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Risk Arbitrage


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.

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.


Chapter 1. Introduction.

Chapter 2. Merger Arbitrage.

Chapter 3. Merger Arbitrage: Practical Applications.

Chapter 4. Cash Tender Offers.

Chapter 5. Other Risk Arbitrage Situations.

Chapter 6. Corporate 'Freezeins': The Subterfuge Syndrome.

Chapter 7. Active Arbitrage.

Chapter 8. Summary and Conclusions.

Appendix A.

Appendix B.

Appendix C.