Same buyout, second entry point.
I covered this potential privatization by a controlling shareholder once before and closed the position for a 30% gain after the shares drifted well above the offer level. The offer is cheap, and a few activists have rejected it, holding a much higher price target. A raise is possible, so the stock traded above the offer for quite some time. Following a soft quarterly report, however, the share price has tanked, and and an attractive spread has returned.
The earnings print was nothing special, just a bit weak on the margins side. I do not think it changes the intentions of a buyer. Overall, the underlying setup has not changed, but a second entry point has appeared.
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