DIVA SYNERGY UCITS FUND - Bernheim, Dreyfus & Co.

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M&A Market in 2011 Positive market outlook for mergers and acquisitions (+55% in Q1 2011) DRIVERS / CATALYSTS CONSTRAINTS CONSEQUENCES • Savage cost cutting, capital raising and debt refinancing , strong balance sheets – to be opportunistic if a deal is presented • Attractive price of assets • Buying growth through acquisition may be more attractive than organic growth - given concerns about the pace of recovery of Europe and the United States • Growing pressure on firms to focus on core activities and spin off the rest • Low interest rates • Access to credit • Market volatility • Antitrust • Due to lower equity market ratings and the constraints on credit greater proportion of stock to be used for M&A rather than cash • Need for a crystal clear strategic rationale • More hostile bids • Buyers with strong balance sheets likely to take advantage to snap up rivals at bargain prices • <strong>Co</strong>rporate activity will be focused on cost-cutting rather than the bull-market justification of buying growth • Creativity in structuring transactions and managing volatility in stock deals will be key differentiating factors 10
Page 1 and 2: DIVA SYNERGY UCITS FUND An Event-Dr
Page 3 and 4: Table of Contents Introduction to D
Page 5 and 6: Overview of Diva Synergy UCITS Diva
Page 7 and 8: 2. Pre-Event Merger Arbitrage - Ant
Page 9 and 10: Structure of Portfolio Market Volat
Page 11 and 12: Risk Management Risk Management Too
Page 13: Diva Synergy (Ucits) Risk Profile T
Page 17 and 18: Pre Event Driven Portfolio - Case S
Page 19 and 20: Portfolio Managers (as at June 1 st

DIVA SYNERGY UCITS FUND - Bernheim, Dreyfus & Co.

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