Arbitrage Plays Message Board

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Strategies & Market Trends : Arbitrage Plays

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To: Keith J who wrote (107)	12/1/1999 4:24:00 PM
From: Allen Furlan	of 376

Keith, others on thread. Found this interesting. Wall data (wall) had a tender for $9 cash on 10/27, HSR completed on 11/19 and tender of 89% of shares on 11/26. My broker said that cash has been made available for those who tendered as of today 12/1. Looking at daily price records an arbitrage purchase could have been entered at 8 1/16 shortly after the tender offer was made. That is an annualized return of over 100%. I did not see this or the tender offer on prms in the Takeover Stock Report. Does anyone know of a source of cash tender offers? When these deals appear in the WSJ they generally have relatively short time interval from offer until tender date(4 or 5 weeks). I infer from this that the acquiring company anticipates little trouble with hsr review ,has a source of funds and has an expectation that the SEC shareholder meeting proxy can be bypassed. This of course is a good deal from an arbitrage point of view. Any comments and sources of information would be very useful to all thread members.

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