An event-driven M&A quantitative strategy In a world obsessed with predicting the next market move, there’s a certain elegance in strategies that don’t try. Event-driven arbitrage, particularly merger arbitrage, belongs to this quiet, process-driven corner of finance. It’s less about outsmarting the market and more about systematically capturing a well-defined risk premium: the spread between a target company’s current price and the acquirer’s offer price. The logic is simple