Acknowledgments
Abbreviations and Wall Street Terms
Introduction—Why This Book? by Mario J. Gabelli
Part I. The Arbs’ Perspectives
1. Guy Wyser-Pratte
2. Jeffrey Tarr
3. Martin Gruss
4. Paul Singer
5. Michael Price
6. Peter Schoenfeld
7. John Paulson
8. Paul Gould
9. George Kellner
10. Roy Behren and Michael Shannon
11. Karen Finerman
12. John Bader
13. Clint Carlson
14. James Dinan
15. Drew Figdor
16. Jamie Zimmerman
17. Keith Moore
Part II. The View from the Other Side—The CEOs
18. William Stiritz
19. Paul Montrone
20. Peter McCausland
Appendix I: Risk Arbitrage Decision Tree
Appendix II: Deals
Appendix III: A Note on Methods
Index
Kate Welling is the editor and publisher of Welling on Wall St., an
independent financial journal. A well-known financial journalist,
she was managing editor of Barron’s.
Mario Gabelli is the chairman and chief executive officer of GAMCO
Investors, Inc. A merger master in his own right, he is one of the
country’s leading money managers and investors.
The authors bring together into one publication excellent insight
from the masters in the art of merger arbitrage. A strategy
designed to yield the practitioner excellent profits. A very
worthwhile read.
*Leon G. Cooperman, founder, chairman, and CEO of Omega Advisors,
Inc.*
Merger Masters is a rare combination of fascinating stories about
legendary deal makers and battle-seasoned techniques for deal
making. Reading the interviews will provide important lessons and
invaluable, time-tested investment insights. There is no one better
to draw out the lessons than Kate Welling and Mario Gabelli.
*Paul Johnson, adjunct professor of finance, Gabelli School of
Business, Fordham University, and coauthor of Pitch the Perfect
Investment: The Essential Guide to Winning on Wall Street*
Kate Welling, in her inimitable manner, has captured the
individuals, articulated their talents and accomplishments,
bringing her lifetime skills as a superb financial journalist to
the task.
*Louise Yamada, founder of Louise Yamada Technical Research
Advisors, LLC*
I highly recommend this fascinating look into the world of risk
arbitrageurs. Wall Street veterans Kate Welling and Mario Gabelli
provide keen insights into a part of the investment business that
has long been seen as mysterious. They skillfully pull back the
curtain on the industry by talking to players on both sides—the
“arbs” and the corporate managers, all of whom have interesting and
valuable stories to tell. For anyone interested in learning about
merger arbitrage from the key players, this is the book to
read!
*A. Gary Shilling, president of A. Gary Shilling & Co.*
In this engrossing book, Welling and Gabelli explore the thinking
of the mavens who arbitrage the big deals on Wall Street. Risk arb
turns out to be an extreme form of value investing, with more
precise valuation and risk selection, overlaid with game theory. A
must-read for professionals.
*Joel Tillinghast, author of Big Money Thinks Small: Biases,
Blind Spots, and Smarter Investing*
Not the typical account of specific corporate combinations found in
most books on merger. [The authors] look at corporate deals and
risk arbitrage through the eyes of some of the most accomplished
individual participants in this field.
*Choice*
Raises the curtain on arbitrage strategy by profiling leading
practitioners.
*Regulation*
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