Global merger and acquisitions (M&A) activity is gaining speed with last quarter’s $805 billion in announced deals topping the $650 billion quarterly average over the last five years, as well as being the best first quarter over the same period. We’re on track to pass last year’s $2.9 trillion in total deals, but even with so much action there hasn’t been a lot of room for hedge funds to maneuver the straightforward cash and stock deals.“Spreads remained tight in the first quarter, averaging between 3% and 6% in cash or stock deals with little perceived risk,” says the first quarter…