Arbitrage Plays Message Board

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Strategies & Market Trends : Arbitrage Plays

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To: Paul Senior who wrote (97)	11/9/1999 2:21:00 PM
From: David	Read Replies (1) of 376

Paul: I believe you still hold CCN. No doubt you heard the news of the CBS offer. What do you think about CCN now as an arbitrage play?? cbs.marketwatch.com I believe the proposed buyout looks like around $85.00 per share ($2.15 Billion offer; 25.3 million shares outstanding). 10% spread at present time (Stock is trading at $77.25). What do you see as the down side risk??? I suppose CCN might immediately reject the offer and that may cause the price to tumble a bit. It seems there may also be competing bidders and the possibility that CBS will sweeten their bid. Of course, preceived caution is apparent given the spread. No idea when this deal might close, nor is there word that CCN has accepted the offer.

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