Risk Arbitrage
Risk Arbitrage, Guy P. Wyser-Pratte.
Đặt in tại HoaXanh. Sách bìa màu đóng gáy keo nhiệt.
- 110,000đ
- Mã sản phẩm: RIS150003
- Tình trạng: 2
Risk Arbitrage was originally the subject of the author’s MBA Thesis at the Graduate School of Business Administration New York University in June, 1969. It was re-edited and published in The Bulletin of the Institute of Finance in May, 1971. It was republished by Salomon Brothers Center for the Study of Financial Institutions at the Graduate School of Business Administration New York University in 1982. This updated version of Risk Arbitrage follows the development of the arbitrage community from the 1970s to the present time. A new chapter—“Active Arbitrage”—has been added to reflect the incipient melding of arbitrage and activism as a new art form. The point of view of this work and its content reflects the author’s practical experience as an arbitrageur/shareholder activist.
Derivation of Risk Arbitrage 1 The Arbitrage Community 4 A Changing Community from the 1970s to 2000
Merger Arbitrage
General
Gathering Information
Figuring of Parities
Determination of the Time Element
Return on Investment
The Risks
Average Expected Returns
Taking a Position
Turning a Position
Consummation
Tax Strategy 40
Treatment of New Convertible Securities 42
Antitrust Considerations 45
Summary 46
Chapter 3 Merger Arbitrage: Practical
Applications 47
Mergers Prior to 1971 47
Generic Calculation of Co. B. Being
Acquired by Co. A (Co. B/Co. A) 48
Scientific Data Systems/Xerox 50
Hartford Fire Insurance/I.T.&T. 52
Canada Dry/McCall’s/Hunt Foods 55
Eversharp/Warner Lambert Pharmaceutical 59
Alloys Unlimited/Plessey, Ltd. 66
Chubb Corp./First National City Corp. 70
Mergers from 1971 to the Present 73
New England Nuclear Corp. with Dupont
DeNemours Inc. 73
Reliance Electric/Exxon 76
CIT Financial/RCA 78
Richardson-Merrell/Dow Chemical 81
Twentieth Century Fox Film Corp. 82
Use of Options in Merger Arbitrage 84
Utah International/General Electric
(without options) 84
Utah International/General Electric
(with options) 85
Chapter 4 Cash Tender Offers 89
Situations Prior to 1971 89
Cash Tender Wave of the Late 1970s and
Early 1980s 95
Introduction 95
Babcock & Wilcox/McDermott/United
Technologies—Merger Chronology
(All information is from prospectus and joint
proxy statement issued February 22, 1978) 96
Carborundum/Kennecott Eaton Offer of
$47/Share 99
Rosario/Amax 100
Warner Swasey/Bendix/Dominion Bridge 102
Pullman/Wheelabrator Frye/McDermott 106
Liggett Meyers/Grand Metropolitan Hotels/
Standard Brands 108
Hobart/Canadian Pacific/Dart & Kraft 111
St. Joe Minerals/Seagrams/Fluor Corp. 112
Chapter 5 Other Risk Arbitrage Situations 117
Exchange Offers 117
Recapitalizations 120
Spinoffs 123
Stub Situations 125
Limited Risk Arbitrage 129
Chapter 6 Corporate ‘Freezeins’:
The Subterfuge Syndrome 133
Introduction 133
Some Notable Examples 134
Conclusion 141
Chapter 7 Active Arbitrage 143
The Bache/Pru-Bache Years (1967–1991) 144
Great Western United Corporation 144
Gerber Products Company 145
The McGraw-Hill Corporation 146
The ERC Corporation of Kansas City,
Missouri 147
Amax Incorporated 148
Houston Natural Gas 148
The Wyser-Pratte Years: Years of
Increasing Activism (1991–Present) 149
A New Beginning 149
Evolution of the Wyser-Pratte Shareholder
Rights By-Law 150