My assumption is that successful merger arbitrages will be hard to come by in 2009, quite simply because banks are unwilling to finance deals, companies are less willing to use their own cash and takeover prices will be reassessed, and most obviously, there is too much uncertainty.
Take a look at Puget Energy (PSD) and the 10% spread remaining. The risk of the deal failing is minuscule. Odds of 9-1 in my favor, yet the market is scared of something.
Jonathan Houssian, President and Founder of RxElite (subsidiary of Southridge Enterprises(SOUT.OB)) discusses the company's generic drug business in a changing political
climate, and outlines upcoming financial milestones for investors.
Give us a brief historical overview of RxElite, its incorporation and business focus.
Sara Calabro submits: Minrad (BUF), of Orchard Park, NY, Wednesday received FDA approval for Sojourn (sevoflurane), an inhalation anesthetic.
The product is currently being marketed in five other countries; with the U.S. nod, Minrad is now awaiting a decision on 12 pending approvals. The company has already signed agreements for sevoflurane with 32 partners, which will provide minimum purchases of $75 million by 2008.
Minrad believes sevoflurane represents a $1 billion market opportunity.
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