Merger Arb – 9.5% Upside

Merger Arb – 9.5% Upside

With another quarter in the books, I am refreshing SSI review of all merger arbs with wide spreads.

Large asset sale

Tender offer with odd lot provision.

Potential Higher Offer

Activist Campaign

Large discount to NAV

Potential Bidding War

Discount To NAV

Potential Takeover

Three-way merger arbitrage

Discount To NAV Mean Reversion

Merger Arbitrage – 12% Upside

Strategic Review

Potential Company Sale – 20% Upside

Recent Demutualization – 30% Upside

Strategic Review – 14%+ Upside

This is a fresh review of the current merger arbitrage opportunities with wide spreads.

Merger Arbitrage + Higher Bid – Upside TBD

ETF Conversion – 10% Upside

Large Asset Sale – 48% Upside

Potential Buyout – 20% Questionable Upside

Chinese Privatisation – 13% Upside

Merger Arbitrage

Litigation

Reverse Stock Split (too risky)

Potential Higher Offer – Upside TBD

Expected Higher Offer

Potential Inflection Play

Potential Higher Offer – TBD Upside

Strategic Review and Potential Liquidation

Expected Company Sale

Strategic Review

Equity Recovery in Bankruptcy

Potential Takeover

Forced Sell-Off / Spin-Off

Merger Arbitrage – 20% Upside

Expected Management Privatization – 37% Upside

Merger Arbitrage + CVR – Multibagger Upside

Potential Higher Offer – 19%-25% Upside

Potential Privatization – 30% Upside

Litigation

Potential Company Sale – 20%+ Upside

Heritage-Crystal Clean (HCCI) – Potential Higher Offer – TBD Upside

China’s Travel Sector Recovery – 30%+ Upside

Potential Buyout – 30%-40% Upside

Potential Buyout – 20% Upside

Merger Arbitrage – Upside TBD

With another quarter in the books, I am refreshing my review of merger arbs with wide spreads.

Potential Buyout – 36%-67% Upside

Merger Arbitrage With CVR

Liquidation

Merger Arbitrage – 28% Upside

Merger Arbitrage, 20%+ Upside

Activist Campaign/Potential Company Sale – Upside TBD

Activism/Potential Buyout – 31% Upside

Expected Company Sale – Multibagger Upside

MLP Buyout – Upside TBD

Potential liquidation – 29% Upside

Liquidation – 40%+ Upside

Spin-Off – Upside TBD (very risky)

Potential Takeover – Upside TBD

Potential Takeover – 15%-20% Upside

Merger Arbitrage – 5% Upside

Asset Sale/Potential Large Capital Return – 28% Upside

Merger Arbitrage – 11% Upside

Potential Higher Offer – Upside TBD

Strategic Review – Upside TBD

Potential Takeover – 13%+ Upside

This is a fresh review of ongoing merger arbitrage cases.

