Cable & Wireless shares offer a 15% event arbitrage opportunity

With Cable & Wireless shares now trading at a 4.5p discount to the 38p cash offer by Vodafone, the shares are beginning to look interesting, particularly if a long bet is taken with a guaranteed stop 10% away. The odds of the bid not going through look to be less than 20% and so a 3:5 odds on trade looks an interesting play to me.