Scott Siegel, manager of an M&A hedge fund, watched the tape go across his Bloomberg screen...

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Scott Siegel, manager of an M&A hedge fund, watched the tape go across his Bloomberg screen at 4:00 p.m. on June 13, 2001. Celera Genomics, a Rockville company known for mapping the human genome, announced it would acquire AXYS Pharmaceuticals Inc., an integrated small molecule drug discovery and development company. The deal was structured as a stock swap in which AXYS shareholders would receive 0.1016 Celera share for each AXYS share. Celera share was at $41.75, and AXYS at $3.45 after the announcement. What will be Siegel's profit using 10,000 share of AXYS as an M&A arbitrageur if the merger happens and price of the respective share remained same till Siegel could execute the trade? Give your answer without the $ sign Scott Siegel, manager of an M&A hedge fund, watched the tape go across his Bloomberg screen at 4:00 p.m. on June 13, 2001. Celera Genomics, a Rockville company known for mapping the human genome, announced it would acquire AXYS Pharmaceuticals Inc., an integrated small molecule drug discovery and development company. The deal was structured as a stock swap in which AXYS shareholders would receive 0.1016 Celera share for each AXYS share. Celera share was at $41.75, and AXYS at $3.45 after the announcement. What will be Siegel's profit using 10,000 share of AXYS as an M&A arbitrageur if the merger happens and price of the respective share remained same till Siegel could execute the trade? Give your answer without the $ sign