Another look back at Forsys Metals

On August 6, I wrote about my failed risk arb play in Forsys Metals (Ticker: FOSYF.PK). At that time, all indications were that the deal was back on track and was going to close in ~ 2 weeks. Now the Canadian officials have blocked the merger because they are concerned as to where the acquirer is obtaining the cash (possibly from North Korea). Forsys Metals has decided to nix the deal and is now demanding a breakup fee from the acquirer. So close to the finish line and it all falls apart. I’m glad that I was able to walk away from this deal early on with a small loss.

Now it’s the final countdown for Sun Microsystems (Ticker: JAVA)… 3 days until the decision from the European Regulators. 3... 2... 1... ???