Atlas Technical Consultants (ATCXW) – Warrant Exchange – 25% Upside
Current Price: $0.99
Offer Price: $1.25
Upside: 25%
Expiration Date: 16th of November 2020
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AMC Networks (AMCX) – Tender Offer – $280 Upside
Current Price: $23.69
Offer Price: $22.50 – $26.50
Upside: $280 (for 99 shares if priced at the upper limit)
Expiration Date: 14th of October
Nomad Foods (NOMD) – Odd Lot Tender Offer – $100 Upside
Current Price: $24.45
Offer Price: $23.00-$25.50
Upside: $100 (for odd-lots)
Expiration Date: 9th of September
Dundee Corporation (DC-PB.TO) – Odd Lot Tender Offer – C$139 Upside
Current Price: C$17.31
Offer Price: C$16.00-C$18.50
Upside: C$139 (if priced at the upper limit)
Expiration Date: 27th of August 2020
Brookfield Property REIT (BPYU) – Tender Offer – $100 Upside
Current Price: $10.96
Offer Price: $12.00
Upside: $102 (for odd-lot accounts)
Expiration Date: 12th of August
Brookfield Property Partners (BPY) – Tender Offer – 9% Upside
Current Price: $10.97
Offer Price: $12.00
Upside: 9%
Expiration Date: 28th of August
Great Canadian Gaming (GC.TO) – Odd Lot Tender Offer – C$360 Upside
Current Price: C$30.24
Offer Price: C$39 – C$46
Upside: C$360-C$950 (odd lots)
Expiration Date: 25th of March 2020
MGM Resorts International (MGM) – Odd Lot Tender Offer – $230 Upside
Current Price: $26.71
Offer Price: $29 – $34
Upside: 8.5% – 27%
Expiration Date: 12th of March 2020
Orca Exploration (ORC-B.V) – Expected Tender Offer – 5% Upside
Current price: C$6.46
Offer price: TBD
Upside: TBD
Expiration Date: by the 7th of Feb’20
XBiotech (XBIT) – Tender Offer – $469 Upside
Current Price: $24.33
Offer: $26.52-$29.07
Upside: $217-$469 for odd-lots
Expiration date: 12th of February
Dream Hard Asset Alternatives Trust (DRA-UN.TO) – Odd Lot Tender Offer – 4% Upside
Current Price: C$7.91
Tender Price: C$8.25
Upside: 4% (C$33 for odd-lots)
Expiration Date: 12 March 2020
Home Capital Group (HCG.TO) – Tender Offer – C$150 for Odd Lots
Current price: C$32.73
Tender Price: C$34.15 – C$37.25
Upside: 4% – 13%
Expiration Date: 15th of Jan, 2020
Aimia (AIM.TO) – Tender Offer – C$40 for Odd Lots
Current price: C$3.87
Tender Price: C$4.25
Upside: 10%
Expiration Date: 30th Dec 2019
Community Bancorp of Santa Maria (CYSM) – Tender Offer – 8% Upside
Current Price: $13.89
Tender Price: $15.00
Upside: 8% Upside (or $110 for odd lot holders)
Expiration Date: 6th Of Dec, 2019
Swiss Helvetia Fund (SWZ) – Expected Tender Offer – 9% Upside
Current Price: $8.02
Tender Price: $8.73
Upside: 5% – 9%
Expiration Date: 31st of Oct, 2019
CIRCOR (CIR) – Tender Offer – 26% Upside
Diana Shipping (DSX) – Tender Offer – 6% Upside
Current Price: $3.34
Tender Price: $3.55
Upside: 6% Upside
Expiration Date: 4th Oct, 2019
Liberty Global Plc (LBTYA & LBTYK) – Odd Lot Tender Offer – 10% Upside
DaVita (DVA) – Odd Lot Tender Offer – 5% Upside
Alliance Data Systems (ADS) – Odd Lot Tender Offer – 4% Upside
Encana (ECA) – Odd Lot Tender Offer – $70 Upside
Twin River Worldwide (TRWH) – Odd Lot Tender Offer – $35+ Upside
Realm Therapeutics (RLM) – Expected Tender / Liquidation – 60% Upside
TheStreet (TST) – Expected Special Dividend / Tender – 25% Upside
EV Municipal Bond Fund (EIM) – Tender Offer – 6% Upside
Brookfield Property Partners (BPY) – Tender Offer – 9% Upside
Brookfield Property REIT (BPR) – Tender Offer – 8% Upside
Truett-Hurst (THST) – Odd Lot Tender Offer – Upside $27
ECN Capital (ECN.TO) – Tender Offer – 7.5% Upside
Gain Capital (GCAP) – Tender Offer – 7% Upside
Blackrock Enhanced Government Fund (EGF) – Odd Lot Tender – $45 Opportunity
Blue Bird (BLBD) – Odd Lot Tender – $200 Upside
Current Price – $26
Merger Consideration – $28
Upside – 8% ($200 for odd lot holders)
Expiration Date – October 15th, 2018
Thomson Reuters (TRI) – Tender Offer – 5% Upside
Swiss Helvetia Fund (SWZ) – Expected Tender – 3%+ Upside
Current Price – $12.54
Expected Price – $12.9+
Upside – 3%+
Expiration Date – Expected Q3 2018
Alico (ALCO) – Odd Lot Tender – $60 return
GlobalSCAPE (GSB) – Odd Lot Tender – 14% Upside
Qualcomm (QCOM) – Tender Offer – 5% Upside
Greenhill & Co (GHL) – Expected Tender Offer – Upside TBD
Current Price – $18.65
Offer Price – TBD
Upside – TBD
Expiration Date – TBD
Bexil (BXLC) – Odd Lot Tender Offer – 12% Upside
Current Price – $11.8
Tender Consideration – $13.25
Upside – 12%
Expiration Date – August 9, 2018
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
Altaba (AABA) – Tender Offer – 2% upside
Current Price – $80.17
Exchange Value – $81.68
Upside – 1.9%
Expiration Date – 11th July 2018
Barings BDC (BBDC) – Tender Offer – 10% Upside
Current Price – $10.63
Tender Price – $10.2 – $11.72
Upside – 10% (if priced at the upper limit)
Expiration Date – September 6th, 2018
Aberdeen Emerging Markets (AEF) – Expected Tender Offer – 6% upside
Current Price – $8.83
Expected Tender Price – $9.38
Upside – 6% (assuming constant NAV)
Expiration Date – June 19, 2018
Computer Task Group (CTG) – Tender Offer + Shorting Opportunity – 10%-30% Upside
Current Price – $8.10
Tender Price – $8.05 – $9.00
Upside from Tender – 11% or $90 (if tender is priced at the upper limit)
Upside from Shorting – 30% (if share price reverts to unaffected levels)
Expiration Date – 16th of April 2018
AbbVie (ABBV) – Odd Lot Tender – $1200 upside or guaranteed $75
Current Price – $102
Tender Price – $99 – $114
Upside – 12% or $1200 (if tender is priced at the upper limit)
Expiration Date – 29th of May 2018
Pershing Square (PSH.AMS) – Tender Offer – 8% upside
Current Price – $12.8
Tender Price – TBD
Upside – 8% – 23%
Expiration Date – May 2018
Herbalife (HLF) – Expected Tender Offer – Upside TBD
Current Price – $95.4
Tender Price – TBD
Upside – TBD
Expiration Date – Q2 2018
CIT Group (CIT) – Odd Lot Tender Offer – 6% or $300 Potential Upside
Current Price – $53
Tender Price – $50 – $56
Upside – 6% or $300 (if tender is priced at the upper limit)
Expiration Date – 23rd of May 2018
Whirlpool (WHR) – Odd Lot Tender Offer – 9% or $1400 upside
Current Price – $156
Tender Price – $150 – $170
Upside – 9% or $1400 (if tender is priced at the upper limit)
Expiration Date – 23rd of May 2018
Dream Office REIT (D.UN.TO) – Odd Lot Tender Offer – C$60 Gain
Current Price – C$23.4
Offer Price – C$24
Upside – 2.5% or C$60 for odd lot holders
Expiration Date – May 3, 2018
BlackRock Debt Strategies Fund (DSU) – Odd Lot Tender Offer – $80 Gain
Current Price – $11.61
Offer Price – $12.36
Upside – 6.5% or $80 for odd lot holders
Expiration Date – 13th of April, 2018
Virgin Australia (VAH.ASX) – Odd Lot Buyback – A$80 risk free upside
Current Price – A$0.25
Tender Price – A$0.30
