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Merger Arbitrage: How to Profit from Global Event-Driven Arbitrage, 2nd Edition


The Ultimate Guide to Risk Arbitrage— Fully Revised and Updated for Global Investors

Merger Arbitrage: How to Profit from Global Event-Driven Arbitrage, Second Edition is the newly revised, authoritative guide to the ins and outs of the explosive merger arbitrage hedge fund strategy.

Designed with the serious investor in mind, this expanded edition sheds light on the most important issues in the field worldwide, with an international collection of examples illustrating the practical realities of mergers and the ways the best in the field are profiting from these event-driven transactions. Brand-new coverage in this much-needed update includes:

  • A relevant, global perspective on this specialized approach to investing
  • A thorough examination of the United Kingdom's Code on Takeovers and Mergers and similar regulations in other countries
  • An expanded toolkit of knowledge and techniques for entering the global market with a distinct advantage

In a global marketplace of volatility and unpredictability, investors need a cornerstone of low risk and high-probability returns in their portfolios, and Merger Arbitrage, Second Edition has the perfect way to get it.

THOMAS F. KIRCHNER is a portfolio manager of the Quaker Event Arbitrage Fund, a mutual fund that uses merger arbitrage as one of its investment strategies.

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