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Technology Stocks : Applied Magnetics Corp

APM 1.340

+6.3%

3:43 PM EST

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To: Tom Simpson who wrote (11951)	5/20/1998 3:10:00 AM
From: Frodo Baxter	Read Replies (1) of 12298

Tom, if you're interested in arbitrage, there's an article on the DaimlerChrysler merger in today's WSJ. The article is right that the exchange formula is a complete bitch to work with. (Daimler is distributing 20DM/share in a special dividend for tax reasons and then raising an equivalent amount) On the other hand, the article exaggerates the difficulty in arbing it. My calculations yield ~12% gain in a few months. Despite all this, I have an unhedged position in C, on the notion that while Daimler or the DM may fall, there is an equal chance they may rise.

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