Upside – A$85 for odd-lots up to 1666 shares
Expiration Date – 2nd of March, 2018
Socket Mobile (SCKT) – Odd Lot Tender – 12% upside
Current Price – $3.8
Tender Price – $3.75 – $4.25
Upside – 12% or $45 (if tender is priced at the upper limit)
Expiration Date – 9th of March 2018
BlackRock Enhanced Government Fund (EGF) – Odd Lot Tender Offer – $25 return
Current Price – $13.41
Offer Price – $13.69
Upside – 2% or $25 for odd lot holders
Expiration Date – 21st of November, 2017
Churchill Downs (CHDN) – Odd Lot Tender – $1700 upside
Current Price – $248
Tender Price – $230 – $265
Upside – 7% ($1700 for odd-lots if priced at the upper limit)
Expiration Date – 7th of Feb 2018
Contura Energy (CNTE) – Odd Lot Tender Offer – $450 potential upside
Current Price – $59.5
Offer Price – $58 – $64
Upside – 7.5% or $450 for odd lot holders if priced at the upper limit
Expiration Date – 24th of October, 2017
MVC Capital (MVC) – Expected Tender Offer – 5%+ upside
Current Price – $10.51
Expected Payout – TBD
Upside – TBD (likely around 5%+)
Expiration Date – TBD
The BoD of MVC Capital approved tender offer to repurchase $25m of stock (approximately 11% of outstanding). Tender is expected to commence in November and the repurchase price has not been set yet. On top of that on the 31st of October shareholders will vote whether to adopt activist proposal to increase the return of cash to shareholders. If approved this will likely give a further boost to the
Advanced Emissions Solutions (ADES) – Tender Offer + Expected Dividend – 20%+ upside
Current Price –$9.85
Expected Price – $12
Upside – 20%+
Expiration Date – June 2017
This is a two part special situation. The first one is a simple dutch tender with odd-lot provision. The second part comes from general undervaluation of the company where expected dividend (yet to be announced, but already communicated by management) could serve as a catalyst. At the same time the company is trading below contractually secured cashflows in the RC segment and has significant upside optionality from other business segments.
White Mountains Insurance (WTM) – Odd Lot Tender – $1200 upside (unlikely)
Current Price – $863
Offer Price – $825 – $875
Upside – $1200 (for odd lot holders if priced at the upper limit)
Expiration Date – 14th of September, 2017
This is a short note as situation is straight forward and most of the members already have familiarity with odd-lot tenders. I am mostly flagging this due to high potential upside in dollar terms (percentage wise it is only 1.3%). Risk/reward is unfavorable and I have no position at the moment.
Tropicana Entertainment (TPCA) – Tender Offer – 5.5% expected upside
Current Price – $42.6
Offer Price – $38 – $45
Upside – 5.5% (if priced at the upper limit)
Expiration Date – 2nd of August, 2017
This tender offer seems to be a step towards Carl Icahn taking the company private. Icahn’s IEP already owns 72.5% of the outstanding shares and will have 80%-95% after the tender. Due to this reason I believe that tender pricing at the upper limit is very likely (thus low risk 5.5% upside). After the tender Icahn will
Yahoo (YHOO) – Odd Lot Tender – 10% potential upside
Current Price – $52.18
Offer Price – $50.73 – $57.58
Upside – 10% or $540 (if priced at the upper limit)
Expiration Date – 16th of June, 2017
This is a standard Dutch tender offer and YHOO shares currently trade in the middle of the buyout range.
CIT Group (CIT) – Odd Lot Tender Offer – Minimal upside currently
Current Price –$46.86
Offer Price – $43 – $48
Upside – 2.5% (if priced at the upper limit)
Expiration Date – 24th of May, 2017
This is a tender offer with shares currently trading in the middle of the buyback range. Tender offer has high likelihood of being priced at the upper limit and proration is expected to be low. There is no proration for odd-lot holders.
Great Elm Capital Corp (GECC) – Odd Lot Tender Offer – 8.5% upside
Current Price –$11.2
Offer Price – $11.5 – $12.17
Upside – 8.5%
Expiration Date – 3rd of May, 2017 (expected)
Global Eagle Entertainment (ENT) – Expected Tender Offer – 80% upside
Current Price –$6.2
Offer Price – $11
Upside – 80%
Expiration Date – TBD (likely H2 2017)
Global Eagle Entertainment provides satellite based entertainment and connectivity services for aviation and maritime industries (think wifi on the plane or Gogo). Company presentation is here. Its systems are installed in 750 aircraft currently and the company has contracts for further expansion. Revenues are growing at 30%+ annually, but ENT is still loss making and burning cash. I am no expert in technology investments and find these
Trez Capital Mortgage Investment (TZZ) – Odd Lot Tender Offer – Free Option
Current Price – C$7.99
Offer Price – C$8.0 – C$8.3
Upside – 4% (C$30 for odd lot holders)
Expiration Date – 14th of Feb 2017
This is a tiny opportunity in Canada. Currently the shares trade one cent below the lower limit and thus odd-lot holders are guaranteed that their shares will be purchased at least at the same price in one month. This is a free option on any potential share price appreciation in the meantime or tender being priced at the upper limit
Northern Blizzard Resources (NBZ.TO) – Odd Lot Tender Offer – 6% gain
Current Price –C$3.77
Offer Price – C$4
Upside – 6% (C$23 for odd lot holders)
Expiration Date – 20th of Jan 2017 (extended to 3rd of Feb, 2017)
Neuberger Berman Real Estate Income Fund (NRO) – Odd Lot Tender Offer – 5% upside
Current Price –$5.29
Offer Price – $5.56 (depends on NAV)
Upside – 5%
Expiration Date – 9th of Jan 2017
GSI Technology (GSIT) – Odd Lot Tender Offer – $20 Potential
Current Price – $6.50
Offer Price – $6.50 – $6.70
Upside – 3.1% or $20 for Odd Lot holders (if upper pricing is used)
Downside – $0
Expiration date – August 6, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Trading Strategy:
Buy 99 shares of GSIT below $6.5 and tender all your shares before August 6, 2014.
Summary:
GSI Technology invites its stockholders to tender shares of its common stock, par value $0.001
Harmonic Inc (HLIT) – Odd Lot Tender – $49 potential
Current Price – $5.71
Offer Price – $5.75 – $6.25
Potential Gain – 8.7% or $49 for Odd Lots at $6.25 tender offer price
Expiration date – June 10, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Harmonic Inc., a Delaware corporation, is offering to purchase up to 16,000,000 shares of its common stock (representing approximately 14.1% of our outstanding shares as of April 10, 2013), par value $0.001 per share (the “common stock”), at
FBR & Co (FBRC) – Odd Lot Tender – potential $0
Current Price – $23.76
Offer Price – $22.5 – $23.5
Potential Gain – zero currently.
