Tag Archives: Special situation

   

CRA International (CRAI) – Odd Lot Tender Offer – 5% potential upside

Current Price – $18.88

Offer Price – $18.00- $19.75

Upside – potentially 5% or $90 (if the upper pricing limit is used)

Expiration date –  21 March 2016

No proration for odd lot holders

SEC Filling

Summary:

We are conducting the tender offer through a procedure commonly called a modified “Dutch Auction.” This procedure allows you to select the price per share (in increments of $0.25) within a price range specified by us at which you are willing to sell your



Nationstar Mortgage (NSM) – Odd Lot Tender Offer – minimal upside currently

Current Price – $9.05

Offer Price – $8.2 – $9.4

Upside – potentially 3% or $35 (if the upper pricing limit is used)

Expiration date –  11 March 2016

No proration for odd lot holders

Some thoughts: With the recent market volatility there is a good chance that better buying opportunities will appear before expiry of the offer

SEC Filling

Summary:

Nationstar Mortgage Holdings Inc., a Delaware corporation, is offering to purchase shares of its common stock, par value $0.01 per share



Fortress Investment Group (FIG) – Odd Lot Tender Offer – 9% potential upside

Current Price – $4.36

Offer Price – $4.25 – $4.75

Upside – potentially 9% or $40 (if the upper pricing limit is used)

Expiration date –  4 March 2016

No proration for odd lot holders

SEC Filling

Summary:

Fortress Investment Group LLC, is offering to purchase for cash up to $100,000,000 of its Class A shares representing Class A limited liability company interests, no par value (the “Shares”), pursuant to auction tenders at prices specified by the tendering shareholders of not greater than

 

Siliconware Precision Industries (SPIL) – Tender Offer with Odd lot provision – 9% upside

Current Price – 7.55

Offer Price – 8.22

Upside – 9% ($134 guaranteed return for odd lots)

Odd lots – shareholders who own less than 200 shares will be bought out on priority basis.

Expiration date (to tender shares) –  11 February 2016

Tender document

This is a hostile tender offer carried out by ASX, and as such is has a higher risk of being cancelled than other tenders presented on this site. Moreover, the tender is subject to regulatory approval. However,



Franklin Covey (FC) – Dutch Auction with Odd Lot provision – 9% potential upside

Current Price – $16.29

Offer Price – $15.5 – $17.75

Upside – 9% or $140 (if the upper pricing limit is used)

Expiration date –  12 January 2016

SEC Filling

Summary:

We are offering to purchase up to $35,000,000 in value of shares in the Offer. On the terms and subject to the conditions of the Offer, we will determine a single per share price, not greater than $17.75 per share nor less than $15.50 per share, net to



Willis Lease Finance Corp (WLFC) – Odd Lot Tender Offer – minimal upside currently

The share price shot up right after the announcement but might reverse during the course of the tender.

Current Price – $17.39;

Offer Price – $15.5 – $18;

Upside – $60 or 3.5% (if the upper pricing limit is used);

Expiration date –  16 December 2015;

No proration for odd lot holders;

SEC Filling

Summary:

Willis Lease Finance Corporation is offering to purchase for cash up to 516,129 shares of its outstanding common stock, pursuant to auction tenders at prices specified by



Fly Leasing (FLY) – Expected Dutch Tender Offer

This is a possibility to start position before the tender offer details are revealed.

Fly Leasing announced last week, that the company will start Dutch tender offer for $75m. No further details on pricing or timing have been announced yet (expected early this week).

From historical experience, these Dutch tenders tend to have odd-lot provision and quite often price jumps upon pricing announcement (quite often arbitrage disappears after trading announcement.. Keeping in mind that FLY is currently trading at 12-month



NCR Corporation (NCR) – Odd Lot Tender Offer – $250 upside

Current Price – $27;

Offer Price – $26 – $29.5;

Upside – $250 or 9% (if the upper pricing limit is used);

Expiration date –  11 December 2015;

No proration for odd lot holders;

SEC Filling

Summary:

NCR Corporation, a Maryland corporation invites our shareholders to tender shares of our common stock, par value $0.01 per share, pursuant to auction tenders at prices specified by the tendering shareholder of not less than $26.00 and not greater than $29.50 per Share. We are offering



GE/SYF Exchange transaction update – $200 return

Quick update: Exchange ratio risk has been almost eliminated and this starts to look like a standard Odd Lot tender offer (besides having to short SYF) with guaranteed $200 return. The main risk remaining is that transaction will be cancelled due to low participation (I consider this unlikely). As per filling “The minimum condition provides that GE is not required to complete the exchange offer unless at least 634,743,750 shares of Synchrony common stock will be distributed in exchange for shares

 

Theravance (THRX) – Odd Lot Tender Offer – $40 potential upside

Current Price – $8.85;

Offer Price – $8.5 – $9.25;

Upside – $40 or 4.5% (if the upper pricing limit is used);

Expiration date –  1 December 2015;

No proration for odd lot holders;

SEC Filling

Summary:

We are conducting this Offer through a procedure commonly called a “modified Dutch auction.” This procedure allows you to select the price within a price range specified by us at which you are willing to sell your Shares. The price range for the Offer