Bidder A makes a fixed exchange equity bid for Target B. Give the information in the table below, what is the return to the merger arbitrageur who buys shares in B and short sells shares in A (assume the deal is completed)? 8.00 0.50 0.13 Offer price Gross spread Target dividends Acquirer dividends Short interest proceeds Commission costs 0.20 0.15 0.06 4.71% 8.25% 6.95% 6.50% 5.50% Bidder A makes a fixed exchange equity bid for Target B. Give the information in the table below, what is the return to the merger arbitrageur who buys shares in B and short sells shares in A (assume the deal is completed)? 8.00 0.50 0.13 Offer price Gross spread Target dividends Acquirer dividends Short interest proceeds Commission costs 0.20 0.15 0.06 4.71% 8.25% 6.95% 6.50% 5.50%