Merger-arbitrage investors sees more opportunities after the FTC suffered a huge legal blow in the Microsoft-Activision case.
Merger arbitrage investors have been struggling this year. Their luck could start to turn soon. In July, the Federal Trade Commission lost an appeals court bid to block Microsoft's acquisition of video game maker Activision Blizzard. The FTC also agreed to withdraw from a trial against Microsoft slated for August. This could open the door for merger arb to make a comeback.
mountain Stock plunged on May 16 "It's been very challenging this year, because of the headwinds, fewer deals, heightened antitrust regulation has made it a more difficult market," said Salvatore Bruno, chief investment officer at IndexIQ. Tide turning? In the past few weeks, merger investors have been more confident in their bets on deals that have drawn regulatory scrutiny after the revival of the Microsoft-Activision deal.
mountain Stock performance of ATVI and VMW That said, merger arbitragers should not expect totally smooth sailing from here. Regulators are not backing down from their aggressive approach — though recent court rulings bolster confidence that these deals will be completed. On Monday, the FTC agreed to dismiss a federal court case against Intercontinental Exchange 's $11.7 billion proposed acquisition of mortgage provider Black Knight .
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