MERGER arbitrage is a tough business. To get paid, a lot needs to go right; almost nothing has recently. That could start to change this week when National Instruments Corp fields first-round takeover bids in one of the slowest auctions of modern times. For the uninitiated, merger arbitrage is a strategy that makes money by betting on deals. Usually that means buying shares of soon-to-be-sold companies and pocketing the difference between the purchase price and the sale price when the deal closes.

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