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Rohm & Haas Co. (ROH) shareholders approved a deal with Dow Chemical (NYSE:DOW). The offer is apparently going to be an all-cash deal, although there is some risk that the deal's terms may change. I bought 40 shares of ROH yesterday. ROH is selling at around $68/per share, and DOW's offer was to buy them at $78/per share.

Anheuser-Busch (NYSE:BUD) is another possible arbitrage play, but I have not bought any shares of BUD.

The efficient market hypothesis would say that the lower price is due to the risk that the ROH/DOW deal will not get financing and will collapse; however, in a world of 1% interest rates, that kind of risk should not be providing an arbitrage opportunity of 10% or more. Warren Buffett, of course, hates and disagrees with the efficient market hypothesis. These are interesting times.

Disclosure: ROH; You are responsible for your own due diligence.