Taking a look at some bargains I see floating around right now, from mechanical contractors to media.

As of 2/13/2008, CCU has inked a deal to sell 60 radio stations. This is the first tangible, non reversible action taken after clearing all regulatory obstacles towards completing the Bain Capital Partners and Thomas H. Lee Partners acquisition. Financing fears (which are non existent as UBS is the 2nd largest shareholder etc.) leaves a 30+% arbitrage opportunity to be realized before July 2008.

Because my mother isn’t here tonight, I’ll even confess to you that I have been an arbitrageur
-Warren Buffett

I've posted a couple of current merger arbitrage situations for investors to look at, at the moment. These could be a good place to park some cash, especially if you feel the risk/reward ratio is attractive.

A post from 24/7 Wall Street on David Faber of CNBC saying that "the Mays family 'may' be warming up to the idea of Leveraged Buyout for Clear Channel Communications (CCU), something they have shunned in the past."