#ArbitageFun3.0: Celgene Corporation (CELG) & Bristol-Myers Squibb Co (BMY) Proposed Merger

In the following set of videos I analyze the proposed CELG & BMY merger and look for arbitrage opportunities with beneficial risk/reward profiles.  It's an unpolished draft.

In part 1 we summarize the deal terms and relevant economics:

And in part 2, we analyze arbitrage strategies.  I compare the standard strategy of "long target / short acquirer" to another strategy I found, that involves only CELG stock and options. 

(Note: for those wishing to buy a copy of the underlying spreadsheet, DM me on Twitter, @philkobi.