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Revenge of the Arbs

After several years of meager returns, merger arbitrageurs are set to prove the skeptics wrong.

The impending sale of cardiovascular-device maker Guidant Corp. has been one wild ride for merger arbitrageurs. When Johnson & Johnson announced in December 2004 that it had agreed to buy Guidant for $76 a share in cash and stock, the arbs piled into the $25.4 billion deal. They knew that

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