¿Qué es Merger arbitrage, tender offer?

Merger arbitrage buys the shares of a company that has agreed to be acquired, below the offered consideration, and (in a stock deal) sells short the acquirer’s shares it will receive, to earn the difference when the deal completes. A tender offer is an offer made directly to a company’s shareholders to buy their shares at a stated price, as opposed to a merger voted by the board and shareholders.