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Strategies & Market Trends : Arbitrage Plays
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To: Paul Senior who wrote (46)9/7/1999 10:40:00 PM
From: Paul Senior   of 376
 
Buying WYG today. Wyman-Gordon (WYG) is presumably being bought out by PCP for $20 cash. WYG was selling today between 16 and 17 1/2 roughly. The buyout offer keeps getting extended while the parties and the Feds try to come to some understanding of, or compliance with, what the gov't will require. I find the discount to the offer large and scary. Also the spread in trades. And in my opinion, a lot of shares are being traded. This is also strange and scary to me. Looks like people's patience is getting expended while the deal's extended. Or else people believe the offer will be cancelled or adversely (to WYG) modified.

WYG is one of only a couple of businesses that can provide heavy-duty stampings to the aerospace industry (Boeing). And the stock has, in good times, sold for much higher than current price. So if the deal crashes, there is some indication that EVENTUALLY, WYG might get back up to the 20 range just on its own strength. Or so I am telling myself as I whistle nervously while walking through the cemetery.
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