Arbatarge: How the Smartest Guy in the Room Gets Rich

Below are the current M&A spreads. I heavily suggest you take advantage of these spreads.

Countrywide Financial Corp. (CFC), Bank of America (BAC)
Premium offered: $2.03 or 42.9%
Acquirer: BAC
Target: CFC
Shares offered per share: 0.1822 share
Value of offer per share: $6.75
Value of outstanding common equity: $3,903,356,963
Acquirer share price: $37.02
Target share price: $4.72
Expected closing: Third quarter 8/15/2008
Annualized gain: N/A

Clear Channel Communications Inc. (CCU), Thomas H. Lee Partners LP/Bain Capital Group
Premium offered: $9.31 or 31.15%
Acquirer: Lee/Bain Group
Target: CCU
Offer per share: $39.20 cash
Value of outstanding common equity: $19,356,960,000
Target share price: $29.89
Expected closing: N/A
Annualized gain: N/A
Note: As an alternative to receiving the $39.20 per share in cash, Clear Channel's shareholders will be offered the opportunity to exchange their common shares on a one-for-one basis for shares of Class A stock in the new company.


Energy East Corp. (EAS), Iberdrola SA
Premium offered: $4.35 or 18%
Acquirer: Iberdrola
Target: EAS
Offer per share: $28.50 cash
Value of outstanding common equity: $4,503,000,000
Target share price: $24.15
Expected closing: Early summer
Annualized gain: N/A


First Charter Corp. (FCTR), Fifth Third Bancorp (FITB)
Premium offered: $0.73 or 2.4%
Acquirer: FITB
Target: FCTR
Offer per share: $31 cash & stock
Value of outstanding common equity: $1,088,100,000
Target share price: $30.27
Acquirer share price: $21.12
Expected closing: Second quarter
Annualized gain: N/A


Getty Images Inc. (GYI), Hellman & Friedman LLC
Premium offered: $0.89 or 2.7%
Acquirer: Hellman & Friedman
Target: GYI
Offer per share: $34 cash
Value of outstanding common equity: $2,023,000,000
Target share price: $33.11
Expected closing: Third quarter
Annualized gain: N/A

Compliments of Schwab.com (lost link) 05-12-08 1004ET