Current Price: $42.30
Target Price: $51
Upside: 20%
Expiration date: TBD
Ambase Corporation (ABCP) – Litigation Stub – 650% potential return
Current Price – $0.22
Potential Recovery – up to $1.43
Upside – up to 650%
Expiration Date – TBD
Hertz (HTZ) – Pending Delisting – Upside 50% (very risky)
Current Price: $1.50
Target Price: $0.75 (ultimatelly a $0.00)
Upside: 50%
Expected date: Q3 2020
Liberty SiriusXM (LSXMK) – Discount Mean Reversion – 10% Upside
Current Discount: 38%
Average Discount: 28%
Upside: 10%
Expiration Date: TBD
Yellow Cake (YCA.L) – Discount Convergence – 13% Upside
Current Price: £1.98
Estimated Value: £2.24
Upside: 13% Upside
Expiration Date: TBD
Mitula Group (MUA.AX) – Merger Arbitrage with Odd Lot – 20% Upside
Current Price – A$0.705
Merger Consideration – A$0.85
Upside – 20%
Expiration Date –August/September 2018
Pendrell (PCOA) – Reverse Split and Odd Lot Cash Out – 3% or $5,000 Upside
Current Price – $669
Odd Lot Cash Out – $689
Upside – 3% or $5,000 for odd lots
Expiration Date – TBD
Billabong (BBG.ASX) – Merger Arbitrage – 4% upside
Current Price – A$0.96
Merger Consideration – A$1.00
Upside – 4%
Expiration Date – April 9, 2018 (expected)
Stanley Furniture (STLY) – Delisting and Forced Selling – 30% upside
Current Price – $0.58
Unaffected share price – $0.7 – $0.8
Upside – 18%-30%
Expiration Date – TBD
Tangoe (TNGO) – Forced Selling + Merger Arbitrage – 25% upside
Current Price – $5.13
Expected Buyout – $6.5
Upside – 25%
Expiration Date – TBD
This is a fairly straightforward situation. Tangoe received non-binding proposals to be acquired by Marlin Equity Partners (10% shareholder) at $7.5/share and by Clearlake Capital Group and Vector Capital Management (jointly 25% shareholders) at $7/share. Following further discussions Marlin later reduced their proposal to $6.5/share. Clearlake/Vector have not issued any further updates with regards to their offer so it is not clear whether their proposal still stands.