Updates (Dec 2016)

Updates on recent investment ideas

 

WebMD Health – Odd Lot Tender – expires tomorrow

Current spread to the offer is $1.6/share or $160 for odd lot holders. With IB it is still possible to buy today/tomorrow morning and tender the shares before the deadline.

http://www.specialsituationinvestments.com/2016/11/wedmd-wbmd-tender-offer-expected-odd-lot-2-7-upside/

 

Resources Connection – Odd Lot Tender – 11% return

As expected the tender closed at the upper limit. Interesting there was no proration, so this deal resulted in equally good return for those tender larger amounts than 99 shares.

http://www.specialsituationinvestments.com/2016/10/resource-connection-recn-odd-lot-tender-offer-10-upside/

 

Global Eagle Entertainment – 25% return in two weeks

Today the company announced extension of the contract with South West Airlines (largest customer) and shares traded significantly higher. I have closed my position upon the event.

http://www.specialsituationinvestments.com/2016/12/global-eagle-entertainment-ent-expected-tender-offer-80-upside/

 

Implant Science – Liquidation – 60% return

This trade resulted in 60% return over the weekend, however the stock is an illiquid nanocap, so prices move quickly in either direction with few additional buyers/seller. There has been another clear (but short) buying opportunity after merger with Zapata was cancelled (huge positive move towards liquidation). Shares now trade again back to $0.11 levels on the back of no higher bids for the IMSCQ assets (L-3 bid of $117.5m stands). In my opinion shares are undervalued here and I have added my thoughts on valuation in comments sections. However, I am no bankruptcy expert, so my numbers should be read with a grain of salt.

http://www.specialsituationinvestments.com/2016/11/implant-sciences-imscq-liquidation-45-upside/

 

Actua Corp – Odd Lot Tender – 7% return

Tender completed in December at the upper limit resulting in 7% return. Shares traded higher after the offer expiration, so return for those tndering more than 99% were even better.

http://www.specialsituationinvestments.com/2016/11/actua-acta-odd-lot-tender-offer-7-potential-upside/

 

Inteliquent – -0.4% loss

Go shop period ended with no further bidders and shares dropped to slightly below the offer price resulting in small loss on the position.

http://www.specialsituationinvestments.com/2016/12/inteliquent-iqnt-expected-higher-bid-10-upside/

 

Silgan Holdings – Odd Lot Tender – 0% return

Final tender price was $50.75 which was almost equal to $50.8 purchase price. My bet that this offer might be priced at an upper limit (as previous offers have been) turned out to be incorrect.

http://www.specialsituationinvestments.com/2016/10/silgan-holdings-slgn-odd-lot-tender-offer-3-upside/