BUD turned out to be an amazing trade and the deal closed very smoothly. LDG and CVS seems to be a done deal too. Strategic buyers have swept in to buy companies on the cheap during recent market turmoil. However, investors have been skittish about risk arb and spreads have been larger than usual due to general risk aversion and also concerns over deal financing.
But according to this Motley Fool article, risk arb funds have been significantly outperforming this year. I'd look to buy FDRY and CYCL as a bet that these strategic, mid sized deals keep getting done.
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