To the naked eye, Pepco Holdings (POM) is one of the few stocks in the S&P 500 that has not recovered from last month's lowsHowever, POM's 52-week low is not market related, but reflects a proposed merger with Exelon (EXC) that appears to be in troubleIn order to evaluate the potential value of M&A arbitrage, investors need to look at the value of...
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