And a buyer who knows of an impending deal can make profits measured in the thousands of percent.

That is a premium of 15 percent over Sabre's share price before news of the impending deal was reported on Monday.

Similarly, if the talks have reached an advanced stage yet will not strongly affect the structure of a company, then the impending deal must be announced.

Asked about leaks on impending deals, an arbitrager said: "You don't hear it.

The news of the possibility of an impending deal stunned the industry.

But Barnett said he did not know of any impending deal.

The clubs I talk to say they know nothing of impending deals.

Olivetti's share price had soared on rumors of the impending deal.

Digital's storage business employs more than 6,000 people, but Digital would not estimate how many would be affected by the impending deal.

The company announced plans a year ago for a portion of the site involved in the impending deal.