Active ideas

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NEW FEATURE – MEMBER IDEAS

First a short foreword. Quite a few of you have shared investment ideas with me, but only a part of them ended up on the site. This was either do to lack of time to investigate them thoroughly or due to my belief that upside was not worth the risk. So usually if I did not take the position, I did not share that idea with the rest of community. Which is a pity, because some of these ideas actually

Alstom (ALO) – Tender Offer – 28% price differential

Current Price – Eur 27.27

Offer Price – Eur 35

Upside – 28%

Expiration date –  20 January 2016

Tender document

Alstom is listed in France

This is a materially different tender compared to the ones usually posted on this site. So do your own due diligence before making the purchase.

Alstom is buying back 30% of the outstanding shares. There is no odd lot provision. The largest shareholder (Bouygues, 29% holding) has indicated that it will tender the shares, therefore I would

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.

Monogram Residential (MORE) – Odd Lot Tender Offer – 5% Potential

Current Price – $8.8

Offer Price – $8.5 – $9.25

Upside – 5% or $45 ( for odd lot holders, if the upper pricing limit is used)

Expiration date –  19 December 2014

SEC Filling

Summary:

We are conducting this Offer by means of a procedure commonly called a modified “Dutch auction”. We are offering to purchase for cash up to $100,000,000 in value of our common stock, par value $0.0001 per share (the “Common Stock”), at a price specified by