Chapter 1: Introduction to Merger Arbitrage --
Notes --
Chapter 2: The Mechanics of Merger Arbitrage --
Cash Mergers --
Stock-for-Stock Mergers --
Note --
Chapter 3: The Role of Merger Arbitrage in a Diversified Portfolio --
Volatility of Stocks Going through a Merger --
Merger Arbitrage Universe --
Merger Arbitrage Spreads --
Performance Characteristics of Merger Arbitrage --
Performance of Merger Arbitrage outside the United States --
Risk and Return of Merger Arbitrage Funds --
Benefits of Merger Arbitrage in a Diversified Portfolio --
Benefits of Merger Arbitrage in a Rising Interest Rate Environment --
Quantitative Easing --
Notes --
Chapter 4: Incorporating Risk into the Arbitrage Decision --
Probability of Closing --
Severity of Losses --
Expected Return of the Arbitrage --
Notes --
Part Two: Pitfalls of Merger Arbitrage --
Chapter 5: Sources of Risk and Return --
Deal Spread --
Two Aspects of Liquidity --
Beneficial Participation of Arbitrageurs --
Timing and Speed of Closing --
Dividends --
Short Sales as a Hedge and an Element of Return --
Leverage Boosts Returns --
Covered Call Writing --
Commissions and Portfolio Turnover --
Bidding Wars and Hostile Bids --
Chinese Companies --
Notes --
Chapter 6: Deal Structures: Mergers and Tender Offers --
Mergers --
Scheme of Arrangement --
Tender Offers --
Comparison of Mergers and Tender Offers --
Burger King Provision: The Best of Both Worlds --
SEC's Approach to Regulation --
Notes --
Chapter 7: Financing --
Types of Debt Funding --
Financing of Mergers versus Tender Offers --
Uncertain Merger Consideration --
Conflicted Role of Investment Banks --
Fairness Opinions --
Systemic Risk --
Notes --
Chapter 8: Legal Aspects --
Merger Process --
Corporation Codes.

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