XLNX - Risk arb traders have rough week with PNM Resources Sportsman's Warehouse

Some M&A investors likely saw a lot of pain for their portfolios this week when one deal was canceled and another appeared to be unlikely to be approved. Risk arbs got their first shock late Wednesday when unexpectedly a majority of New Mexico utility regulators voiced their opposition against Avangrid's (NYSE:AGR) planned purchase of PNM Resources Inc. (NYSE:PNM). The three commissions of the New Mexico Public Regulation Commission indicated at a meeting that they would likely vote against the transaction. The comments prompted several Wall Street analysts to write that the deal was probably not going to close. The Commissioners have not made a final decision, which may happen this month or maybe pushed into January. "There is a chance of it going ahead (not dead yet), but it's looking very unlikely to close," Citi analyst Ryan Levine wrote in a note earlier this week. Another utility analyst, Jonathan Reeder

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Risk arb traders have rough week with PNM Resources, Sportsman's Warehouse