1. As Wall Street Cheers Takeovers, Facebook's Buy Draws Skeptics

    As Wall Street Cheers Takeovers, Facebook's Buy Draws Skeptics

    Merger arbitrageurs used to have an easy calculus. When a big-time corporate takeover was announced they would go long the target, short the acquirer and pick up a few pennies on the dollar for their trouble. These days the trade is going the other way, with corporate buyers being rewarded by Wall Street for having the gumption to use their cash for something beyond dividends and share repurchases. Take the example Wednesdaymorning, when Signet Jewelers raced higher after agreeing to pony up $1.4 billion for diamond-dealing rival Zale Corporation.

     

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