The Aramark Episode

Following his success at CSX, press is reporting that Paul Hilal and his fund Mantle Ridge are now contemplating a move at food service/uniform giant Aramark. I'm joined by Nomura analyst Dan Dolev to discuss the possible outcomes. Later I interview Cowen's John Kernan regarding the Jana stake in ELY. Other companies mentioned include RRGB, QURE, CIR and BKS

The Anadarko Episode

Hello, World!

I'm joined by merger-arb and event trader Joshua Goldberg to discuss the various scenarios and possible outcomes in the current battle for Anadarko Petroleum. Does Chevron need to match the OXY bid to win the deal? How much room to bump does OXY have? Why haven't we heard public discontent among OXY holders?

M&A Journalism in 2019: Greg Roumeliotis of Reuters News

APC/CVX, BMY/CELG, and BBT/STI are three mega-deals of 2019 with one common denominator: No major media outlets managed to scoop the story before it was press released. So what's changed in the world of m&a journalism in the last few years? Greg Roumeliotis reflects on a 13+ year career with Reuters news covering deals and deal speculation. We discuss "bad" journalism, competition among peers and dig into why media intervention can often disrupt the entire deal process.

Merger Masters Series: Drew Figdor of TIG Advisors

The Merger Masters Podcast series continues with Drew Figdor of TIG Advisors. We discuss his views on activism, his methods for assessing risk, and the role that both ego and fear play in the minds of fund managers. In addition I begin the podcast by weighing in on BMY, ZAYO, NLSN and BKS.


2:35 NLSN

3:00 ZAYO

3:45 BKS

5:10 Drew Figdor interview begins

36:40 “Five Questions”

Merger Masters Series: John Bader

The Merger Masters podcast series continues with John Bader.

Time Stamps:

1:25 Evolving as an investor

7:40 "I'm a seller of most asset classes"

8:50 Blockchain/Cryptos

10:05 Early career

12:40 Lessons learned from Martin Gruss

15:55 Other people's money

17:50 Examining new deals

24:25: ABBV/SHPG

27:35: Avoiding "scary" industires

35:25: Activism

36:15 Five questions for John Bader

Merger Masters Series: John Paulson


2:28 It takes a sixth-sense

4:05 Choosing which deals to participate in

6:30 SKY ltd / Comcast / Disney

7:45: Early career

17:00 Hedge fund vs. family office

18:34 PFE/ AGN

25:17 BMY / CELG

32:08 Detour Gold

40:02 Merger -arbitrage post The Big Short

42:10 Activism

45:30 Puerto Rico

50:09 6 questions for John Paulson

1) President Trump

2) Fannie / Freddie

3) When you seek an opinion that lies outside of Paulson funds, who is your first call?

4) If you could only invest in 1 outside hedge fund, who would it be?

5) Word association: cannabis, bitcoin, Elon Musk, CNBC Television

6) If you'd never become a fund manager, what would you have become?