Risk Arbitrage

Häftad, Engelska, 2009

Del 41 i serien Wiley Investment Classics

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Beskrivning

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.

Produktinformation

Utgivningsdatum:2009-02-13
Mått:140 x 216 x 22 mm
Vikt:318 g
Format:Häftad
Språk:Engelska
Serie:Wiley Investment Classics
Antal sidor:304
Förlag:John Wiley & Sons Inc
ISBN:9780470415719

Utforska kategorier

Finansiering inom Ekonomi och Ledarskap

Mer om författaren

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.

Innehållsförteckning

Preface ixChapter 1 Introduction 1Derivation of Risk Arbitrage 1The Arbitrage Community 4A Changing Community from the 1970s to 2000 61970s 61980s 101990s 142000 17Chapter 2 Merger Arbitrage 21General 21Gathering Information 22Figuring of Parities 26Determination of the Time Element 27Return on Investment 29The Risks 29Average Expected Returns 33Taking a Position 35Turning a Position 37Consummation 38Tax Strategy 40Treatment of New Convertible Securities 42Antitrust Considerations 45Summary 46Chapter 3 Merger Arbitrage: Practical Applications 47Mergers Prior to 1971 47Generic Calculation of Co. B. Being Acquired by Co. A (Co. B/Co. A) 48Scientific Data Systems/Xerox 50Hartford Fire Insurance/I.T.&T. 52Canada Dry/McCall’s/Hunt Foods 55Eversharp/Warner Lambert Pharmaceutical 59Alloys Unlimited/Plessey, Ltd. 66Chubb Corp./First National City Corp. 70Mergers from 1971 to the Present 73New England Nuclear Corp. with Dupont DeNemours Inc. 73Reliance Electric/Exxon 76CIT Financial/RCA 78Richardson-Merrell/Dow Chemical 81Twentieth Century Fox Film Corp. 82Use of Options in Merger Arbitrage 84Utah International/General Electric (without options) 84Utah International/General Electric(with options) 85Chapter 4 Cash Tender Offers 89Situations Prior to 1971 89Cash Tender Wave of the Late 1970s and Early 1980s 95Introduction 95Babcock & Wilcox/McDermott/United Technologies—Merger Chronology (All information is from prospectus and joint proxy statement issued February 22, 1978) 96Carborundum/Kennecott Eaton Offer of $47/Share 99Rosario/Amax 100Warner Swasey/Bendix/Dominion Bridge 102Pullman/Wheelabrator Frye/McDermott 106Liggett Meyers/Grand Metropolitan Hotels/ Standard Brands 108Hobart/Canadian Pacific/Dart & Kraft 111St. Joe Minerals/Seagrams/Fluor Corp. 112Chapter 5 Other Risk Arbitrage Situations 117Exchange Offers 117Recapitalizations 120Spinoffs 123Stub Situations 125Limited Risk Arbitrage 129Chapter 6 Corporate ‘Freezeins’: The Subterfuge Syndrome 133Introduction 133Some Notable Examples 134Conclusion 141Chapter 7 Active Arbitrage 143The Bache/Pru-Bache Years (1967–1991) 144Great Western United Corporation 144Gerber Products Company 145The McGraw-Hill Corporation 146The ERC Corporation of Kansas City, Missouri 147Amax Incorporated 148Houston Natural Gas 148The Wyser-Pratte Years: Years of Increasing Activism (1991–Present) 149A New Beginning 149Evolution of the Wyser-Pratte Shareholder Rights By-Law 150Transition 157Chapter 8 Summary and Conclusions 159Appendix A 163Appendix B 181Appendix C 185Notes 273Bibliography 279Index 283