Expiration date – June 18, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
FBR & Co., a Virginia corporation, invites its stockholders to tender up to 1,250,000 shares of its common stock, $0.001 par value per share (the “shares”), for purchase by the Company at a price not less than $22.50 and not more than $23.50 per share. We will select the lowest
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
Cole Real Estate (COLE) – Odd Lot Tender – $208 potential
Current Price – $10.9
Offer Price – $12.25 – $13.00
Potential Gain – 19% or $208 for Odd Lot holders
Expiration date – August 8, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Cole Real Estate Investments, Inc., a Maryland corporation formerly known as Cole Credit Property Trust III, Inc. that has elected to be taxed as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes, hereby offers to
Geeknet (GKNT) – Odd Lot Tender – $15 potential
Current Price – $13.85
Offer Price – $12 – $14
Potential Gain – 1.1% or $15 for Odd Lot holders
Expiration date – July 15, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Geeknet, Inc., a Delaware corporation (“we,” “us,” “our” or the “Company”), invites its stockholders to tender up to 400,000 shares of its common stock, $0.001 par value per share (the “shares”), for purchase by the Company at a
Western Forest Products (WEF) – Odd Lot Issuer Bid – $22 potential
Current Price – $1.28
Offer Price – $1.30 – $1.50
Potential Gain – 17% or $22 for Odd Lot holders
Expiration date – August 12, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Sedar Filling (Canadian Company)
Summary:
Western Forest Products Inc. (“Western” or the “Company”) hereby offers (the “Offer”) to purchase from holders (“Shareholders”) of common shares and non-voting shares of Western (collectively, the “Shares”) up to an aggregate of $100 million in value of the Shares
Halliburton (HAL) – Odd Lot Tender Offer – $250 potential
Current Price – $45.98
Offer Price – $42.5 – $48.5
Potential Gain – 5.5% or $250 for Odd Lot holders (if the upper pricing limit is used)
Expiration date – August 22, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Halliburton Company is offering to purchase for cash shares of its common stock, pursuant to (i) auction tenders at prices specified by the tendering stockholders of not less than $42.50 nor greater than $48.50
WebMD Health (WBMD) – Odd Lot Tender Offer – $203 Gain
Current Price – $31.95
Offer Price – $34
Potential Gain – 6.5% or $203 for Odd Lot holders
Expiration date – September 4, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
WebMD Health Corp., a Delaware corporation, is offering to purchase up to 5,000,000 shares of its common stock, $.01 par value per share (the “common stock”), at a price of $34.00 per share without interest. We will purchase up to 5,000,000 shares in the Offer
Columbia Property Trust (CXP) – Odd Lot Tender – $253 potential
Current Price – $22.44
Offer Price – $22.00 – $25.00
Potential Gain – 11.4% or $253 for Odd Lot holders (if priced at the upper limit)
Expiration date – November 8, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Columbia Property Trust, Inc., a Maryland corporation that has elected to be taxed as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes, hereby offers to purchase for cash up
Bridgepoint Education (BPI) – Odd Lot Tender Offer – $176 Gain
Current Price – $17.72
Offer Price – $19.5
Potential Gain – 10% or $176 for Odd Lot holders
Expiration date – December 11, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Bridgepoint Education, Inc., a Delaware corporation, is offering to purchase up to 10,250,000 shares of our common stock, par value $0.01 per share (the “common stock”), at a purchase price of $19.50 per share without interest and less any applicable withholding tax.
The
Taro Pharmaceutical (TARO) – Odd Lot Tender Offer – minimal upside
Current Price – $95.77
Offer Price – $84.5 – $97.5
Potential Gain – 1.8% gain if the offer is priced at the upper limit. Otherwise a loss
Expiration date – August 8, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Taro Pharmaceutical Industries Ltd., a company incorporated under the laws of the State of Israel (the “Company,” “we,” “our” or “us”), is offering to purchase up to $200 million in value of shares
Wendy’s (WEN) – Odd Lot Tender Offer – $43 potential
Current Price – $8.81
Offer Price – $8.50 – $9.25
Potential Gain – 5% or $43 for Odd Lot holders (if the offer is priced at the upper limit)
Expiration date – February 11, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
The Wendy’s Company, a Delaware corporation, is offering to purchase for cash shares of its common stock, par value $0.10 per share, pursuant to (i) auction tenders at prices specified by
Outerwall (OUTR) – Odd Lot Tender Offer
Current Price – $71.02
Offer Price – $66.82 – $76.32
Upside – 7.5% or $524 for Odd Lot holders
Downside – 6% or -$416 for Odd Lot holders
Expiration date – March 7, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
We will purchase up to $350 million in value of Shares in the Offer or such lower amount equal to the value of the Shares properly tendered and not properly withdrawn. At the
Helen of Troy (HELE) – Odd Lot Tender Offer – $410 potential
Current Price – $62.36
Offer Price – $57.75 – $66.50
Upside – 6.6% or $410 for Odd Lot holders
Downside – 7.4% or -$456 for Odd Lot holders
Expiration date – March 10, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Helen of Troy Limited, a Bermuda company is offering to purchase for cash, an aggregate of up to $300 million of our outstanding common shares, par value $0.10 per share (the “Common Stock”),
Credit Acceptance Corp (CACC) – Odd Lot Tender Offer – no upside
Current Price – $127.73
Offer Price – $125.58
Upside – no upside currently
Expiration date – June 16, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Credit Acceptance Corporation, a Michigan corporation, is offering to purchase up to 915,750 shares of its common stock, par value $0.01 per share, at a price of $125.58 per share, net to the seller in cash. 915,750 shares represents 4.1% of our outstanding common stock as of May 1, 2014
Genpact (G) – Odd Lot Tender Offer – $69 Potential
Current Price – $17.30
Offer Price – $16.5 – $18.00
Upside – 4% or $69 for Odd Lot holders
Downside – 4.6% or -$79 for Odd Lot holders
Expiration date – April 2, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Genpact Limited, a Bermuda Company, invites our shareholders to tender up to $300 million in value of our common shares, par value $0.01 per share, for purchase by us at a price not
Steel Partners Holdings (SPLP) – Odd Lot Tender Offer – $79 Potential
Current Price – $16.70
Offer Price – $16.50 – $17.50
Upside – 4.8% or $79 for Odd Lot holders
Downside – 1.2% or -$20 for Odd Lot holders
Expiration date – April 23, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Steel Partners Holdings L.P., a Delaware limited partnership is offering to purchase for cash, up to $49 million in value of its common units, no par value, upon the terms and subject
Global Sources (GSOL) – Odd Lot Tender Offer – $148 Gain
Current Price – $8.51
Offer Price – $10.00
Upside – 17.5% or $148 for Odd Lot holders
Expiration date – May 28, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Global Sources Ltd., a Bermuda company, is offering to purchase for cash up to 5,000,000 shares of its common shares. On the terms and subject to the conditions of the Offer, Global Sources will pay $10.00 per share, net to the seller in cash.
The 5,000,000
American Realty Capital Healthcare (HCT) – Odd Lot Tender Offer – $87 Gain
Current Price – $10.12
Offer Price – $11.00
Upside – 8.7% or $87 for Odd Lot holders
Expiration date – May 2, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Trading Strategy:
Buy 99 shares of HCT below $11 and tender all your shares before May 2, 2014.
Summary:
American Realty Capital Healthcare Trust, Inc., invites our stockholders to tender up to 13,636,364 shares of our common stock, par value $0.01 per share, for
Credit Acceptance Corp (CACC) – Odd Lot Tender Offer – no upside
Current Price – $137.41
Offer Price – $133.35
Upside – no upside currently
Expiration date – March 26, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Credit Acceptance Corporation, a Michigan corporation , is offering to purchase up to 637,420 shares of its common stock, par value $0.01 per share, at a price of $133.35 per share, net to the seller in cash. 637,420 shares represents 2.8% of our outstanding common stock as of February 15,
New York REIT (NYRT) – Odd Lot Tender Offer – $20 Gain
Current Price – $10.55
Offer Price – $10.75
Upside – 1.9% or $20 for Odd Lot holders
Expiration date – May 12, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Trading Strategy:
Buy 99 shares of NYRT below $10.75 and tender all your shares before May 12, 2014.
Summary:
New York REIT, Inc., a Maryland corporation that qualifies as a real estate investment trust for U.S. federal income tax purposes, invites our stockholders to tender
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
United Development Funding IV (UDF) – Odd Lot Tender Offer – $89 Gain
Current Price – $19.6
Offer Price – $20.5
Upside – 4.6% or $89 for Odd Lot holders
Expiration date – July 2, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Trading Strategy:
Buy 99 shares of UDF below $20.5 and tender all your shares before July 2, 2014.
Summary:
United Development Funding IV, a Maryland real estate investment trust, is offering to purchase for cash up to 1,707,317 common shares of beneficial interest, par value
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
FBR & Co (FBRC) – Odd Lot Tender Offer – $104 Potential
Current Price – $27.95
Offer Price – $28.00 – $29.00
Upside – 3.8% or $104 for Odd Lot holders (if priced at the upper limit)
Expiration date – August 20, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Trading Strategy:
Buy 99 shares of FBRC below $28 and tender all your shares before August 20, 2014 at $28.
