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Tecklim
2021-08-06

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M&A investors flee deal stocks like AMD in perilous omen for merger arbitrageurs<blockquote>并购投资者逃离AMD等交易股票，这对并购套利者来说是一个危险的预兆</blockquote>

Spreads of major deals such as AMD's purchase of Xilinx and Analog Devices acquisition of Maxim Inte

M&A investors flee deal stocks like AMD in perilous omen for merger arbitrageurs<blockquote>并购投资者逃离AMD等交易股票，这对并购套利者来说是一个危险的预兆</blockquote>

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AMD&nbsp;fell 5.4%&nbsp;today, while Xilinx&nbsp;climbed 4.4%.&nbsp;Spreads of&nbsp;deals that need Chinese approval&nbsp;yesterday widened as investors appeared to be de-risking on general concerns about China as well as U.S. antitrust deal risk.</li>  <li>\"The spreads in, for example, <a href=\"https://laohu8.com/S/XLNX\">Xilinx</a> and <a href=\"https://laohu8.com/S/MXIM\">Maxim Integrated</a> and <a href=\"https://laohu8.com/S/COHR\">Coherent</a> deals have gone to ridiculously wide levels,\" Behren said in a phone interview. \"It's not just risk off, it's people blowing out at whatever cost. I've got more red on my screen than I've ever seen in a long time.\"</li>  <li>Behren attributes the recent widening in deal spreads to <a href=\"https://laohu8.com/S/AON\">Aon PLC</a> and <a href=\"https://laohu8.com/S/WLTW\">Willis Towers Watson PLC</a>'s&nbsp;decision to&nbsp;terminate their deal last week,which caught risk arb investors by surprise.</li>  <li>\"As Willis Towers caused larger losses than almost everybody anticipated, it set off a cascade of risk reduction in event driven and arbitrage investors, which fed on itself,\" Behren said.</li>  <li>Behren said he believes that there are number of spreads that are \"completely inefficiently priced\" and wider than they should be. For example, if you look at Xilinx (XLNX)/AMD and believe that China may block the deal, Xilinx (XLNX) was trading yesterday as if there was no downside left.</li>  <li>China is \"very opaque, it's unpredictable and the level of execution risk has gone up significantly,\" Behren said.</li>  <li>That being said, he added, \"there should not be a legitimate antitrust reason for blocking this deal.\"</li>  <li>Earlier,China unlikely to clear deals in August as antitrust officials take vacations.</li> </ul></p><p><blockquote><ul><li>重大交易的利差，例如<a href=\"https://laohu8.com/S/AMD\">AMD</a>的购买<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>和<a href=\"https://laohu8.com/S/ADI\">ADI公司</a>收购<a href=\"https://laohu8.com/S/MXIM\">马克西姆集成</a>在昨天触及自交易宣布以来的最宽范围后有所收窄。</li><li>Westchester Capital的管理成员兼投资组合经理Roy Behren昨晚在接受Seeking Alpha采访时表示：“我从未见过这样的事情。也许在2020年3月，随着新冠疫情的爆发，除此之外，你可以看出人们只是在抛售头寸。”</li><li>Behren指的是去年3月，当时新冠疫情期间交易价差严重扩大，投资者认为疫情可能会破坏LVMH收购蒂芙尼和艾伯维收购艾尔建的交易。</li><li>Xilinx/AMD的交易价差昨天扩大至约65美元/股，或约45%，尽管今天已收窄至约44美元，或约29%。AMD今天下跌5.4%，赛灵思上涨4.4%。昨天需要中国批准的交易价差扩大，因为投资者似乎正在降低对中国以及美国反垄断交易风险的普遍担忧。</li><li>“例如，<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>和<a href=\"https://laohu8.com/S/MXIM\">马克西姆集成</a>和<a href=\"https://laohu8.com/S/COHR\">一致的</a>交易已经达到了荒谬的广泛水平，”贝伦在电话采访中说。“这不仅仅是风险规避，而是人们不惜一切代价爆发。我的屏幕上出现了很长一段时间以来从未见过的红色。”</li><li>贝伦将最近交易价差的扩大归因于<a href=\"https://laohu8.com/S/AON\">怡安PLC</a>和<a href=\"https://laohu8.com/S/WLTW\">威利斯韬睿惠悦有限公司</a>上周决定终止交易，这让风险套利投资者感到意外。</li><li>贝伦表示：“由于威利斯大厦造成的损失超出了几乎所有人的预期，它引发了事件驱动和套利投资者的一系列风险降低，从而自食其果。”</li><li>贝伦表示，他认为有许多价差“定价完全低效”，并且超出了应有的范围。例如，如果你看看Xilinx(XLNX)/AMD并认为中国可能会阻止这笔交易，那么Xilinx(XLNX)昨天的交易就好像没有下行空间一样。</li><li>贝伦说，中国“非常不透明，不可预测，执行风险水平显着上升”。</li><li>话虽如此，他补充道，“不应该有合法的反垄断理由来阻止这笔交易。”</li><li>此前，由于反垄断官员休假，中国不太可能在8月份批准交易。