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Since the onset of the credit crunch, it's been hard times for merger arbitrageurs. Simply put, there have been a variety of high-profile deals that have imploded.
And, of course, we have a new one: Microsoft Corporation (Nasdaq: MSFT)'s abandonment of its proposed $47.5 billion buyout of Yahoo! Inc. (Nasdaq: YHOO).
Yet, if you look at the stock price of Yahoo!, it looks like the arbitrageurs are still optimistic that a deal will happen. In fact, there is speculation that an activist fund will launch a proxy fight.
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