pushing other acquirers to lower their bids, such an "activist arbitrage" strategy yields significant returns and serves as a …

In an "activist risk arbitrage," a shareholder attempts to reshape an announced M&A through public campaigns, profi … the paid premium, both ex post on surviving deals and ex ante on all deals. Activist arbitrage serves as a governance … mechanism in M&A and earns higher returns than passive arbitrage …

to arbitrage, whereby investors may refrain from trading on negative information. Thus, bad news is incorporated more …