Summary:
FBR & Co., invites its stockholders to tender up to 1,000,000 shares of its common stock, $0.001
Morgan Stanley India Investment Fund (IIF) – Odd Lot Tender Offer – $291 Potential
Current Price – $14.84
Offer Price – $17.75 (based on latest NAV of $18.05)
Upside – 20% or $291 for Odd Lot holders
Expiration date – July 10, 2012
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Morgan Stanley India Investment Fund, Inc. (the “Fund”) is offering to purchase up to 15% of its outstanding Shares, or 3,349,634 of its outstanding Shares of Common Stock, for cash at a price per Share equal to
Morgan Stanley Emerging Markets Fund (MSF) – Odd Lot Tender Offer – $250 potential
Current Price – $13.47
Offer Price – $16.05 (based on latest NAV of $16.24)
Upside – 19% or $250 for Odd Lot holders
Expiration date – July 10, 2012
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Morgan Stanley Emerging Markets Fund, Inc. (the “Fund”) is offering to purchase up to 15% of its outstanding Shares, or 2,583,721 of its outstanding Shares of Common Stock, for cash at a price per Share equal to 98.5%
JAKKS Pacific – Odd Lot Tender Offer – $184 Gain
Current Price – $1.6
Offer Price – $1.75
Upside – 10.3% or $184 for Odd Lot holders
Expiration date – June 27, 2012
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
JAKKS Pacific, Inc., a Delaware corporation (“JAKKS,” “we” or “us”), is offering to purchase for cash up to 4,000,000 shares of its common stock, par value $0.001 per share (the “Shares”), together with the associated rights (the “Rights”) to purchase Series A Junior
Turkish Investment Fund (TKF) – Odd Lot Tender Offer – $163 Potential
Current Price – $13.25
Offer Price – $14.90 (based on latest NAV of $15.15)
Upside – 12.5% or $163 for Odd Lot holders
Expiration date – July 10, 2012
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
The Turkish Investment Fund, Inc. (the “Fund”) is offering to purchase up to 15% of its outstanding Shares, or 1,123,817 of its outstanding Shares of Common Stock, for cash at a price per Share equal to 98.5% of
SunLink Health Systems – Odd Lot Tender Offer – $133 Gain
Current Price – $1.17
Offer Price – $1.5/share + $100
Upside – 28% or $33 for Odd Lot holders
Expiration date – Mar 12, 2013
Odd Lot holders (less than 100 shares) are not subject to proration. Had to be shareholder of record as of 31ts Jan 2013.
Summary:
is offering to purchase all of its common shares held by holders of 99 or fewer shares who owned such shares as of the close of business on January 31, 2013
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
WebMD (WBMD) – Odd Lot Tender Offer – $54 Potential
Current Price – $47.95
Offer Price – $48.50
Upside – 1.1% or $54 for Odd Lot holders (if provision is included)
Expiration date – 9 September 2014
Previous tenders of WBMD had provision that odd lot holders (less than 100 shares) are not subject to proration
Summary:
WebMD Health Corp. (Nasdaq: WBMD) announced today that it intends to commence, within the next week and after filing its Quarterly Report on Form 10-Q for the second quarter, a tender offer to
Handy & Harman (HNH) – Odd Lot Tender Offer – no upside currently
Current Price – $26.19
Offer Price – $26.00
Upside – no upside currently
Expiration date – 5 September 2014
Odd lot holders (less than 100 shares) are not subject to proration
Summary:
Handy & Harman Ltd., a Delaware corporation is offering to purchase for cash, up to $60 million in value of shares of its common stock, par value $0.01 per share, at a price, net to the seller, less any applicable withholding taxes and without interest, of $24.00 per share.
Farmers National Banc Corp (FMNB) – Odd Lot Tender Offer – $22 Gain
Current Price – $7.46
Offer Price – $7.68
Upside – 3% or $22
Expiration date – 30 September 2014 (extended on 29 August)
The offer is only for Odd lot holders
Summary:
Farmers National Banc Corp., (NASDAQ: FMNB) Canfield, Ohio, announced today that its Board of Directors has approved a voluntary odd-lot buy back program (“Program”). The Company is offering to purchase shares from shareholders who own 99 or fewer shares of the Company’s common stock on or after July 29,
GP Strategies (GPX) – Odd Lot Tender Offer – $151 potential
Current Price – $27.47
Offer Price – $26 – $29
Upside – 5.5% or $151 (if the upper pricing limit is used)
Expiration date – 29 September 2014
Summary:
GP Strategies Corporation, a Delaware corporation, invites our stockholders to tender up to $80 million in value of shares of our common stock, par value $0.01 per share, for purchase by us at a price not greater than $29.00 nor less than $26.00 per Share, net to the seller in
Action Semiconductors (ANR) – Tender Offer – 12.5% upside
Current Price – $2.4
Offer Price – $2.5 – $2.7
Upside – 12.5.% (if the upper pricing limit is used)
Expiration date – 18 September 2014
There is no provision for odd-lots
Summary:
Actions Semiconductor Co is offering to purchase for cash up to 60,000,000 of its ordinary shares, $0.000001 par value per share (including Shares represented by American Depositary Shares (the “ADSs”)), at a purchase price not greater than $7/15 per Share (or $2.80 per ADS) nor less
Credit Acceptance Corp (CACC) – Odd Lot Tender Offer – $56 Gain
Current Price – $124.97
Offer Price – $125.54
Upside – 0.5% or $56
Expiration date – October 20, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Credit Acceptance Corporation, a Michigan corporation, is offering to purchase up to 995,698 shares of its common stock, par value $0.01 per share, at a price of $125.54 per share, net to the seller in cash. 995,698 shares represents 4.6% of our outstanding common stock as of September 1, 2014.
No proration
Rand WorldWide (RWWI) – Odd Lot Tender Offer – no upside currently
Current Price – $1.24
Offer Price – $1.20
Upside – no upside currently
Expiration date – 3 Nov 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Rand Worldwide, Inc. (OTCBB: RWWI), a global provider of technology solutions to organizations with engineering design and information technology requirements, announced today that it intends to conduct aself-tender offer to repurchase up to 27,530,816 shares of its common stock at a purchase price of $1.20 per share. The number of
Chemtura (CHMT) – Odd Lot Tender Offer – $114 potential
Current Price – $23.35
Offer Price – $21.5 – $24.5
Upside – 4.9% or $114 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 1 December 2014
Condition – Offer is conditioned on the sale of Chemtura AgroSolutions (expected to be closed in time)
Summary:
We are conducting an offer by means of a procedure commonly called a “modified Dutch auction.” Upon the terms and subject to the conditions of the Offer, we
Fresh Del Monte Produce (FDP) – Odd Lot Tender Offer – $136 potential
Current Price – $33.13
Offer Price – $30.5 – $34.5
Upside – 4.1% or $136 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 2 December 2014
Summary:
We are conducting an offer by means of a procedure commonly called a “modified Dutch auction.” We are offering to purchase for cash our ordinary shares, pursuant to (i) Auction Tenders at prices specified by the tendering shareholders of not less than $30.50 nor greater than $34.50
MCG Capital (MCGC) – Odd Lot Tender Offer – minimal upside currently
Current Price – $3.64
Offer Price – $3.25 – $3.75
Upside – 3% or $11 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 3 December 2014
Summary:
MCG Capital Corporation hereby offers to purchase for cash up to $75.0 million of shares of its issued and outstanding common stock. We are offering to purchase the shares at a price not less than $3.25 and not more than $3.75 per share, less any applicable
SMG Indium Resources (SMGI) – Odd Lot Tender Offer – 2.5% upside
Current Price – $2.35
Offer Price – $2.41
Upside – 2.5% or $6 (for odd lot holders)
Expiration date – 1 December 2014
Note – as 78% of stock is being purchased there is a high possibility that the offer will be under-subscribed and therefore there will be no proration at all not only for odd lot holders, meaning that 2.5% upside is likely to be realized by all tendering shareholders.
