Recent Blog Posts
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The Times' Rorshach Geithner Story
Apr 27 20099:04am EDT -
Sinking Animal Spirits
Apr 27 20098:04am EDT -
Counter-cyclical Urban Policy
Apr 26 200910:04am EDT -
Be Your Own Counterfeiter
Apr 26 20099:04am EDT -
Being Tim Geithner
Apr 25 200912:04pm EDT -
Notes From a Press Conference Naif
Apr 25 20099:04am EDT -
What Good is the News?
Apr 25 20098:04am EDT -
Stressful Enough
Apr 24 20092:04pm EDT -
Not Regretting the Pound
Apr 24 20091:04pm EDT -
Introducing the New Ford Squeeze
Apr 24 20099:04am EDT -
Non-Economic Questions of the Day
Apr 24 20099:04am EDT -
The Stress Test Blind Alley
Apr 24 20098:04am EDT -
Happy Hour
Apr 23 20099:04pm EDT -
Recovery Without Rebalancing
Apr 23 20096:04pm EDT -
The Shape of Your Recession
Apr 23 20095:04pm EDT
Links
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Merger Arbitrage Site of the Day
No more relying on Dana Cimilluca to find failed merger-arb trades! It turns out that a chap called Plamen Tsolov has created Arbitrage View, a web page with a continually-updated list of arbitrage opportunities in pending merger deals in the US market. At the top of the list is Transmeridian Exploration, which has agreed to be bought by Trans Meridian International for $3 per share. But the stock is stubbornly refusing to go there: it closed Tuesday at $1.31. If the merger goes through as scheduled at the end of June, that's an arbitrage profit of 129%, and an annualized profit of almost 300%. (The annualized profit on the Merrill Lynch - Cumulus Media trade is even bigger, at an eye-popping 1,847%, but that's because it's due to close on February 15: the arbitrage profit is slightly smaller, at 116%.)
There are some very big deals near the top of the list: 3Com has agreed to be bought by Bain Capital for $5.30, for instance, but it's trading at $4.02. And the proposed management buy-out of Cablevision Systems, at $36.36 per share, is vastly above the share price of $21.77. Read this table, and weep for the merger arbs!
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