arbitrage, page-2

Hi Complex

That is what I was saying a few weeks ago...I was unable to work out why the brokers/inv. banks would be accumulating for the modest return they would get unless:

1. they are friendly to TLW...could be...
2. they accumulated at much lower prices...not really, most other than ML would have paid average $2.05...
3. they expect another sweetened bid to secure acceptance...I think this is a distinct possibility....
4. they think a rival bid could emerge...seems unlikely

These possibilities have to be weighed against the modest possibility of the bid being rejected by shareholders. The latter seems a minor risk but material enough that I do not believe their risk managment practices would allow them to take.

As you say....interesting times

regards
DF