arbitrager , auch: arbitrageur , arb (Abkürzung)

The 42-year-old arbitrager has been in the business since 1972.

"They gave a party and nobody came," an arbitrager said.

"That's clearly a lot better than anything this stock has probably seen ever," said one arbitrager.

But one arbitrager said, "We'll take any deal at this point."

"Equity is the right thing to offer," said another arbitrager.

"A lot of these deals will work," one arbitrager said.

"I figure 90 to 95 percent of par, at best," one American arbitrager said.

But one arbitrager said: "The market is getting ahead of itself.

When price change occurs, it is the signal for the arbitrager to act.

Taking advantage of small differences in prices, the arbitrager can make large sums very quickly.

"The concern is that the talks have turned friendly," one arbitrager said.

"At first, the offer did not seem unreasonable," an arbitrager recalled.

First Capital is also an arbitrager, trying to make money from the narrow differences in prices for securities.

"It looks like a better offer," the arbitrager said.

The stock rise shows "people think it's a low bid," one arbitrager said.

Another arbitrager said: "If his goal is getting the company, why take this route?

"He's a turnaround specialist," said a risk arbitrager who asked not to be identified.

But another arbitrager said it was not unreasonable for his colleagues to get cold feet about some deals.

The arbitrager would then buy the stocks and sell the index futures.

"It looks like Kaiser can put up a proxy fight," one arbitrager said.

Then came the jokes: What's the difference between a 28-year-old arbitrager and a pigeon?

To one arbitrager, the reason for that topsy-turvy circumstance is simple.

"This deal never had a chance from Day One," said an arbitrager who asked not to be identified.

An arbitrager who asked not to be identified said: "I don't know now.

"A lot of people are nervous and think the world is coming to an end," said one veteran arbitrager, who declined to be named.