Summary:
Upon the terms and subject to the
Bravo Brio Restaurant (BBRG) – Odd Lot Tender Offer – $133 potential
Current Price – $13.15
Offer Price – $12.5 – $14.5
Upside – 10% or $133 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 10 December 2014
Summary:
Bravo Brio Restaurant Group, Inc., is offering to purchase for cash its common shares pursuant to (i) auction tenders at prices specified by the tendering shareholders of not less than $12.50 nor greater than $14.50 per share (“Auction Tenders”), or (ii) purchase price tenders (“Purchase
Tucows (TCX) – Odd Lot Tender Offer – 2% potential
Current Price – $18.15
Offer Price – $16.5 – $18.5
Upside – 2% or $35 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 7 January 2015
Summary:
Tucows Inc., a Pennsylvania corporation, is offering to purchase for cash shares of its common stock at a price neither in excess of $18.50 nor less than $16.50 per share. We are offering to purchase shares having an aggregate purchase price of no more than $8.0
EXFO Inc (EXFO) – Odd Lot Tender Offer – 7.5% potential
Current Price – C$4.28
Offer Price – C$4.2 – C$4.6
Upside – 7.5% or $32 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 13 February 2015
Summary:
We are conducting the Offer through a procedure commonly called a “modified Dutch Auction”. This procedure allows you to select the price within a price range specified by us at which you are willing to sell your Shares. The price range for the Offer is
Xenia Hotels (XHR) – Odd Lot Tender Offer – minimal upside currently
Current Price – $20.7 (it is a spin-off from 3 days ago, so share price is volatile and might decline to a more favorable levels for the tender offer)
Offer Price – $19 – $21
Upside – 1.5% or $10 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 5 March 2015
Summary:
We are conducting the Offer by means of a process commonly referred to as a modified “Dutch Auction”. This approach
Nicholas Financial (NICK) – Odd Lot Tender Offer – 5% potential
Current Price – $14.9
Offer Price – $14.6 – $15.6
Upside – 5% or $70 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 13 March 2015
Summary:
Nicholas Financial, Inc., a British Columbia, Canada corporation (the “Company”), invites its shareholders to tender up to $70.0 million in value of its Common shares, no par value per share (the “Shares”), for purchase by its wholly-owned indirect subsidiary, Nicholas Financial, Inc., a Florida corporation (“NFI-Florida”
Silgan Holdings (SLGN) – Odd Lot Tender Offer – $125 potential
Current Price – $57.24
Offer Price – $54.75 – 58.5
Upside – 2.2% or $125 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 10 March 2015
Summary:
Silgan Holdings Inc., a Delaware corporation, is offering to purchase up to 3,652,968 shares of its outstanding common stock or such lesser number of shares as are properly tendered and not properly withdrawn. The price range for the Offer is $54.75 to $58.50 per share. We
FNFV Group (FNFV) – Odd Lot Tender Offer – 6% potential
Current Price – $14.5
Offer Price – $14.3 – $15.4
Upside – 6.2% or $90 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 20 March 2015
Summary:
FNF invites its stockholders to tender some or all of their Shares for purchase by us. Upon the terms and subject to the conditions of this Offer to Purchase and the Letter of Transmittal, we are offering to purchase Shares pursuant to (i) Auction Tenders at
Malibu Boats (MBUU) – Odd Lot Tender Offer – $70 potential
Current Price – $22.8
Offer Price – $21 – $23.5
Upside – 3% or $70 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 9 April 2015
Summary:
We are conducting the Offer by means of a procedure commonly called a “modified Dutch auction.” Upon the terms and subject to the conditions of the Offer, we are offering to purchase for cash Shares and LLC Units pursuant to (i) Auction Tenders at prices specified
ITEX Corp (ITEX) – Odd Lot Tender Offer – 11% guaranteed return
Current Price – $3.61
Offer Price – $4
Upside – 11% or $39 ( for odd lot holders)
Expiration date – 15 April 2015
Summary:
We are offering to purchase your shares at a price of $4.00 per share. We are offering to purchase 750,000 shares validly tendered in the tender offer, or such fewer number of shares as are properly tendered and not properly withdrawn prior to the expiration date (as defined below). 750,000 shares represent approximately 26.1% of our outstanding
SL Industries (SLI) – Odd Lot Tender Offer – no upside currently
Current Price – $43.41
Offer Price – $39- $42
Upside – no upside currently (opportunity might appear before offer expiration)
Expiration date – 23 April 2015
Summary:
SL Industries, Inc., a Delaware corporation (the “Company,” “we,” “our” or “us”), is offering to purchase for cash up to 512,820 shares of its common stock, par value $0.20 per share, at a price not greater than $42.00 per share nor less than $39.00 per share. At the maximum purchase price of $42.00 per share,
First Real Estate Investment Trust of New Jersey (FREVS) – Odd Lot Tender Offer – $78 return
Current Price – $22.21
Offer Price – $23
Upside – 3.5% or $78 ( for odd lot holders)
Expiration date – 20 March 2015
Summary:
First Real Estate Investment Trust of New Jersey, an equity real estate investment trust organized under the laws of the State of New Jersey (the “Company,” “we” or “us”), invites our shareholders to tender up to 100,000 shares of beneficial interest in the Company, for purchase by us at a price of $23.00 per
Renren (RENN) – Odd Lot Tender Offer – minimal upside currently
Current Price – $2.66
Offer Price – $2.4 – $2.75
Upside – 3.4% or $10 (opportunity might improve before the offer expires)
Expiration date – 29 April 2015
Summary:
We will purchase up to $50 million in value of ADSs in the Offer or such lower amount equal to the value of the ADSs properly tendered and not properly withdrawn. At the maximum Final Purchase Price of $2.75 per ADS, we could purchase 18,181,818 ADSs if the Offer is
Intelligent Systems (INS) – Odd Lot Tender Offer – minimal upside currently
Current Price – $2.95
Offer Price – $2.55 – $3.00
Upside – $5 (opportunity might improve before the offer expires as stock is volatile on a daily basis)
Expiration date – 19 May 2015
Summary:
Intelligent Systems Corporation, a Georgia corporation, is offering to purchase for cash by means of a “modified Dutch auction” (described below) shares of its common stock, par value $0.01 per share, pursuant to (i) auction tenders at prices specified by the tendering shareholders of
AAR Corp (AIR) – Odd Lot Tender Offer – $87 potential
Current Price – $31.12
Offer Price – $29 – $32
Upside – 3% or $87 (for odd lot holders if upper pricing limit is used)
Expiration date – 22 May 2015
Summary:
AAR CORP., a Delaware corporation, is offering to purchase for cash by means of a “modified Dutch auction” shares of its common stock, pursuant to (i) auction tenders at prices specified by the tendering stockholders of not less than $29.00 nor greater than $32.00 per share.
Assuming that the
Celestica (CLS) – Odd Lot Tender Offer – 9% upside
Current Price – $12.24
Offer Price – $11.7 – $13.3
Upside – 9% or $105 (for odd lot holders if upper pricing limit is used)
Expiration date – 1 June 2015
Summary:
Celestica Inc. invites the holders of its subordinate voting shares to tender, for purchase and cancellation by the Corporation, up to US$350,000,000 in value of its Shares pursuant to (i) auction tenders in which the tendering holders of Shares specify a price of not less than US$11.70 per Share and not more
BBX Capital (BBX) Tender Offer with 10% upside
Current Price – $18.26
Offer Price – $20
Upside – 10% (due to proration the realized upside will be lower)
Expiration date – 24 April 2015
Trading Strategy – This is not an odd lot offer. 60% of the float will be bought out (meaning proration will be better than 60%), which makes the current spread seem very profitable. The strategy is to buy BBX stock and tender all amount. Then after the tender offer ends and preliminary results of the offer are
KCG Holdings (KCG) – Odd Lot Tender Offer – risk free upside of $50
Current Price – $13.48
Offer Price – $13.5 – $14
Upside – 3.7% or $50 (for odd lot holders if upper pricing limit is used)
Expiration date – 2 June 2015
Summary:
KCG Holdings, Inc. is offering to purchase for cash up to $330,000,000 of shares of our Class A Common Stock, par value $0.01 per share, at a price not greater than $14.00 nor less than $13.50 per Share, net to the seller in cash.
