ChoicePoint Close

Another one of my arb plays will be closing very soon. ChoicePoint (Ticker: CPS), which is being acquired by Reed Elsevier for $50 per share, received FTC clearance this morning. The company expects this deal to close on September 19. I entered into this arb play in July @ $48.18, which equates to a 3.78% gain over a ~ 3 month period or ~ 18% if you annualize it. I have a few more arb plays waiting to close: Safeco (Ticker: SAF), Landry’s Seafood (Ticker: LNY) and Photon Dynamics (Ticker: PHTN).