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nM&A investors flee deal stocks like AMD in perilous omen for merger arbitrageurs<blockquote>并购投资者逃离AMD等交易股票，这对并购套利者来说是一个危险的预兆</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-08-06 13:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Spreads of major deals such as <a href=\"https://laohu8.com/S/AMD\">AMD</a>'s&nbsp;purchase of <a href=\"https://laohu8.com/S/XLNX\">Xilinx</a> and <a href=\"https://laohu8.com/S/ADI\">Analog Devices</a> acquisition of <a href=\"https://laohu8.com/S/MXIM\">Maxim Integrated</a> narrowed after hitting some of widest ever yesterday since the deals were announced.</li>  <li>“I’ve never seen&nbsp;anything like it,\" Roy Behren, managing member and portfolio manager at Westchester Capital, said in an interview with Seeking Alpha last night. \"Maybe in March of 2020 with the COVID, other than that, you can tell people are just selling out of positions.\"</li>  <li>Behren is referring to last March when deal spreads severely widened during Covid when investors thought the pandemic could derail LVMH's purchase of Tiffany and AbbVie's acquisition of Allergan.</li>  <li>The Xilinx/AMD deal spread widened to about $65/share yesterday, or about 45%, though today it has narrowed to about $44, or 29%. AMD&nbsp;fell 5.4%&nbsp;today, while Xilinx&nbsp;climbed 4.4%.&nbsp;Spreads of&nbsp;deals that need Chinese approval&nbsp;yesterday widened as investors appeared to be de-risking on general concerns about China as well as U.S. antitrust deal risk.</li>  <li>\"The spreads in, for example, <a href=\"https://laohu8.com/S/XLNX\">Xilinx</a> and <a href=\"https://laohu8.com/S/MXIM\">Maxim Integrated</a> and <a href=\"https://laohu8.com/S/COHR\">Coherent</a> deals have gone to ridiculously wide levels,\" Behren said in a phone interview. \"It's not just risk off, it's people blowing out at whatever cost. I've got more red on my screen than I've ever seen in a long time.\"</li>  <li>Behren attributes the recent widening in deal spreads to <a href=\"https://laohu8.com/S/AON\">Aon PLC</a> and <a href=\"https://laohu8.com/S/WLTW\">Willis Towers Watson PLC</a>'s&nbsp;decision to&nbsp;terminate their deal last week,which caught risk arb investors by surprise.</li>  <li>\"As Willis Towers caused larger losses than almost everybody anticipated, it set off a cascade of risk reduction in event driven and arbitrage investors, which fed on itself,\" Behren said.</li>  <li>Behren said he believes that there are number of spreads that are \"completely inefficiently priced\" and wider than they should be. For example, if you look at Xilinx (XLNX)/AMD and believe that China may block the deal, Xilinx (XLNX) was trading yesterday as if there was no downside left.</li>  <li>China is \"very opaque, it's unpredictable and the level of execution risk has gone up significantly,\" Behren said.</li>  <li>That being said, he added, \"there should not be a legitimate antitrust reason for blocking this deal.\"</li>  <li>Earlier,China unlikely to clear deals in August as antitrust officials take vacations.</li> </ul></p><p><blockquote><ul><li>重大交易的利差，例如<a href=\"https://laohu8.com/S/AMD\">AMD</a>的购买<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>和<a href=\"https://laohu8.com/S/ADI\">ADI公司</a>收购<a href=\"https://laohu8.com/S/MXIM\">马克西姆集成</a>在昨天触及自交易宣布以来的最宽范围后有所收窄。</li><li>Westchester Capital的管理成员兼投资组合经理Roy Behren昨晚在接受Seeking Alpha采访时表示：“我从未见过这样的事情。也许在2020年3月，随着新冠疫情的爆发，除此之外，你可以看出人们只是在抛售头寸。”</li><li>Behren指的是去年3月，当时新冠疫情期间交易价差严重扩大，投资者认为疫情可能会破坏LVMH收购蒂芙尼和艾伯维收购艾尔建的交易。</li><li>Xilinx/AMD的交易价差昨天扩大至约65美元/股，或约45%，尽管今天已收窄至约44美元，或约29%。AMD今天下跌5.4%，赛灵思上涨4.4%。昨天需要中国批准的交易价差扩大，因为投资者似乎正在降低对中国以及美国反垄断交易风险的普遍担忧。