Melka / Shabi Merger Arbitrage

A Fundamental Approach to Event-Driven Investing
1. Auflage 2012
ISBN: 978-1-118-44007-0
Verlag: John Wiley & Sons
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 312 Seiten, E-Book

Reihe: Wiley Finance Series

A wave of corporate mergers, acquisitions, restructuring, andsimilar transactions has created unprecedented opportunities forthose versed in contemporary risk arbitrage techniques. At the sametime, the nature of the merger wave has lent such transactions amuch higher degree of predictability than ever before, making riskarbitrage more attractive to investors. Surprisingly, there islittle transparency and instruction for investors interested inlearning the latest risk arbitrage techniques. Merger Arbitrage- A Fundamental Approach to Event-Driven Investing helpsreaders understand the inner workings of the strategy and hedgefunds which engaged in this investment strategy.
Merger arbitrage is one of the most commonly used strategies butparadoxically one of the least known. This book puts it in thespotlight and explains how fund managers are able to benefit frommergers and acquisitions. It describes how to implement thisstrategy, located at the crossroad of corporate finance and assetmanagement, and where its risks lie through numerous topicalexamples.
The book is split into three parts. The first part, examiningthe basis of merger arbitrage, looks at the key role of the marketin takeover bids. It also assesses the major changes in thefinancial markets over recent years and their impact on M&A.Various M&A risk and return factors are also discussed,alongside the historical profitability of merger arbitrage, thedifferent approaches used by fund managers and the results ofacademic studies on the subject. The second part of the book dealswith the risk of an M&A transaction failing in terms offinancing risk, competition issues, the legal aspects of mergeragreements and administrative and political risks. The third partof the book examines specificities of M&A transactions,comprehensively covering hostile takeovers and leveraged buyouts.Each part contains many recent examples and case studies in orderto show how the various theories and notions are put intopractice.
From researching prospects and determining positions, to hedgingand trading tactics, Lionel Melka and Amit Shabi present the fullcomplement of sophisticated risk arbitrage techniques, makingMerger Arbitrage a must read for finance and investmentprofessionals who want to take advantage of the nearly limitlessopportunities afforded by today's rapidly changing global businessenvironment. The book builds on its authors' diversebackgrounds and common experience managing a merger arbitrage fund,providing readers with an enriching inside view on M&Aoperations.

Autoren/Hrsg.

Melka, Lionel

Shabi, Amit

Weitere Mitwirkende

Zaoui, Michael

Über Autor(innen)

LIONEL MELKA started his career in 1998 with LazardFrères, where he undertook numerous M&A advisoryengagements for blue chip clients (French State, LVMH, Air France,Saint-Gobain, Casino, France Telecom, Thomson, Air Liquide, Danone,Vivendi, or Kingfisher) in a large scope of situations:privatizations, friendly and hostile takeover bids, LBOs, assetdisposals and IPOs. He then joined the M&A Department ofCrédit Agricole, where he worked on various advisoryassignments in the TMT-Defence team and, in 2005, he joined LCFRothschild where he led many M&A cross-border assignments invarious industry sectors. He is also a teacher at the University ofParis Dauphine and is the co-writer of Le Merger Arbitrage,a French reference book published in 2011 by Economica. Lionelreceived a Master's degree in finance from the University ofParis - Dauphine.
AMIT SHABI started his career as a commander of ananalyst team in a military intelligence unit of the Israel DefenceForces. Prior to founding Bernheim, Dreyfus & Co. and launchingthe Diva Synergy Fund, he worked in asset management at LCFRothschild and then as an OTC derivatives sales at MAN group andBGC Cantor Fitzgerald. Amit holds a Master's degree inbusiness administration from the Sorbonne University and is theco-writer of Le Merger Arbitrage, a French reference bookpublished in 2011 by Economica.