Greenfield + Mr. Softy!?

It looks like one of my arb plays is coming to an end. For awhile it looked like there might be a bidding war for Greenfield Online (Ticker: SRVY). The company originally agreed to a buyout offer from a private equity company, Quadrangle Group LLC, for $15.50. Greenfield subsequently received a higher bid during the “go shop” period and an unnamed buyer came in with a $17.50 bid. Yesterday, Quadrangle decided to walk away from the deal, but will pocket some pocket change ($5 million) from Greenfield. The big surprise was that the unnamed buyer turned out to be Mr. Softy (Microsoft). At this point it’s a guaranteed $17.50 in early Q4. I’ll probably wait until the closing to cash out, but I’ll be on the look out for other attractive opportunities.