Actionable Investment Research

 

We focus on special situations and risk arbitrage opportunities with short term catalysts. Our research database includes merger arbitrage, tender offers, spin-offs, split-offs, liquidations, bankruptcies, going private transactions, rights offerings and many other types of situations.

 

  • High Quality Research

Research reports on every case are backed by in-depth analysis with clearly defined catalysts, valuation targets, upside opportunities and downside risks.

  • Global Coverage

96 investing opportunities have been published on Special Situation Investments in 2018 alone. Companies listed in the United States, Canada, the United Kingdom, Australia, Japan, Singapore and other markets were covered.

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Access to currently actionable special situation ideas is limited to members only. Previous cases are free to view for all website visitors.

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Our members monitor and discuss all active arbitrage opportunities regularly. A site-wide summary report with updates on each idea is issued on a monthly basis.

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Some of Our Arbitrage Ideas

Lockheed Martin (LTM)

 

SPLIT-OFF
$2700 in One Month

 

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Oncomed Pharma (OMED)

 

MERGER ARBITRAGE
+46% in Two Months

 

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Boardwalk Pipeline (BWP)

 

DISTRIBUTION CUT
+18% in Two Weeks

 

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Cambium Learning (ABCD)

 

MERGER ARBITRAGE
+25% in One Week

 

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TheStreet (TST)

 

SPECIAL DIVIDEND
+15% in One Month

 

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Tejoori (TJI)

 

LIQUIDATION
+52% in One Year

 

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Extracts from our research

Overall, I think that this is a heads I win, tails win even more type of situation and thus if the offer gets dismissed, ArcLight most likely will raise the price. If they don’t then it will still show that the management is valuing the company higher. Also it seems that some of the problems that trouble AMID can be taken care of in the short term, which would again have a positive effect on the share price.

American Mistream (AMID) – M&A

Transaction has already been approved by shareholders and has traded at a narrow (2-3%) spread until recently. Last week CFIUS (the only remaining approval) has extended the investigation period and caused the spread to widen to 14%. CFIUS approval is very likely (deadline set for the 25th) and acquisition should close shortly afterwards.

UQM Technologies (UQM) – Merger Arbitrage

It’s difficult to see significant downside in OMED stock from current levels. OMED is currently trading at an implied EV of negative $33M based on est. 12/31 cash and about 20% above all-time lows reached before the combination was announced. Furthermore, the merger notes in the proxy suggest that OMED had received 6 non-binding indications of interest while it was reviewing strategic alternatives, so there could be an alternative path forward should the Mereo transaction break.

OncoMed Pharmaceuticals (OMED) – Merger Arbitrage

Due to drop in oil prices as well as annual step up in chargeable costs Q1 distributions will be cut from the latest $1/share quarterly to almost zero. I am expecting this to have a negative effect on the share price. The residual value/optionality beyond Q1 does not justify current share price either as chargeable costs will continue to rise annually and WTI needs to be above $55 for BPT to start generating any income in 2020.

BP Prudhoe Bay Royalty Trust – Distribution Cut

TheStreet has recently sold B2B business to Euromoney and currently is a net-net with c. $110m-$115m or $2.2/share cash on hand. Company promised to distributed substantial portion of this cash to shareholders. So my trade here is to acquire TST below cash balance and wait for the distribution announcement. I would expect either special dividend of >$1/share or tender offer for half of the outstanding shares above cash value ($2.2+/share). Any of these will likely lift the share price upwards - if not before then after the substantial distribution.

- TheStreet (TST) – Expected Special Dividend

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