Current Price: $148.12
Offer Price: $158.49
Upside: 7% or $1000 (for odd-lots)
Expiration Date: August 31
PFSweb (PFSW) – Large Capital Return/Company sale – Upside TBD
Current price: $11.64
Target price: TBD
Upside: TBD
Expiration Date: TBD
Twin Vee Powercats (VEEE) – Spin-Off – 50%+ Upside
Current Price: $3.92
Target Price: $6.00+
Upside: 50%+
Expiration Date: Q2-Q3 2022
Amarillo Gold (AGC.V) – Merger Arbitrage and Spin-Off – 15% Upside
Current Price: C$0.41
Offer Price: C$0.4 + 1 spin-co at C$0.072/share
Upside: up to 15%
Expected Close: March 2022
Swick Mining Services (SWK.AX) – Merger Arbitrage and Spin-Off – 18%+ Upside
Current Price: A$0.335
Offer Price: A$0.356 + A$0.04 estimated for the spin-off
Upside: 18%+
Expiration Date: late January 2022
DuPont de Nemours (DD) – Split-Off – $400 Upside
Current Price: $77.88
Offer Price: $81.89
Upside: $400 (for 99 shares)
Expiration Date: 29th January
Analysis of Split-off Trading Strategies
Split-Offs proved to be very lucrative
Ecolab (ECL) – Split-off – $2100 Upside
Current Price –$194.12
Offer Price – $215.69
Upside – 11% or $2100 for Odd Lot holders
Expiration date – 2nd of June, 2020
McKesson (MCK) – Split-Off – $1200 Upside
Current Price –$163
Offer Price – $175
Upside – 7.53% or $1200 for Odd Lot holders
Expiration date – 9th of March, 2020
Danaher (DHR) – Split Off – $1050 Upside
Current Price –$142.99
Offer Price – $153.76
Upside – 7.53% or $1050 for Odd Lot holders
Expiration date – 13th of December, 2019
Eli Lilly (LLY) – Split Off – 7.5% Upside ($900 for Odd Lots)
Current Price –$122.5
Offer Price – $131.7
Upside – 7.5% or $900 for Odd Lot holders
Expiration date – 8th of March, 2019
ECN Capital (ECN.TO) – Tender Offer + Interesting Spin-off – 10%-55% upside
Current Price – $3.56
Tender Price – $3.90 (Intrinsic Value – $5.6)
Upside – 10%-55%
Expiration Date – TBD
Fortive (FTV) – Split-off – 8.5% Upside ($690 for Odd Lots)
Current Price –$81.68
Offer Price – $88.63
Upside – 8.5% or $690 for Odd Lot holders
Expiration date – 25th of September, 2018
Pfizer (PFE) – Odd Lot Exchange Transaction – $217 potential
Current Price – $29.11
Offer Price – $107.52 stock of Zoetis for $100 stock of Pfizer
Potential Gain – 7.5% or $217 for Odd Lots
Expiration date – June 19, 2013
Baxter International (BAX) – Split-off Transaction – $320 upside
Current Price – BAX $43.32, BXLT $41.38;
Offer Price – $1.0752 stock of BXLT for $1 stock of BAX (subject to upper limit of 1.4026 BXLT shares per share of BAX);
Upside – 7.5% or $320 for Odd Lot holders;
Expiration date – May 18, 2016;
Baxter International (BAX) – Split-off Transaction – $335 upside (update)
A quick update
Exchange rate for BAX/BXLT split off transaction (see here for further info) has been determined at 1.1591. To lock in profit from this transaction one needs to buy 99 BAX, short sell 115 BXLT and then tender BAX shares till tomorrow (18th of May).
CBS Corp (CBS) – Split Off transaction – $470 opportunity
Current Price –CBS $58.45, ETM $11.20
Offer Price – $1.08 stock of ETM for $1 stock of CBS (subject to upper limit of 5.7466 ETM shares per share of CBS)
Upside – 8% or $470 for Odd Lot holders
Expiration date – November 16, 2017
This is a standard split-off transaction of which I have already posted quite a few. The most recent ones were PG/COTY and LMT/LDOS split-offs. CBS also had another split-off back in 2014. I recommend reading through those and examining share price behavior during and after the tender to familiarize yourselves with risks involved in this kind of transaction.
Danaher (DHR) – Split Off Transaction – $450 upside
Current Price – DHR $87.26, NTCT $41.27
Offer Price – $107.53 stock of NTCT for $100 stock of DHR (subject to upper limit)
Upside – 5.3% or $450 for Odd Lot holders
Expiration date – July 8, 2015
Lockheed Martin (LMT) – Split-off transaction – $2700 opportunity
Current Price –LMT $255.75, LDOS $50.25;
Offer Price – $1.11 stock of LDOS for $1 stock of LMT (subject to upper limit of 8.2136 LDOS ex-dividend shares per share of LMT);
Upside – 11% or $2700 for Odd Lot holders;
Expiration date – August 16, 2016;
Weyerhaeuser (WY) – Odd Lot Exchange Transaction – $216 Gain
Current Price – WY $30.87, TPH $15.01
Offer Price – $1.11 stock of Tri Pointe for $1.00 stock of Weyerhaeuser
Upside – 7.2% or $216 for Odd Lot holders
Expiration date – June 30, 2014
CBS Corporation (CBS) – Odd Lot Exchange Transaction – $460 Gain
Current Price – CBS $61.80, CBSO $31.37
Offer Price – $107.53 stock of CBSO for $100 stock of CBS
Upside – 7.53% or $460 for Odd Lot holders
Expiration date – June 30, 2014
Danaher (DHR) – Split off Transaction – $635 upside
Danaher has updated the split off offer by increasing the upper limit and the situation became profitable one more time.
Current Price – DHR $85.44, NTCT $38.42
Offer Price – $107.53 stock of NTCT for $100 stock of DHR (subject to upper limit)
Upside – 7.5% or $636 for Odd Lot holders
Expiration date – July 9, 2015
Procter & Gamble (PG) – Exchange Transaction – $650 upside
Current Price –PG $88.31, COTY $25.99;
Offer Price – $1.075 stock of COTY for $1 stock of PG (subject to upper limit of 3.9033 COTY shares per share of PG);
Upside – 7.5% or $650 for Odd Lot holders;
Expiration date – September 29, 2016;
Dow Chemical (DOW) – Split Off Transaction – $460 expected return
Current Price – DOW $42.37, OLN $18.49;
Offer Price – $1.11 stock of OLN for $1 stock of DOW (subject to upper limit of 2.56 OLN shares per share of DOW);
Upside – 11% or $460 for Odd Lot holders;
Expiration date – October 1, 2015;
PPG Industries (PPG) – Odd Lot Exchange Transaction – $1450 Potential
Current Price – PPG $133.13, GGC $40.67
Offer Price – $1.11 stock of GGC for $1.00 stock of PPG
Upside – 11% or $1450 for Odd Lot holders
Expiration date – January 25, 2013
General Electric (GE) – Split-off transaction – $216 expected return (potential for $600 return)
Current Price – GE $29.03, SYF $31.32;
Offer Price – $1.0753 stock of SYF for $1 stock of GE (subject to upper limit of 1.1308 SYF shares per share of GE);
Upside – 7.5% or $216 for Odd Lot holders (if price differential increases towards upper limit – as happened with other recent split-off transactions – the return will be c. $600);
Expiration date – November 16, 2015;