After a white-hot 2021, more than 50 deals with a value exceeding $5bn have been announced so far this year
Save time by listening to our audio articles as you multitaskThe wider the spread, the lower the chance investors assign to a deal completing. To Mr Musk and Twitter’s management, the spread is a live opinion poll in a fractious situation. But to a group of specialised hedge-fund managers, it is their bread and butter.
For a start, big deals are in plentiful supply. It is no coincidence that this strategy came of age during America’s buyout boom of the 1980s. . Companies’ balance-sheets are stocked with cash and tumbling valuations have created bargains. The arbitragers are not yet seeing any signs of recession. Warren Buffett, a celebrated investor who became an active and successful arbitrager early in his career, is returning to the action. In January Microsoft announced a blockbuster takeover of Activision Blizzard, a video-game developer. A gaping spread cause by internal strife and competition worries was enough to tempt Berkshire Hathaway, the conglomerate run by Mr Buffett, to increase its stake in the game-maker, to nearly 10%. Mr Buffett was already a shareholder.
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