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  • The difference between the current share price and the offered share price in a buyout:

    "The biggest of all pending leveraged buyouts, a $33 billion deal, now sports a gaping spread — the difference between the deal price and the share price — of more than $9."

    - The Wall Street Journal, January 22, 2008

    and

    "Is it the greatest arbitrage opportunity of the century? There currently appear to be more than 20 pending transactions with deal spreads greater than 10 percent."

    - The New York Times, January23, 2008

    January 24, 2008