M&A gathers announced deals to buy or combine companies: tender offers (a public offer at a fixed price) and mergers (cash, stock or mixed consideration). After the announcement the target trades below what is offered for as long as completion is in doubt; that discount is the spread, and capturing it — buying after the announcement and waiting for the close — is merger arbitrage.
The cases of this type that have ended: how they ended and what they returned. Every figure comes from the closed cases, and whatever has no data reads N/D.
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