Merger Arbitrage · How to Profit From Event-Driven Arbitrage (Wiley Finance) by Kirchner, Thomas -- Read -- Imperial Library of Trantor

Index

Title Page Copyright Page Preface Acknowledgements PART One - The Arbitrage Process CHAPTER 1 - Introduction to Merger Arbitrage

CASH MERGERS STOCK-FOR-STOCK MERGERS

CHAPTER 2 - Incorporating Risk into the Arbitrage Decision

PROBABILITY OF CLOSING SEVERITY OF LOSSES EXPECTED RETURN OF THE ARBITRAGE

CHAPTER 3 - Sources of Risk and Return

DEAL SPREAD TWO ASPECTS OF LIQUIDITY TIMING AND SPEED OF CLOSING DIVIDENDS SHORT SALES AS A HEDGE AND AN ELEMENT OF RETURN LEVERAGE BOOSTS RETURNS COVERED CALL WRITING COMMISSIONS AND PORTFOLIO TURNOVER BIDDING WARS AND HOSTILE BIDS

CHAPTER 4 - Deal Structures: Mergers and Tender Offers

MERGERS TENDER OFFERS COMPARISON OF MERGERS AND TENDER OFFERS

PART Two - Pitfalls of Merger Arbitrage CHAPTER 5 - Financing

TYPES OF DEBT FUNDING FINANCING OF MERGERS VERSUS TENDER OFFERS UNCERTAIN MERGER CONSIDERATION CONFLICTED ROLE OF INVESTMENT BANKS FAIRNESS OPINIONS SYSTEMIC RISK

CHAPTER 6 - Legal Aspects

MERGER PROCESS TAKEOVER DEFENSES

CHAPTER 7 - Management Incentives

MANAGEMENT COMPENSATION CONTINUING MANAGEMENT INTEREST IN PRIVATE EQUITY BUYOUTS LONG-TERM PLANNING IN MANAGEMENT BUYOUTS MILKING A COMPANY THROUGH RELATED PARTY TRANSACTIONS

CHAPTER 8 - Buyouts by Private Equity

PRIVATE EQUITY’S ADVANTAGE CEOs DON’T WANT TO SELL TO THE HIGHEST BIDDER PRIVATE EQUITY FUNDS HAVE THEIR OWN AGENDA BUYOUTS AS FINANCIAL ENGINEERING

CHAPTER 9 - Minority Squeeze-outs

BOARDS LACK EFFECTIVENESS DURING SQUEEZE-OUTS MINORITY SHAREHOLDERS ARE IN A TOUGH SPOT FAMILY CONTROL

CHAPTER 10 - Government Involvement

ANTITRUST ENFORCEMENT SEC’S APPROACH TO REGULATION STATE GOVERNMENTS FEDERAL GOVERNMENT TRADE UNIONS

CHAPTER 11 - Four Ways to Fight Abuse of Shareholders in Mergers

“JUST SELL” IS FOR LOSERS CASE FOR ACTIVIST MERGER ARBITRAGE LEGAL TACTICS PUBLIC OPPOSITION

PART Three - Investing in Merger Arbitrage CHAPTER 12 - The Role of Merger Arbitrage in a Diversified Portfolio

CHAPTER 13 - Investing in Arbitrage

TRADING VERSUS INVESTING LEVERAGE AND OPTIONS SHORTING STOCKS TRANSACTION COSTS MANAGING THE CASH POSITION RISK MANAGEMENT STANDARD & POOR’S MERGER ARBITRAGE INDEX SEPARATE ACCOUNTS HEDGE FUNDS AND MUTUAL FUNDS

Notes About the Author Index