Closed Out Centennial Communications

I sold out of my risk arb play in Centennial Communications (Ticker: CYCL) at $8.45, which equates to a return of 5.89% over a 7 week period (43.75% annualized return). I used the proceeds from Centennial Communications and picked up some shares of IMS Health (Ticker: RX) around $20.80, which is being acquired by TPG Capital and CPP Investment Board in a private equity deal. Financing is in place and closing is expected by the end of Q1, 2010. It’s not a high risk trade, but can still make a little bit of $$$. I’m expecting a return of ~ 5.7% (~15% annualized return). I usually look for annualized returns of +20%, but with the lack of risk arb plays out there, I’ll take it...