222 · Mergers & Acquisitions: The Ultimate Game of Poker w/ Luke Cummings

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Returning to Chat With Traders podcast, Luke Cummings—CIO of Harvest Lane Asset Management—details his funds’ core strategy of trading mergers and acquisitions…

Step-by-step, Luke explains his methods of assessing a takeover bid when it first hits the market, initiating a position, monitoring news flow, and ultimately, booking a profit/loss when the change of control takes place (or the deal falls through!)

Topics & Timestamps:

Please note: Exact times will vary depending on current ads.

  • 01:55 – Assessing Takeover Announcements
  • 06:50 – Binding vs Non-Binding
  • 14:40 – Major Shareholders
  • 24:15 – Following the Story
  • 30:55 – Bid Price (Premium)
  • 38:45 – Deal Terms
  • 48:20 – Initiating a Position (Entry)
  • 52:40 – Price Drift
  • 1:01:35 – Key Milestones
  • 1:05:00 – Corporate Law
  • 1:10:30 – Booking a Profit/Loss (Exit)
  • 1:14:00 – Bidding Wars

Luke Cummings: Chief Investment Officer, Harvest Lane Asset Management.

Links & Resources: