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Copyrighted Material k Trim Size: 6in x 9in Kirchner Index.tex V1 - 03/16/2016 7:27pm Page 497 Index A American Capital Strategies (ACAS), ABN AMRO Holding NV, hostile 335–336, 336f acquisition, 180–181 American Community Properties Trust, Accipiter Capital Management, 114 filing, 283 Accounting principles, management American Depository Receipts (ADRs), choice, 315 trading, 290 Accounts, separation, 468–469 American Physicians Capital (ACAP), 114 Ackman, William, 186, 412 Anheuser-Busch Cos., 181f, 183 Acquisition, 137t, 138t, 188 Annualized after-tax return, 168 Actively managed portfolio, unmanaged Annualized net return, 139 index (usage), 95 Annualized return, 26f, 163 Active premium, 85 Annualized spread, increase, 37 Activist Antitrust, 367–382 appraisal rights, 416–427 problems (mergers), 112 class actions, 427–431 United States antitrust rules, 367–369, investor requests, 339 380 k legal tactics, 416–432 Appraisal actions k merger arbitrage, 412–416, 415f cases, 426 merger arbitrageurs, tactics, 414 time frame, 420 private equity replacement, 338–340 outcome, 422t–424t proxy campaigns, 433–434 Appraisal arbitrage, 418, 420 public opposition, 433–434 Appraisal rights, 416–427 rise, 411–412 Approximate Dynamic Programming (ADP), tender offers, shares (withholding), 434 usage, 458 Administrative Measures on the Acquisition Arbitrage, 3–5, 8–10, 8t of Listed Companies, 76 activity, selling pressure, 34 ADP. See Approximate Dynamic appraisal arbitrage, 418 Programming decision, risk (incorporation), 103 Advisory Research, Longs ownership, 434 expected return, 139–140 Aegis sale, 331 hedge funds, usage, 469–473 Aer Lingus Plc, International Consolidated indices, 463–468 Airlines Group, S.A. bid, 402 investment, 168, 435 A.G. Barr p.l.c. acquisition, 197 liquid alternatives, 469–473 Airtran Holdings, Inc., Southwest Airlines multiple arbitrage, 219, 337–338 Co. acquisition,COPYRIGHTED 47e–48e portfolio, MATERIAL construction, 66 Allergan Inc., 232, 412 positions (depression), annualized return Allserve Systems plc, 331 (impact), 163 Alpha, 70, 442 public intervention, 111–112 Alstom Economy, General Electric (hostile spread, 62, 171t approach), 402 term, 3, 18f Alterra Capital Holdings Ltd, Markel Corp. Arbitrage Fund (ARBFX), 95 acquisition (announcement), 38e–39e Arbitrageurs, 414 Amalgamation Agreement, 194–195 activities, curtailing, 9 Amalgamations, 188 cash, receipt, 454 497 k k Trim Size: 6in x 9in Kirchner Index.tex V1 - 03/16/2016 7:27pm Page 498 498 INDEX Arbitrageurs (Continued) Bankers, role, 241 concentrated arbitrageurs, 77 Banks, 225–226, 240–246 diversified arbitrageurs, 77 Barclay hedge, 77–78 holdings, target company example, 154t Barclays Aggregate Bond Index, 89 legal aspects, 250 BASF acquisition proposal, 218f liquidity premium, earning, 146 Bass, Robert M., 242 participation, benefits, 153, 155 BCG Partners, press release, 327 returns, extension risk (impact), 163 Bergstein, David, 230 Arbitration, definition, 3 Berkshire Hathaway/3G Capital acquisition, ARCO Chemical, Lyondell Petrochemical reverse triangular merger, 193e–194e Company acquisition, 348 Bessemer Venture Partners, backing, 247 Arnhold & S. Bleichroeder, stock sale, 338 Best price rule, 286–287 Arrangement, 188 Beta+/Beta–, 83 schemes, 196–197, 196e–198e Bidders, 208t, 214, 331–333 Assets, 226–227 Bidding wars, 180–186, 185f acquisitions, poison pill alternative, 283 Bid/offer spreads, 151, 452 management, 79f Bid premium, impact, 105 monetization, 339 Black-Scholes Assets under management (AUM), strength, equation, 439 78, 80 model, 438 Asymmetric payoff distribution, 15f option prices, basis, 70 Atlas Corporation, Blasius Industries (court process, usage, 438–439 battle), 275 Block, Carson, 186 Atmi, Inc., 304e–310e Blunt, Matt, 386 Australian Corporations Act (2001), 32 BMO Financial Group (BMO), indicative k Australian Securities and Investments offer, 261 k Commission, Regulatory Guide 25 Board of directors, 270–271, 346–347 Takeovers, 268 fiduciary duties, 412–413 Australia, public company mergers staggered boards, impact, 280–281 (timing), 162t Bonds, 94f, 224–229 Austrian Traded Index (ATX) benchmark, 75 Bonomi, Andrea, 115 Austria, public company mergers Books/records, inspection, 431–432 (timing), 163t Borrow costs, increase (trading/ Autonomy Corporation, 18–19, 21–22 anticipation), 68 common stock, price/volume, 147f Borrowing, usage, 174, 437 daily price changes, 53f Borruso v. Communications Telesystems HP acquisition, 19e, 25, 51, 144, 163 Intern., 427 merger, spread (evolution), 145f Borse und Actien (Swoboda), 4–5 preacquisition stock level, 132f Branch, Ben, 73, 106 pre/postmerger announcement, stock Breakup fees, 118f–120f, 124f–127f, price, 20f 117–130 Avago Technologies, LSI Industries averages, 122t, 123t (agreement), 