If the Offer is fully
Nam Tai Property (NTP) – Odd Lot Tender Offer – $30 guaranteed return
Current Price – $5.19
Offer Price – $5.5
Upside – 6% or $31
Expiration date – 29 May 2015
Emcore Corp (EMKR) – Odd Lot Tender Offer – Risk Free Upside of $50
Current Price – $6.26
Offer Price – $6.25 – $6.75
Upside – 7.9% or $49 (for odd lot holders if upper pricing limit is used)
Expiration date – 15 June 2015
Summary:
We are offering to purchase Shares in the Offer up to an aggregate purchase price of $45 million. Upon the terms and subject to the conditions of the Offer, we will determine a single per Share price that we will pay for Shares properly tendered and not
Apple Hospitality REIT (APLE) – Odd Lot Tender Offer – $100/$300 upside
Current Price – $17.99
Offer Price – $19 – $21
Upside – 16.7% or $300 (for odd lot holders if upper pricing limit is used) or 5.6% or $100 (for odd lot holders if lower pricing limit is used) or
Expiration date – 22 June 2015
Summary:
Apple Hospitality REIT, Inc., a Virginia corporation, is offering to purchase for cash up to $200,000,000 in aggregate Purchase Price (as defined below) of the Company’s common shares, no par value (“Shares”), at
Global Net Lease (GNL) – Odd Lot Tender Offer – $120 guaranteed return
Current Price – $9.27
Offer Price – $10.5
Upside – 13% or $122
Expiration date – 29 June 2015
Summary:
Global Net Lease, Inc, invites our stockholders to tender up to 11,904,761 shares of our common stock, par value $0.01 per share, for purchase by us at a price of $10.50 per Share. If the Offer is fully subscribed, we will purchase 11,904,761 Shares, which will represent approximately 6.3% of the issued and outstanding Shares as of immediately after the
Copart (CPRT) – Odd Lot Tender Offer – minimal upside at the moment
Current Price – $35.75
Offer Price – $34.75 – $36
Upside – minimal potential upside currently
Expiration date – 6 July 2015
Summary:
Copart, Inc., a Delaware corporation, is offering to purchase up to 13,888,888 shares of our common stock, $0.0001 par value, at a purchase price not greater than $36.00 nor less than $34.75 per share. We will purchase up to 13,888,888 shares in the Offer (representing approximately 11.0% of our outstanding shares as of June 3, 2015), or if
Wendy’s (WEN) – Odd Lot Tender Offer – $100 potential upside
Current Price – $11.27
Offer Price – $11.05 – $12.25
Upside – $97 or 9% (if the upper pricing limit is used)
Expiration date – 30 June 2015
Summary:
Wendy’s Company is offering to purchase for cash shares of its common stock, par value $0.10 per share, pursuant to auction tenders at prices specified by the tendering stockholders of not less than $11.05 nor greater than $12.25 per share. Assuming that the Offer is fully subscribed, if the Purchase Price
Alpha & Omega Semiconductor (AOSL) – Odd Lot Tender Offer – 4% potential
Current Price – $8.83
Offer Price – $8.5 – $9.2
Upside – $37 or 4% (if the upper pricing limit is used)
Expiration date – 7 July 2015
No proration for odd lot holders
Summary:
We are conducting an offer by means of a procedure commonly called a “modified Dutch auction.” Upon the terms and subject to the conditions of the Offer, we are offering to purchase for cash our common shares, pursuant to (i) Auction Tenders at
Global Sources (GSOL) – Tender Offer with likely Odd Lot provision – 8% potential
Current Price – $6.96
Offer Price – $7.5
Upside – $53 or 8%
Expiration date – TBD
There is no info yet whether there will be odd lot provisions, but previous GSOL tenders in (2010 and 2014) had odd lot provisions.
Summary:
Global Sources Ltd. (NASDAQ: GSOL) intends to commence an issuer tender offer by the end of June 2015, with expected completion before the end of July 2015, for up to 6,666,666 shares, or approximately 22.05% of its
GE/SYF Exchange transaction update – $200 return
Quick update: Exchange ratio risk has been almost eliminated and this starts to look like a standard Odd Lot tender offer (besides having to short SYF) with guaranteed $200 return. The main risk remaining is that transaction will be cancelled due to low participation (I consider this unlikely). As per filling “The minimum condition provides that GE is not required to complete the exchange offer unless at least 634,743,750 shares of Synchrony common stock will be distributed in exchange for shares
Global Sources (GSOL) – Odd Lot Tender Offer – 10% guaranteed upside
As expected, GSOL has included odd lot provision in their tender offer. Updated details below”
Current Price – $6.81;
Offer Price – $7.5;
Upside – $68 or 10%;
Expiration date – 27 July, 2015;
Summary:
Global Sources Ltd. (NASDAQ: GSOL) intends to commence an issuer tender offer by the end of June 2015, with expected completion before the end of July 2015, for up to 6,666,666 shares, or approximately 22.05% of its outstanding common shares as of April 30,
Cryo-Cell (CCEL) – Odd Lot Tender Offer – 7% expected gain
Warning: This tender is by micro-cap listed on pink-sheets – as such there is way more risk that the tender offer will be carried through as described. Do your own research before investing.
Current Price – $3.02;
Offer Price – $3.25;
Upside – 7% or $22 (for odd lot holders)
Expiration date – 28 July 2015
Summary:
Cryo-Cell International, Inc., a Delaware corporation, is offering to purchase up to 750,000 shares of its common stock, par value $0.01 per share,
National Bank Holdings (NBHC) – Tender Offer with Odd Lot Provision – $110 potential upside
Current Price – $21.39;
Offer Price – $19.6 – $22.5;
Upside – $110 or 5% (if the upper pricing limit is used)
Expiration date – 31 July 2015
Summary:
National Bank Holdings Corporation, a Delaware corporation, hereby offers to purchase for cash up to $100.0 million of shares of its issued and outstanding Class A common stock, at a price not less than $19.60 and not more than $22.50 per share. Assuming that the conditions to the tender offer are satisfied
Nam Tai Property – Odd Lot Tender – $25 guaranteed return
Current Price – $5.25;
Offer Price – $5.5;
Upside – 5% or $25 (for odd lot holders);
Expiration date – 4 Sep 2015;
Summary:
Nam Tai Property Inc., a British Virgin Islands corporation (the “Company”), is offering to purchase up to 15,000,000 shares of the Company’s common stock, par value $0.01 per share (the “Company Common Stock”) at a price of $5.50 per share, net to the seller in cash. e are offering to purchase up to 15,000,000 shares of
TIER REIT (TIER) – Odd Lot Tender Offer – $150 return
Current Price – $17.5
Offer Price – $19 – $21
Upside – $150 or 8.5% (if lower pricing limit is used)
Expiration date – 19 August 2015
No proration for odd lot holders
Summary:
TIER REIT, Inc., hereby offers to purchase for cash up to $50 million in value of shares of its common stock, par value $0.0001 per share, at a price specified by the tendering stockholders of not greater than $21.00 nor less than $19.00 per share of
Motorola Solutions (MSI) – Odd Lot Tender Offer – $230 potential return
Current Price – $64.19
Offer Price – $61 – $66.5
Upside – $230 or 3.6% (if the upper pricing limit is used)
Expiration date – 3 September 2015
No proration for odd lot holders
Summary:
Motorola Solutions, Inc., a Delaware corporation, hereby offers to purchase for cash up to $2.0 billion of shares of its issued and outstanding common stock, par value $0.01 per share (the “shares”), at a price not less than $61.00 and not more than
Condor Hospitality Trust (CDOR) – Offer to Exchange – 8% upside (Cancelled)
Company is offering to exchange each Series A Preferred Stock (Ticker CDORP) for 5.38 shares of common stock (Ticker CDOR). There is similar exchange with Series B Preferred stock, but currently there is no upside on it.
