1.   Arbitrageurs, on the other hand, make their living by gambling on big uncertainties such as a sweetened bid from IBM.

2.   A series of sweetened bids followed.

3.   Last year, Waring blenders maker Dynamics Corp. of America rejected a sweetened hostile takeover bid from WHX in favor of an offer from CTS Corp.

4.   Some investors also expected a sweetened bid.

5.   The sweetened bid comes as rivals like Phillips Petroleum and Burlington Resources are considering entering the fray, executives close to the discussions said.

6.   The sweetened bid was announced after the stock market closed Monday.