Wiley Investment Classics, Band 41 1. Aufl.
Originally published in 1982, Risk Arbitrage has become a classic on arbitrage strategies by the "dean of the arbitrage community." It provides an overview of risk arbitrage, how it has been used over the centuries and particularly in modern markets, with a focus on merger arbitrage. From average expected returns to turning a position, cash tender offers, exchange offers, recapitalizations, spinoffs, stub situations, limited risk arbitrage, and corporate freeze-ins, the book provides a step by step walk through of a world of arb strategies illuminated by real world examples and case studies.
Preface ix Chapter 1 Introduction 1 Derivation of Risk Arbitrage 1 The Arbitrage Community 4 A Changing Community from the 1970s to 2000 6 1970s 6 1980s 10 1990s 14 2000 17 Chapter 2 Merger Arbitrage 21 General 21 Gathering Information 22 Figuring of Parities 26 Determination of the Time Element 27 Return on Investment 29 The Risks 29 Average Expected Returns 33 Taking a Position 35 Turning a Position 37 Consummation 38 Tax Strategy 40 Treatment of New Convertible Securities 42 Antitrust Considerations 45 Summary 46 Chapter 3 Merger Arbitrage: Practical Applications 47 Mergers Prior to 1971 47 Generic Calculation of Co. B. Being Acquired by Co. A (Co. B/Co. A) 48 Scientific Data Systems/Xerox 50 Hartford Fire Insurance/I.T.&T. 52 Canada Dry/McCall’s/Hunt Foods 55 Eversharp/Warner Lambert Pharmaceutical 59 Alloys Unlimited/Plessey, Ltd. 66 Chubb Corp./First National City Corp. 70 Mergers from 1971 to the Present 73 New England Nuclear Corp. with Dupont DeNemours Inc. 73 Reliance Electric/Exxon 76 CIT Financial/RCA 78 Richardson-Merrell/Dow Chemical 81 Twentieth Century Fox Film Corp. 82 Use of Options in Merger Arbitrage 84 Utah International/General Electric (without options) 84 Utah International/General Electric(with options) 85 Chapter 4 Cash Tender Offers 89 Situations Prior to 1971 89 Cash Tender Wave of the Late 1970s and Early 1980s 95 Introduction 95 Babcock & Wilcox/McDermott/United Technologies—Merger Chronology (All information is from prospectus and joint proxy statement issued February 22, 1978) 96 Carborundum/Kennecott Eaton Offer of $47/Share 99 Rosario/Amax 100 Warner Swasey/Bendix/Dominion Bridge 102 Pullman/Wheelabrator Frye/McDermott 106 Liggett Meyers/Grand Metropolitan Hotels/ Standard Brands 108 Hobart/Canadian Pacific/Dart & Kraft 111 St. Joe Minerals/Seagrams/Fluor Corp. 112 Chapter 5 Other Risk Arbitrage Situations 117 Exchange Offers 117 Recapitalizations 120 Spinoffs 123 Stub Situations 125 Limited Risk Arbitrage 129 Chapter 6 Corporate ‘Freezeins’: The Subterfuge Syndrome 133 Introduction 133 Some Notable Examples 134 Conclusion 141 Chapter 7 Active Arbitrage 143 The Bache/Pru-Bache Years (1967–1991) 144 Great Western United Corporation 144 Gerber Products Company 145 The McGraw-Hill Corporation 146 The ERC Corporation of Kansas City, Missouri 147 Amax Incorporated 148 Houston Natural Gas 148 The Wyser-Pratte Years: Years of Increasing Activism (1991–Present) 149 A New Beginning 149 Evolution of the Wyser-Pratte Shareholder Rights By-Law 150 Transition 157 Chapter 8 Summary and Conclusions 159 Appendix A 163 Appendix B 181 Appendix C 185 Notes 273 Bibliography 279 Index 283
Guy P. Wyser-Pratte, MBA, is a leading activist hedge fund manager and considered by many to be the founding father of shareholder activism. Since 1991, he has run Wyser-Pratte & Co., which has racked up impressive returns of 25 percent annually. He is the recipient of the Alternative Investment News 2007 Lifetime Achievement Award and is a frequent speaker at investment conferences.
Praise for Risk Arbitrage "Guy Wyser-Pratte's timeless classic, Risk Arbitrage, continues to be a resource for the arbitrage community. The addition of a section on activism brings the original work into the modern day." —Peter Schoenfeld, Chairman & CEO, P. Schoenfeld Asset Management LLC "Guy Wyser-Pratte's classic MBA thesis provided a beacon of light to the murky world of arbitrage. It was a must-read for me when I first started my business in 1976, and this updated book is a must-read today for a new generation of investors seeking absolute returns for all seasons." —Mario J. Gabelli, Chairman, Gabelli Funds, Inc. Arbitrage—the act of buying an article in one market and selling it in another—has been a popular investment strategy for as long as people have been trading. Originally published in 1971, Risk Arbitrage is the classic text on arbitrage strategies. Written by leading activist fund manager Guy Wyser-Pratte, also known as "the dean of the arbitrage community," this book provides an unparalleled overview of risk arbitrage—with a clear focus on merger arbitrage—and how it has been used over the years, as well as in modern markets. Covering everything from average expected returns to corporate freeze-ins, this book also introduces a new chapter on "active arbitrage" that shows the morphing of activism and arbitrage. Illuminated by real-world examples and case studies, Risk Arbitrage is a must-have guide for every serious investment professional and savvy individual investor.
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