Wednesday, October 22, 2008

DRS Technologies = Done Deal

Today Finmeccanica, the Italian defense company, closed its acquisition of DRS Technologies (Ticker: DRS) for $81 in cash. This represents a 10.13% gain over a two week period. My remaining open arb plays are: Genentech (Ticker: DNA), Anheuser Bush (Ticker: BUD), Foundry Systems (Ticker: FDRY) and Landry’s (Ticker: LNY). The only dud so far is Landry’s, which has turned into a take under. I’ll be dumping that very soon, but fortunately it won’t hurt too much. Overall my arb plays have been very good to me so no complaints, but I know I will need to change my strategy as buyouts have come to a screeching halt.


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