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Action Semiconductors (ANR) – Tender Offer – 12.5% upside

Current Price – $2.4

Offer Price – $2.5 – $2.7

Upside – 12.5.% (if the upper pricing limit is used)

Expiration date – 18 September 2014

There is no provision for odd-lots

SEC Filling


Actions Semiconductor Co is offering to purchase for cash up to 60,000,000 of its ordinary shares, $0.000001 par value per share (including Shares represented by American Depositary Shares (the “ADSs”)), at a purchase price not greater than $7/15 per Share (or $2.80 per ADS) nor less

Global Eagle Entertainment (ENT) – Warrant Exchange Offer – minimal upside currently

Current Price – $3.75/warrant, $11.13/share

Offer – 1 warrant to 0.33 common shares.

Upside – 1%

Expiration date – 11 September 2014

SEC Filling


The Offer is to permit holders of Warrants to tender up to 15,000,000 Warrants at an exchange ratio of 0.3333 Shares for each Warrant tendered (approximately one Share for every three Warrants tendered), subject to proration, as described herein. 

As of August 13, 2014, the Company had 22,831,263 Warrants outstanding. Each Warrant is exercisable for one Share at

InspireMD (NSPR) – Reverse Stock Split – 1000% upside

Although 1000% might look good, in absolute value it is worth only $2 (from $0.22 to $2.27), but I thought this was still an interesting case for educational purposes.

The reason for such a large upside is that InspireMD is doing reverse stock split (10 for 1) and instead of cashing out the fractional shares, it will round up to the nearest whole share. So anyone who has between 1-10 current shares will receive a single post-reverse-split share. So if