How wide can deal-spreads stretch before they break?

[Joelle]

How wide can deal-spreads stretch before they break?
      

Arbitrage spreads on mergers have narrowed a bit from their widest levels two weeks ago, but still remain wide on a historical basis, according to Andy Baker, special situations trading strategist for Jefferies & Co Inc. 
Spreads measure the difference between the offered takeover price and the target company’s current trading price. Historically, the wider the [...]
         

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