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Mitigate risk and increase returns with an alternative hedge fund strategy Merger Arbitrage: How to Profit from Event-Driven Arbitrage, Second Edition is the definitive guide to the ins and outs of the burgeoning merger arbitrage hedge fund strategy, with real-world examples that illustrate how mergers work and how to take advantage of them. Author Thomas Kirchner, founder of the Pennsylvania Avenue Event-Driven Fund, discusses the factors that drove him to invest solely in merger arbitrage and other event-driven strategies, and details the methods used to incorporate merger arbitrage into traditional investment strategies.
And while there is always a risk that a deal will fall through, the book explains how minimal such risks really are when the potential upside is factored in. Early chapters of the book focus on the basics of the merger arbitrage strategy, including an examination of mergers and the incorporation of risk into the arbitrage decision. Following chapters detail deal structures, financing, and legal aspects to provide the type of in-depth knowledge required to execute an effective investment strategy. The updated second edition stresses new, increasingly relevant information like:
Worldwide legal deal regimes
UK takeover code
UK takeover code global offspring
Regulators around the world
The book provides clear, concise guidance on critical considerations including leverage and options, shorting stocks, and legal recourse for inadequate merger consideration, allowing readers to feel confident about trying a new investment strategy. With simple benefits including diversification of risk and return streams, this alternative hedge fund strategy has a place in even the most traditional plan. Merger Arbitrage: How to Profit from Event-Driven Arbitrage, Second Edition provides the information that gives investors an edge in the merger arbitrage arena.
Contents
Preface vii
Acknowledgments xi
Part One The Arbitrage Process 1
Chapter 1 Introduction to Merger Arbitrage 3
Chapter 2 The Mechanics of Merger Arbitrage 18
Chapter 3 The Role of Merger Arbitrage in a Diversified Portfolio 50
Chapter 4 Incorporating Risk into the Arbitrage Decision 103
Part Two Pitfalls of Merger Arbitrage 141
Chapter 5 Sources of Risk and Return 143
Chapter 6 Deal Structures: Mergers and Tender Offers 188
Chapter 7 Financing 217
Chapter 8 Legal Aspects 250
Chapter 9 Management Incentives 293
Chapter 10 Buyouts by Private Equity 328
Chapter 11 Minority Squeeze-Outs 341
Part Three Investing In Merger Arbitrage 361
Chapter 12 Government Involvement 363
Chapter 13 Four Ways to Fight Abuse of Shareholders in Mergers 409
Chapter 14 Investing in Arbitrage 435
Notes 475
About the Author 483
Exercises 485
Index 497
