Monthly Archives: July 2017



Tanker Investments (TIL:OMXNO) – Merger Arbitrage – 6% upside

Current Price – NOK 43.2

Expected Payout – NOK 45.65

Upside – 6%

Expiration Date – Q3 2017

Teekay Tankers (TNK) entered into definitive agreement to buy Tanker Investments (TIL). Each TIL share would be exchanged to 3.3 TNK shares – representing 6% spread at current prices and NOK/USD exchange rate. Merger has been approved by the boards of both companies as well as Special Committee of TIL independent directors. Shareholder approvals on both sides are still pending. Merger is expected to close



Essex Rental (ESSX) – Liquidation – 67% potential upside

Current Price – $0.21

Expected Payout – $0.17 – $0.35

Upside – 67% (at high end of the expected range)

Expiration Date – TBD

Essex Rental was a struggling and over-leveraged crane equipment rental company. Over the last year the company has liquidated/agreed to sell both of its operating divisions and shareholders approved plan of dissolution on the 5th of June. The proceeds for equity holders are expected to be in the range of $0.17 – $0.35 per share.