Rounding out the fund’s largest stock holdings is Plains Exploration & Production Company (NYSE:PXP), whose shareholders recently approved a purchase by Freeport-McMoRan Copper & Gold, which is currently expected to close within the next couple weeks. Currently, the stock is trading at $48.95; management has announced a $3 per share special dividend payable towards the end of May, with shareholders then receiving $46.01 per share at close. This makes for a negligible profit opportunity for anyone currently considering Plains Exploration & Production Company (NYSE:PXP).
John Paulson isn’t exactly everyone’s favorite hedge fund manager, but he’s worth paying attention to nonetheless. Sprint Nextel Corporation (NYSE:S) is the subject of a much-heated takeover battle, while Life Technologies Corp. (NASDAQ:LIFE) is in the process of being acquired by Thermo Fisher Scientific. Both of these situations represent attractive environments for any investor, while AngloGold Ashanti Limited (ADR) (NYSE:AU) appears to be a bet on a gold rebound. Realogy Holdings Corp (NYSE:RLGY) is an obvious play on housing with the benefit of having recently gone public, while Plains’ merger arbitrage opportunity is about finished.
Disclosure: I own no shares of any stocks mentioned in this article.