Potential Buyout – 25% Upside

Strategic Review – 50% Upside

Takeover Atempt – 17%+ Upside

Merger Arbitrage – 13% Upside

Merger Arbitrage – Upside TBD

Merger Arbitrage – 7% Upside

Management Takeover – 7% Upside

Expected Large Capital Return – Upside TBD

Potential Bidding War – Upside TBD

Preferred Stock Exchange – 100% Upside

MGTA – Strategic Review – Upside TBD

TBRD.V – Strategic Review – 33% Upside

FNCH – Strategic Review – Upside TBD

TYR.AX – Expected Higher Bid – 15% Upside

BATRA – Split-Off/Potential Takeover – 41% Upside

CNCE – CVR – Multibagger Upside on CVR

ELSE – Merger Arbitrage – 27%+ Upside

OABI – Forced Selling After Spin-Off – 140% Upside

ALBO – CVR – 5x Upside

AMYT – CVR – Multibagger Upside

CF.TO – Expected Buyout Price Increase – 8% Upside

SQZ.L – Activist Campaign – 40% Upside

WWE – Expected Buyout – Upside TBD

AAMC – Buyback Incentive – Upside TBD

RFP – CVR – 250% Upside

CBIO – Liquidation – 22% Upside

ISO – Merger Arbitrage – 6% Upside

SIOX – Liquidation – 25%+ Upside

OIIM – Chinese Privatisation – 10% Upside

SGA – Potential Company Sale – 25%+ Upside

DNTL.TO – Potential Buyout – Upside TBD

CBIO – Liquidation – 29% Upside

BBXIA – Price Pullback Post Tender Offer – 8% Upside

SPNE – Merger Arbitrage – 21% Upside

UNVR – Potential Buyout – 31% Upside

TRQ.TO – Merger Arbitrage and Appraisal Rights

TBRD.V – Activist Campaign/Potential Sale

SCU – Strategic Review/Potential Sale – Upside TBD

GSMG – Chinese Take-Private

LMN.SW – Activist Campaign/Potential Sale

SO.PA – Expected Tender Price Increase

CCRD – Potential Buyout

OYST – Merger Arb & CVR

WGO.AX – Potential Bidding War

ACQ.TO – Tender Offer

AIMC – Merger Arbitrage – 9% Upside

0273.HK – Merger Arbitrage – 20%+ Upside

IMO.TO – Odd-Lot Tender Offer – $1100 Upside

AKUS – Merger Arbitrage & CVR – Upside TBD

LMST – Merger Arbitrage – 5% Upside

NTO.AX – Potential Bidding War- Upside TBD

SCHL – Odd Lot Tender Offer – $260 Upside

GNX.AX – Merger Arbitrage – 25% Upside

SIOX – Strategic Review – 50% Discount To Net Cash

SOT-UN.TO – Strategic Review/Activist Campaign – Upside TBD

TBPH – Odd Lot Tender Offer – $75 Upside

B – Merger Arbitrage – 90%+ Upside

DXC – Potential Takeover – 64% Upside

AGF-B.TO – Odd Lot Tender Offer – C$75 Upside

ZVO – Liquidation – 200% Upside

CANO – Potential Takeover – 58% Upside

XX.V – Potential Takeover – 60%+ Upside

OIIM – Chinese Privatisation – 25% Upside

KNBE – Merger Arbitrage – 15% Upside

LSF – Merger Arbitrage – 67% Upside

MN – Merger Arbitrage – 5% Upside

VNET – Merger Arbitrage – 36% Upside

SGA – Potential Takeover – 22% Upside

PRPL – Non-Binding Takeover Interest – 11% Upside

DMS – Privatization By Management – 20% Upside

BOCH.L – Merger Arbitrage – 15%+ Upside

VLNS – Merger Arbitrage – 8% Upside

TNA.V – Merger Arbitrage – 6.5% Upside

APE – Share Class Arbitrage – 69% Upside

IMRA – Strategic Review – 58% Upside

SWKH – Potential Takeover – 24% Upside

AGS – Merger Arbitrage/Potential Higher Offer – 21%+ Upside

ATCO – Expected Higher Bid – 16% Upside

IS – Merger Arbitrage – 27% Upside

LOTZ – Merger Arbitrage – 40% Upside

ALX – Activist Campaign – 50% Upside

TTNP – Reverse Merger/Activism – TBD Upside

IFM.AX – Merger Arbitrage/Bidding War – 9%+ Upside

KINS – Potential Sale / Activist Pressure – 30%+ Upside

KLTR – Merger Arbitrage – 16%+ Upside

ANGN – Net-Net / Strategic Review – 34% Upside

HSBI – Merger Arbitrage – 5% Upside

URF.AX – Liquidation – 100% Upside

IMRA – Strategic Review – 100% Upside

RPID – Merger Arbitrage – 9%+ Upside

RAP.AX – Merger Arbitrage – 27% Upside

RDUS – Merger Arbitrage With CVR – 12x Upside

NXDT – REIT Conversion – 40%-50% Upside

CBIO – Expected Liquidation – 16% Upside

MITO – Going Private – 7%+ Upside

RBCN – Cash Shell with a Tender Offer – 18x Upside

RFP – Merger Arbitrage with CVR – 32% Upside

FEC.TO – Odd Lot Tender Offer – 18% Upside

GSMG – Chinese Take-Private – 15% Upside

RAP.AX – Merger Arbitrage – 17% Upside

CCHWF – Merger Arbitrage – 13% Upside

LAIXY – Chinese Take-Private – 11% Upside

POEFF – Merger Arbitrage + Spin-off – 6%+ Upside

WEN – Takeover Interest – 40% Upside

HMTV – Merger Arbitrage – 6%+ Upside

HLG – Chinese Take-Private – 11% Upside

FCIT – Merger Arbitrage – 9% Upside

OMEX – Litigation – 10x-30x Upside

PIRI.L – Merger Arbitrage – 22% Upside

KTTA – Activist Campaign – 88% Upside

ABIO – Activist Campaign – 35% Upside

US-listed Chinese companies

Current Price: £1.07

Merger Consideration: £1.13

Upside: 5%

Expiration Date: Q1 ’20