05786cam a2200673Mi 4500 ocn827208387 OCoLC 20171112084054.0 m o d cr |n||||||||| 130211s2012 nyu o 000 0 eng d 9781118818497 (electronic bk.) 1118818490 (electronic bk.) 1299965784 9781299965782 9781118440070 1118440072 AU@ 000052185395 DEBBG BV041910877 DEBSZ 397472129 DEBSZ 423110438 DEBSZ 449344398 NZ1 15749457 DEBBG BV043395377 (OCoLC)827208387 EBLCP eng pn EBLCP OCLCQ OCLCO DG1 IDEBK DEBSZ OCLCQ OCLCO OCLCF DEBBG OCLCQ MAIN HG4521 .M434 2012 658.162 Melka, Lionel. Merger Arbitrage : a Fundamental Approach to Event-Driven Investing / [electronic resource] New York : Wiley, 2012. 1 online resource (312 pages). text txt rdacontent computer c rdamedia online resource cr rdacarrier The Wiley Finance Series 6.5 The Allocation of Competition Risk between the Parties. Merger Arbitrage; Contents; Foreword; Acknowledgements; About the Authors; Introduction; PART I THE ARBITRAGE PROCESS; 1 The Role of the Market in Mergers and Acquisitions; 1.1 Structural Changes to the Financial Markets; 1.2 Changes to M & A Practice; 1.3 Market Evaluation of M & A; 1.3.1 The price offered to shareholders of the target company; 1.3.2 Structure -- the key to evaluating an offer; 1.4 Types of Synergies and Waves of M & A; 1.4.1 Justification for transactions; 1.4.1.1 Better efficiency; 1.4.1.2 Obtaining market power; 1.4.1.3 Acquiring specific resources. 1.4.1.4 Benefiting from the intellectual property of the target company1.4.1.5 Hindering the progress of a troublesome competitor; 1.4.1.6 Blocking new entrants to a sector; 1.4.2 Waves of M & A; Case Study: The Alcan/Pechiney Deal; 2 The Different Types of Transactions; 2.1 Types of Transactions; 2.1.1 Cash transactions; 2.1.2 All-share transactions; 2.1.3 Mixed cash-and-share transactions; 2.1.4 Collars; 2.2 The Choice of Payment Method; 3 Risk and Return Factors; 3.1 The Different Outcomes; 3.1.1 The transaction is completed; 3.1.1.1 The probability of success; 3.1.1.2 Risks of failure. 3.1.2 The transaction fails3.1.2.1 Estimating failure; 3.1.2.2 Estimating potential losses; 3.1.3 The transaction is completed at a price lower than the initial offer; 3.1.4 Rival bids and bidding wars; 3.2 M & A Timetable; 3.2.1 Timetable considerations according to offer type; 3.2.1.1 Takeovers; 3.2.1.2 The unique case of tender offers; 3.2.1.3 Mergers; 3.2.2 Sector differences; 4 The Merger Arbitrage Strategy; 4.1 The Long-Term Profitability of the Strategy; 4.2 The Factors that Influence Returns; 4.3 The Different Approaches to the Strategy Developed by Specialist Managers. 4.3.1 The deal's risk zone4.3.2 The use of leverage; 4.3.3 The use of options or bonds; 4.3.4 Investment portfolio analysis; 4.3.5 Portfolio concentration; 4.3.6 The role of trading; 4.3.7 Classifications; 4.4 The Conclusions of Academic Studies; 4.4.1 Studies on the returns generated by merger arbitrage strategies; 4.4.2 The role of arbitrageurs in the execution of M & A transactions; 4.4.3 Other characteristics of merger arbitrage strategies; PART II ANALYZING THE RISK OF FAILURE; 5 Financing Risk; 5.1 The Different Financing Methods; 5.1.1 Revolving credit; 5.1.2 Bridge loan; 5.1.3 Term loan. 5.1.4 Syndicated loan5.1.5 Mezzanine loans; 5.1.6 The bond market; 5.1.7 Contingent value rights (CVRs); 5.2 The Legal Security of the Financing; 5.2.1 The UK legal framework; 5.2.2 The US legal framework; 5.2.3 The European legal framework in general; Case Study: The Dow Chemical/Rohm & Haas Deal; 6 Competition Risk; 6.1 Origins and Regulatory Framework of Competition Law; 6.1.1 United States; 6.1.2 Europe; 6.2 Competent Authorities and Approval Process; 6.2.1 United States; 6.2.2 Europe; 6.2.3 China; 6.3 Competition Remedies; 6.4 Country Differences in Evaluation. A wave of corporate mergers, acquisitions, restructuring, and similar transactions has created unprecedented opportunities for those versed in contemporary risk arbitrage techniques. At the same time, the nature of the merger wave has lent such transactions a much higher degree of predictability than ever before, making risk arbitrage more attractive to investors. Surprisingly, there is little transparency and instruction for investors interested in learning the latest risk arbitrage techniques. Merger Arbitrage - A Fundamental Approach to Event-Driven Investing helps readers underst. Print version record. Arbitrage. Consolidation and merger of corporations. Stock exchanges and current events. Business. Arbitrage. fast (OCoLC)fst00812760 Consolidation and merger of corporations. fast (OCoLC)fst00875660 Stock exchanges and current events. fast (OCoLC)fst01133593 Electronic books. Shabi, Amit. Print version: Melka, Lionel. Merger Arbitrage : A Fundamental Approach to Event-Driven Investing. New York : Wiley, ©2012 9781118440018 Wiley finance series. http://onlinelibrary.wiley.com/book/10.1002/9781118818497 Wiley Online Library ddc BK 206421 206421