On March 15th the merger was approved by the boards of the two companies, based on an exchange ratio of 1 newly issued ordinary share in Atlantia for 9 ordinary shares in Gemina. Atlantia shares seemed to be quite overvalued (8,9x the adjusted EBITDA; 7,5x for Gemina), but since March the price has increased from 12 EUR to 14 EUR while Gemina increased from 1,30 to 1,52 (now its price is 1,47). We suggest to short Atlantia and long Gemina in order to follow the decrease of the spread.
Trading the Network II: What Should an Edge Mean?
The first part of this study began from an intuitive proposition: financial markets are networks, and models capable of learning from those networks should therefore possess an informational advantage over models that treat securities independently.
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