</li><li>“例如，<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>和<a href=\"https://laohu8.com/S/MXIM\">马克西姆集成</a>和<a href=\"https://laohu8.com/S/COHR\">一致的</a>交易已经达到了荒谬的广泛水平，”贝伦在电话采访中说。“这不仅仅是风险规避，而是人们不惜一切代价爆发。我的屏幕上出现了很长一段时间以来从未见过的红色。”</li><li>贝伦将最近交易价差的扩大归因于<a href=\"https://laohu8.com/S/AON\">怡安PLC</a>和<a href=\"https://laohu8.com/S/WLTW\">威利斯韬睿惠悦有限公司</a>上周决定终止交易，这让风险套利投资者感到意外。</li><li>贝伦表示：“由于威利斯大厦造成的损失超出了几乎所有人的预期，它引发了事件驱动和套利投资者的一系列风险降低，从而自食其果。”</li><li>贝伦表示，他认为有许多价差“定价完全低效”，并且超出了应有的范围。例如，如果你看看Xilinx(XLNX)/AMD并认为中国可能会阻止这笔交易，那么Xilinx(XLNX)昨天的交易就好像没有下行空间一样。</li><li>贝伦说，中国“非常不透明，不可预测，执行风险水平显着上升”。</li><li>话虽如此，他补充道，“不应该有合法的反垄断理由来阻止这笔交易。”</li><li>此前，由于反垄断官员休假，中国不太可能在8月份批准交易。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3726315-deal-spreads-narrower-after-one-of-worst-days-ever-in-risk-arb-land\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ADI":"亚德诺","MXIM":"美信集成","AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/news/3726315-deal-spreads-narrower-after-one-of-worst-days-ever-in-risk-arb-land","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166200134","content_text":"Spreads of major deals such as AMD's purchase of Xilinx and Analog Devices acquisition of Maxim Integrated narrowed after hitting some of widest ever yesterday since the deals were announced.\n“I’ve never seen anything like it,\" Roy Behren, managing member and portfolio manager at Westchester Capital, said in an interview with Seeking Alpha last night. \"Maybe in March of 2020 with the COVID, other than that, you can tell people are just selling out of positions.\"\nBehren is referring to last March when deal spreads severely widened during Covid when investors thought the pandemic could derail LVMH's purchase of Tiffany and AbbVie's acquisition of Allergan.\nThe Xilinx/AMD deal spread widened to about $65/share yesterday, or about 45%, though today it has narrowed to about $44, or 29%. AMD fell 5.4% today, while Xilinx climbed 4.4%. Spreads of deals that need Chinese approval yesterday widened as investors appeared to be de-risking on general concerns about China as well as U.S. antitrust deal risk.\n\"The spreads in, for example, Xilinx and Maxim Integrated and Coherent deals have gone to ridiculously wide levels,\" Behren said in a phone interview. \"It's not just risk off, it's people blowing out at whatever cost. I've got more red on my screen than I've ever seen in a long time.\"\nBehren attributes the recent widening in deal spreads to Aon PLC and Willis Towers Watson PLC's decision to terminate their deal last week,which caught risk arb investors by surprise.\n\"As Willis Towers caused larger losses than almost everybody anticipated, it set off a cascade of risk reduction in event driven and arbitrage investors, which fed on itself,\" Behren said.\nBehren said he believes that there are number of spreads that are \"completely inefficiently priced\" and wider than they should be. For example, if you look at Xilinx (XLNX)/AMD and believe that China may block the deal, Xilinx (XLNX) was trading yesterday as if there was no downside left.\nChina is \"very opaque, it's unpredictable and the level of execution risk has gone up significantly,\" Behren said.\nThat being said, he added, \"there should not be a legitimate antitrust reason for blocking this deal.\"\nEarlier,China unlikely to clear deals in August as antitrust officials take vacations.","news_type":1,"symbols_score_info":{"ADI":0.9,"MXIM":0.9,"XLNX":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":1448,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}

M&A investors flee deal stocks like AMD in perilous omen for merger arbitrageurs<blockquote>并购投资者逃离AMD等交易股票，这对并购套利者来说是一个危险的预兆</blockquote>

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