water island capital, page-7

yep I also agree with you guys.
they are arbitrage players ("event driven strategy") ?

( when I go to the loo- thats an event driven strategy too!)

anyway, the Yanks love verbage.

its got to be a good sign.
imho all Water Island are doing is taking an almost risk-free bet.

they bought 26m of those shares on 26 Sept at about $1.47.
all they need to do is wait for the Scheme to be approved, and collect $1.52.
so its mostly a time-value of money scenario.

worst case Scheme does not get approved - Arrow walks away, shares drop like a rock.

best case, a new bidder comes over the top of Arrow.

we could do that too, if we had $50m+.

cheers