问题如下:
Gunnar Patel is an event-driven hedge fund manager for Senson Fund, which focuses on merger arbitrage strategies. Patel has been monitoring
the potential acquisition of Meura Inc. by Sellshom, Inc. Sellshom is
currently trading at $60 per share and has offered to buy Meura in a
stock-for-stock deal. Meura was trading at $18 per share just prior to
the announcement of the acquisition.
The offer ratio is 1 share of
Sellshom in exchange for 2 shares of Meura. Soon after the announcement,
Meura’s share price jumps to $22 while Sellshom’s falls to $55 in
anticipation of the merger receiving required approvals and the deal
closing successfully.
At the current share prices of $55 for Sellshom
and $22 for Meura, Patel attempts to profit from the merger
announcement. He buys 40,000 shares of Meura and sells short 20,000
shares of Sellshom.
Calculate the payoffs of the merger arbitrage if The merger is successfully completed.
选项:
解释:
At the current share prices of $55 for Sellshom and $22 for Meura, Patel would receive $1,100,000 from short selling 20,000 shares of Sellshom and would pay $880,000 to buy 40,000 shares of Meura. This provides a net spread of $220,000 to Patel if the merger is successfully completed.
为什么不能这么算,卖空20k shares的S赚了(60-55)*20k=100k,做多40k shares的M总共赚了(22-18)*40k=160k,加总=260k?