398 avoidance, 129 Average acquisition premia, 137t buyer breakup fees, 118 Average annualized merger arbitrage Cove Energy, Shell acquisition, 128e spread, 61e usage, 123, 125 AXA Private Equity, backing, 115 Bridge loans, 226–227 Bright line test, 204 British Energy Group plc, EDF acquisition, B 238 B2Gold Corp, CGI Mining Ltd merger, BritvicPLC,A.G.BarrPLCacquisition 27–28, 31f, 31t, 33f (arrangement scheme), 197e–198e Baker, Malcolm, 72 Broadridge, 433 k k Trim Size: 6in x 9in Kirchner Index.tex V1 - 03/16/2016 7:27pm Page 499 Index 499 Brokerage commissions, 450–452 CARs. See Cumulative abnormal returns Brokerage firms, revenue source, 37 Cash holdings, 454–455 Brokerage withdrawal levels, negative Cash management, 456–458 alpha, 443t Cash mergers, 16f, 17, 21f Broker/dealers, swap involvement, 441 capital, investment, 62 Brookfield DTLA Fund Office Trust Investor covered call writing, usage, 176 Inc., 149 percentage, 59f Brookfield Office Properties acquisition, 149 stock-for-stock mergers, contrast, 144 Brownian motion, 438 Cash position, management, 453–460 Burger King, 200e–201e, 207–209 Cash/stock, ratio, 41 Burton, Joan, 402 CASSIDI, 373 Busch IV, Adolphus A., 359 CCA Industries, Dubilier & Co. acquisition, Busch IV, August A., 359 13 Business conditions, changes, Cede & Co., 425, 433 108–110 Celanese AG, Blackstone acquisition, Business interruption fee, 121 337–338 Business judgment rule, 269 Celesio AG, 157, 221 Buy-and-hold strategy, 180 convertible note (terms/conditions), Buybacks (leveraged recapitalizations), 282 222e–223e Buyers, 18 Celesio AG/McKesson/Dragonfly, breakup fees, 118 domination/profit sharing agreement, control (concern), boards (impact), 343e–344e 345 Center for Research in Security Prices takeovers, 266, 266e–267e Buyer/target size (mergers), 112 (CRSP) data, 459 Central Freight, related party transactions, k Buyouts, 116, 188 k financial engineering, comparison, 324e–325e 336–338 CFD. See Contracts for difference private equity buyouts, 328 CFIUS. See Committee on Foreign Investments in the United States CGI Mining Ltd, B2Gold Corp. merger, 27–28, 169–170 C cash flows, 31t Cagle’s Inc., board (family letter), 359e–360e spread, evolution, 33f Callan Chart, 87 stock prices, 31f Canada CGI Mining Ltd, B2Gold Corp. breakup fees, 126f Investment in Canada, 398 stock-for-stock merger (arbitrage spread mergers, 122–123, 398–401 improvement), 171t net benefit test, 399 Change-of-control provinces, incorporation laws, 387–394 clauses, 253 public company mergers, timing, 160t covenants, 217 Canadian Pacific Railway, 340 provisions, 220–221, 359 Canadian Securities Administrators Change to Win (CtW), 407 (CSA), 401 union representation, 434 Cao, Charles, 155 Chapparal Resources, 352–354, 354f, 409 Capital, 77, 174, 339 Chasing returns, 436 Capital Asset Pricing Model (CAPM), 421 Chicago Board Options Exchange, 437 framework, usage, 83 Children’s Investment Fund (TCI), 397–398 model, 69–70 China risk measurements, 85 administrations, 403 statistics, 87t commissions, 403 Caracal Energy Inc., Glencore Xstrata plc companies, 117, 186–187 acquisition attempt, 287 laws, impact, 402–405 k k Trim Size: 6in x 9in Kirchner Index.tex V1 - 03/16/2016 7:27pm Page 500 500 INDEX China (Continued) Corporations, 56, 256 Ministry of Commerce (MOFCOM), books/records, inspection, 431–432 403–405 tax policy, 382–384 National Development and Reform Correlation coefficients, 64–65 Commission (NDRC), 403 Correlation, importance, 51 State Council (China’s Cabinet), 403 Council Regulation (EC) No 139/2004, 381 CIBC financing, 333 Court decisions, impact, 252 Class actions, 427–431 Cove Energy, Shell acquisition filing, 429 (breakup fee), 128e Clayton Act of 1914, 56 Covered call writing, 174–177, 175f Clearing (brokerage commission), 451 Credit Agricole Structured Asset CLOs. See Collateralized loan obligations Management Center for International Closing, 105–130, 155–165 Securities and Derivatives Markets Club Med, management (talks), 115 (CASAM CISDM), 78, 80 CNMV. See Comision Nacional del Mercado Credit crunches, triggers, 248 de Valores Credit risk management, merger arbitrage Coast Financial Holdings, acquisition (comparison), 14–15 (merger consideration adjustment), Creeping acquisitions, prevention, 284, 286 233e–236e Creeping takeovers, 284–286 Coercion, forms, 345–346 Cross-border mergers, tax considerations, Cogent hedge, 78 383 Collars, 42–49 Cross-border transactions, 290–291 deals, 73 CSRC. See China Securities Regulatory Collateralized loan obligations (CLOs), 225 Commission Comision Nacional del Mercado de Valores CtW. See Change to Win k (CNMV), 264 Cumulative abnormal returns k Commissione Nazionale per le Societa e la (CARs), 207 Borsa (CONSOB), 264 Cumulative abnormal stock returns, 208t Commissions,
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