Current Price CDORP – $8;
Current Price CDOR – $1.61;
Value of CDORP if exchanged for 5.38 CDOR shares – $8.66;
Upside – 8%;
No proration – all shares submitted for exchange will be accepted (subject to conditions described below);
Expiration date – TBD
St. Joe (JOE) – Odd Lot Tender Offer – $110 guaranteed return
Current Price – $16.89;
Offer Price – $18;
Upside – 6.5% or $110 (for odd lot holders);
Expiration date – 22 Sep 2015;
Summary:
The St. Joe Company is offering to purchase up to 16,666,666 shares of its common stock, no par value, at a price of $18.00 per share, net to the seller in cash, less any applicable withholding taxes and without interest, upon the terms and subject to the conditions set forth in this Offer to Purchase
Hennessy Advisors (HNNA) – Odd Lot Tender – $43 guaranteed return
Current Price – $24.57;
Offer Price – $25;
Upside – 2% or $43 (for odd lot holders);
Expiration date – 18 Sep 2015;
Summary:
Hennessy Advisors, Inc., a California corporation, invites its shareholders to tender up to $25.0 million in aggregate value of its Common Stock, no par value per share, for purchase by Hennessy Advisors, Inc., at a price of $25.00 per Share, net to the seller in cash. As of August 19, 2015, the Company had 6,025,381 Shares
H&R Block (HRB) – Odd Lot Tender Offer – $150 potential upside
Current Price – $35.42;
Offer Price – $32.25 – $37;
Upside – $150 or 4.5% (if the upper pricing limit is used);
Expiration date – 2 October 2015;
No proration for odd lot holders;
Summary:
H&R Block invites its shareholders to tender some or all of their Shares for purchase by us pursuant to the Offer. Upon the terms and subject to the conditions set forth in this Offer to Purchase and the Letter of Transmittal, we are
Nathan’s Famous (NATH) – Tender Offer with Odd Lot provision – $250 potential upside
Current Price – $33.43;
Offer Price – $33 – $36;
Upside – $250 or 7.5% (if the upper pricing limit is used);
Expiration date – 16 Oct 2015;
Summary:
Nathan’s Famous today announced that it will commence mailing to its stockholders on or about September 18, 2015 a modified Dutch Auction tender offer to purchase for cash up to 500,000 shares of its common stock, $.01 par value, at a price per share of not less than $33.00 nor greater than $36.00, for
Theravance (THRX) – Odd Lot Tender Offer – $40 potential upside
Current Price – $8.85;
Offer Price – $8.5 – $9.25;
Upside – $40 or 4.5% (if the upper pricing limit is used);
Expiration date – 1 December 2015;
No proration for odd lot holders;
Summary:
We are conducting this Offer through a procedure commonly called a “modified Dutch auction.” This procedure allows you to select the price within a price range specified by us at which you are willing to sell your Shares. The price range for the Offer
MAM Software (MAMS) – Odd Lot Tender Offer – $50 or 7% gain
Current Price – $7;
Offer Price – $7.5;
Upside – 7% or $50 (for odd lot holders);
Expiration date – 1 Dec 2015;
Summary:
Hennessy Advisors, Inc., a California corporation, invites its shareholders to tender up to $25.0 million in aggregate value of its Common Stock, no par value per share, for purchase by Hennessy Advisors, Inc., at a price of $25.00 per Share, net to the seller in cash. As of August 19, 2015, the Company had 6,025,381 Shares
NCR Corporation (NCR) – Odd Lot Tender Offer – $250 upside
Current Price – $27;
Offer Price – $26 – $29.5;
Upside – $250 or 9% (if the upper pricing limit is used);
Expiration date – 11 December 2015;
No proration for odd lot holders;
Summary:
NCR Corporation, a Maryland corporation invites our shareholders to tender shares of our common stock, par value $0.01 per share, pursuant to auction tenders at prices specified by the tendering shareholder of not less than $26.00 and not greater than $29.50 per Share. We are offering
Fly Leasing (FLY) – Expected Dutch Tender Offer
This is a possibility to start position before the tender offer details are revealed.
Fly Leasing announced last week, that the company will start Dutch tender offer for $75m. No further details on pricing or timing have been announced yet (expected early this week).
From historical experience, these Dutch tenders tend to have odd-lot provision and quite often price jumps upon pricing announcement (quite often arbitrage disappears after trading announcement.. Keeping in mind that FLY is currently trading at 12-month
Fly Leasing (FLY) – Odd Lot Tender Offer – 5.5% potential upside
As expected Fly Leasing announced Tender Offer details today. Those who purchased upon the yesterday’s recommendation already made a decent profit.
Current Price – $13.51;
Offer Price – $12.7 – $14.25;
Upside – $70 or 5.5% (if the upper pricing limit is used);
Expiration date – 16 December 2015;
No proration for odd lot holders;
Summary:
Fly Leasing Limited, a Bermuda exempted company, invites our shareholders to tender our common shares, $0.001 par value per share, held by them
Willis Lease Finance Corp (WLFC) – Odd Lot Tender Offer – minimal upside currently
The share price shot up right after the announcement but might reverse during the course of the tender.
Current Price – $17.39;
Offer Price – $15.5 – $18;
Upside – $60 or 3.5% (if the upper pricing limit is used);
Expiration date – 16 December 2015;
No proration for odd lot holders;
Summary:
Willis Lease Finance Corporation is offering to purchase for cash up to 516,129 shares of its outstanding common stock, pursuant to auction tenders at prices specified by
Copart (CPRT) – Odd Lot Tender Offer – $200 potential upside
Current Price – $39.05
Offer Price – $38 – $41
Upside – 5% or $200 (if the upper pricing limit is used)
Expiration date – 23 December 2015
Summary:
Copart, Inc., is offering to purchase up to 7,317,073 shares of our common stock, $0.0001 par value, at a purchase price not greater than $41.00 nor less than $38.00 per share. This offer represents approximately 6.1% of CPRT outstanding shares as of November 23, 2015
No proration for Odd Lot holders:
First, we will purchase
Insperity (NSP) – Dutch Auction with Odd Lot provision – $375 potential upside
Current Price – $46.2
Offer Price – $43.5 – $50
Upside – 6% or $375 (if the upper pricing limit is used)
Expiration date – 7 January 2016
Summary:
We are conducting an offer by means of a procedure commonly called a “modified Dutch auction.” Upon the terms and subject to the conditions of the Offer, we are offering to purchase for cash shares of our common stock, par value $0.01 per share, pursuant to Auction Tenders
Franklin Covey (FC) – Dutch Auction with Odd Lot provision – 9% potential upside
Current Price – $16.29
Offer Price – $15.5 – $17.75
Upside – 9% or $140 (if the upper pricing limit is used)
Expiration date – 12 January 2016
Summary:
We are offering to purchase up to $35,000,000 in value of shares in the Offer. On the terms and subject to the conditions of the Offer, we will determine a single per share price, not greater than $17.75 per share nor less than $15.50 per share, net to
New Senior Investment (SNR) – Dutch Tender with Odd Lot provision – no upside currently
Current Price – $10.11
Offer Price – $9 – $10
Upside – no upside currently
Expiration date – 19 January 2016
Summary:
New Senior Investment Group Inc is offering to purchase for cash up to $30,000,000 of shares of its common stock, par value $0.01 per share, pursuant to auction tenders at prices specified by the tendering stockholders of not greater than $10.00 per Share nor less than $9.00 per Share. At the maximum purchase price of $10.00 per
Siliconware Precision Industries (SPIL) – Tender Offer with Odd lot provision – 9% upside
Current Price – 7.55
Offer Price – 8.22
Upside – 9% ($134 guaranteed return for odd lots)
Odd lots – shareholders who own less than 200 shares will be bought out on priority basis.
Expiration date (to tender shares) – 11 February 2016
This is a hostile tender offer carried out by ASX, and as such is has a higher risk of being cancelled than other tenders presented on this site. Moreover, the tender is subject to regulatory approval. However,
Nationstar Mortgage (NSM) – Odd Lot Tender Offer – minimal upside currently
Current Price – $9.05
Offer Price – $8.2 – $9.4
Upside – potentially 3% or $35 (if the upper pricing limit is used)
Expiration date – 11 March 2016
No proration for odd lot holders
Some thoughts: With the recent market volatility there is a good chance that better buying opportunities will appear before expiry of the offer
Summary:
Nationstar Mortgage Holdings Inc., a Delaware corporation, is offering to purchase shares of its common stock, par value $0.01 per share
Intrawest Resorts Holdings (SNOW) – Odd Lot Tender Offer – Risk Free upside of 13%
Current Price – $8.77
Offer Price – $9 – $10
Upside – potentially 13% or $120 (if the upper pricing limit is used), otherwise guaranteed return of 2% (if lower pricing limit is used)
Expiration date – 10 February 2016
No proration for odd lot holders
Some thoughts: The price shop up 30% upon tender announcement although only 12% of shares will be purchased. Therefore I would expect price still to decline today or during the next few days, so intiating position
SNR tender currently profitable at lower buyout limit
Quick note. SNR share price has declined (currently $8.65) and the tender is current profitable even at lower limit ($9). Check with your broker if you are still able to submit the shares today.
Update on SNOW and SPIL
A quick update on couple transaction posted on www.specialsituationinvestments.com
SNOW – currently trades at $8.28 vs lower buyout limit of $9. Tender Offer closes in a week.
SPIL – provided update regarding regulatory approval as well as extension of offer till March 17th (here). Response from the regulator was: “With respect to the filing of the merger of enterprises between Advanced Semiconductor Engineering, Inc. and Siliconware Precision Industry Co., Ltd., the Fair Trade
Fortress Investment Group (FIG) – Odd Lot Tender Offer – 9% potential upside
Current Price – $4.36
Offer Price – $4.25 – $4.75
Upside – potentially 9% or $40 (if the upper pricing limit is used)
Expiration date – 4 March 2016
No proration for odd lot holders
Summary:
Fortress Investment Group LLC, is offering to purchase for cash up to $100,000,000 of its Class A shares representing Class A limited liability company interests, no par value (the “Shares”), pursuant to auction tenders at prices specified by the tendering shareholders of not greater than
CRA International (CRAI) – Odd Lot Tender Offer – 5% potential upside
Current Price – $18.88
Offer Price – $18.00- $19.75
Upside – potentially 5% or $90 (if the upper pricing limit is used)
Expiration date – 21 March 2016
No proration for odd lot holders
Summary:
We are conducting the tender offer through a procedure commonly called a modified “Dutch Auction.” This procedure allows you to select the price per share (in increments of $0.25) within a price range specified by us at which you are willing to sell your
Information Services Group (III) – Odd Lot Tender Offer – minimal upside currently
Current Price – $3,7
Offer Price – $3,3- $4,0
Upside – potentially 10% or $30 (if the upper pricing limit is used)
Expiration date – 7 April 2016
Planet Payment (PLPM) – Odd Lot Tender Offer – minimal upside currently
Current Price – $3,43
Offer Price – $3,2- $3,6
Upside – potentially 5% or $17 (if the upper pricing limit is used)
Expiration date – 11 April 2016
Home Capital Group (HCG) – Odd Lot Tender Offer – potential upside of C$180
HCG is listed in Canada and all prices below are in Canadian dollars.
Current Price – $36,11
Offer Price – $34- $38
Upside – potentially 10% or $180 (if the upper pricing limit is used)
Expiration date – 15 April 2016
Trinseo (TSE) – Odd Lot Tender Offer – no upside currently
Current Price – $36.29
Offer Price – $35.63
Upside –no upside currently
Expiration date – 25 April 2016
Asta Funding (ASFI) – Odd Lot Tender Offer – minimal upside currently
Current Price – $10.01
Offer Price – $9.5 – $10.25
Upside – potentially 2.5% or $24 (if the upper pricing limit is used)
Expiration date – 12 May 2016
Monster Beverage (MNST) – Odd Lot Tender Offer – low possibility of $990 gain
Current Price – $150.17
Offer Price – $142 – $160
Upside – potentially 5.5% or $990 (if the upper pricing limit is used)
Expiration date – 8 June 2016
Virtus Investment Partners (VRTS) – Odd Lot Tender Offer – minimal upside currently
Current Price – $80.41;
Offer Price – $73 – $82.5;
Upside – potentially 2.6% or $207 (if the upper pricing limit is used);
Expiration date – 8 June 2016;
Techtarget (TTGT) – Odd Lot Tender Offer – no upside currently
Current Price – $7.87
Offer Price – $7.75
Upside – N/A
Expiration date – 8 June 2016
GAIAM (GAIA) – Odd Lot Tender Offer – $12 gain
Current Price – $7.55
Offer Price – $7.75
Upside – $12 or 1.5%
Expiration date – 27 June 2016
MSC Industrial Direct (MSM) – Odd Lot Tender Offer – no upside currently
Current Price – $72.53;
Offer Price – $66 – $72.5;
Upside – no upside currently;
Expiration date – 4 August 2016;
First Financial Northwest (FFNW) – Odd Lot Tender Offer – minimal upside currently
Current Price – $13.85;
Offer Price – $13 – $14;
Upside – potentially 1% or $13 (if the upper pricing limit is used);
Expiration date – 9 August 2016;
Resources Connection (RECN) – Odd Lot Tender Offer – 10% upside
Current Price – $14.51
Offer Price – $13.5 – $16.0
Upside – 10% or $150 (if upper pricing limit is used)
Expiration date – 15 November 2016
Silgan Holdings (SLGN) – Odd lot Tender Offer – 3% upside
Current Price – $50.8
Offer Price – $45.5 – $52.25
Upside – 3% or $170 (if upper pricing limit is used)
Expiration date – 15 November 2016 (Q3 results on the 26th of October)
ZAIS Financial (ZFC) – Tender Offer – 12% upside
Current Price –$14.06;
Offer price – at least $15.36 + $0.4 in dividends, a total of $15.76;
Upside – 12%
The tender offer is expected to be announced at the beginning of Q4 2016 and completed by the end of the quarter. Dividends will be distributed for record holders as of 30th of September 2016.
Actua (ACTA) – Odd Lot Tender Offer – 7% potential upside
Current Price – $13.10
Offer Price – $12 – $14
Upside – 7% or $90 (if upper pricing limit is used)
Expiration date – TBD (likely around 7th of December)
BlackRock Enhanced Gov Fund (EGF) – Odd Lot Tender Offer – 3% upside
Current Price –$13.6
Expected pay-off – $14.01 (TBD on the 6 December 2016)
Upside – 3%
Expiration Date – 22 November 2016
WebMD Health Corp (WBMD) – Tender Offer (expected Odd Lot) – 2.7% upside
Current Price – $53.56
Offer Price – $55
Upside – 2.7% or $140
Expiration date – TBD (likely mid Dec 2016)
Qiwi PLC (QIWI) – Tender Offer – 13% upside
Current Price – $24.28
Acquisition Price – $28
Upside – 13%
Expiration Date – TBD
Otkritie Holdings announced intention to commence tender offer to purchase additional 45%-55% of class B shares of QIWI at $28/share., which is 13% premium to the current price.
Greenhill & Co (GHL) – Odd Lot Tender Offer – 1.5% upside (12% realized)
Current Price – $17.02
Offer Price – $17.25
Upside – 1.5% or $25 for odd lot holders
Expiration Date – 25th of October, 2017
GHL has launched tender for 40% of the outstanding stock. This is an opportunity to participate in the tender that is very likely to be under-subscribed and price might shot up if that turns out to be the case. More risk averse investors can pocket $25 risk free.
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
Cosan (CZZ) – Tender Offer – up to $100 for odd-lots
Current Price – $8.66
Potential Recovery – $9.23-$9.65
Upside – $100 for odd-lots if priced at the upper limit
Expiration Date – 19th of December 2017
Home Capital Group (HCG.TO) – Tender Offer – 6% Upside
Cosan (CZZ) – Tender Offer – 7% Upside
Current Price – $8.67
Tender Price – $8.88 – $9.30
Upside – 7% (or $63 for odd-lots)
Expiration Date – 28 Dec 2018
Marchex (MCHX) – Tender Offer – 6% Upside
Current Price: $1.72
Offer Price: $1.96
Upside: 14%
Expiration Date: expected early October 2020
