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Yet Another Odd-Lot Tender Offer
Easy spread, with minimal cancellation or amendment risk.
Wide Spread on a Merger That Needs Just a Few More Votes
Every other condition is done. What remains is an administrative problem with a short timeline.
Buying the Buyer, Not the Target
The parent will trade at a ridiculously low valuation once it takes its cash cow subsidiary private at a steal of a price.
Royalty Shell at 50% Discount to Asset Value
Strategic review is ongoing, messy accounting hides the actual profitability.
SSI Weekly – August 24
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A Bid Is on the Table yet the Discount Is Still Wide
Comparable transactions and peer marks point to the bid landing above the current price.
SSI Weekly – August 18
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Wide Spread and a Possible Bidding War
The offer was already raised once.
Spread Widened Sharply after Recent Price Drop
Same buyout, second entry point.
SSI Weekly – August 10
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SSI Weekly – August 3
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Performance – July 2026
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Potential Takeover with 40% Upside
The optionality on a sale looks close to free, in a business that has been quietly compounding.
A Wide Spread on a Deal That Looks Solid
While the offer is still non-binding, several factors suggest that the spread might be too wide.
SSI Weekly – July 27
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SSI Weekly – July 21
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Odd-Lot Tender Offer
Easy spread, with minimal cancellation or amendment risk.
SSI Weekly – July 13
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SSI Weekly – Jul 7
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Pending Buyout by a Controlling Shareholder
When one share class prices in a buyout and the other doesn’t.
Performance – June 2026
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Market Overreaction
65% potential upside on a rebound.
SSI Weekly – Jun 29
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A Fast and Clean Liquidation
The asset sales are already signed. 30%+ IRR.
SSI Weekly – Jun 23
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A Tender Offer With an Odd-Lot Priority
Spread is quite wide, and the window closes in two weeks.
SSI Weekly – Jun 16
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A Wide Spread on a Merger the Major Holders Already Blessed
This is a straightforward arb with a wide spread and closing expected in three months.
A Wide Spread on a Bid From Major Holders
This significantly improved offer might be difficult to refuse.
SSI Weekly – Jun 9
SSI WEEKLY NEWSLETTER
In this edition of the newsletter, I am sharing updates on investment pitches published on SSI. For more timely updates, you are always welcome to review the comments and join the discussions on the Special Situation Investments website.
In this newsletter, you will find:
New posts: THL:AX Updates: OPTU, DCC, OML,
Performance – May 2026
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SSI Weekly – Jun 1
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Yet Another Straightforward Merger Arb
With closing expected in 6 months, the IRR is compelling.
A Strategic Review With Earnings Inflecting
Review Near the Finish Line, 50%+ Upside in a Sale Scenario
Straightforward Merger Arb
20% upside with closing a couple of months out.
SSI Weekly – May 25
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A Cheap Bank at a 25% Discount to Book
Asset redeployment could close the gap to peers trading above book.
Cheap Optionality in a Busted Biopharma
Massive discount to net cash, reputable management, and activist in place.
SSI Weekly – May 18
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Bidding War Brewing
Multiple bidders circling, a few offers are already on the table.
SSI Weekly – May 13
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Cash-Rich Operating Business at No Cost
Ridiculous Privatization Attempt: 40-70% Bump Expected
SSI Weekly – May 5
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Performance – April 2026
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SSI Weekly – April 27
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A Big Haircut on the Interest Bill
Upcoming refinancing could lift FCF by 50%.
SSI Weekly – April 20
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A Mandatory Offer
20% potential upside.
A Clean “Free CVR” Setup
Closing is expected this quarter.
SSI Weekly – April 14
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SSI Weekly – April 7
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Performance – March 2026
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All in the Founders’ Hands
Approval is a formality, valuation is anchored by cash, spread is pretty wide.
SSI Weekly – March 30
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Governance Shift Could Lead to a Takeover
The spread is wide, and the timeline is tight.
SSI Weekly – March 23
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Privatization With a Potential Price Bump
The spread is wide, and the timeline is tight.
SSI Weekly – March 16
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SSI Weekly – March 9
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Activist Pressure on a Net-Net
Super-voting shares eliminated, board exposed. Net cash offers 40%+ upside from here.
Performance – February 2026
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Sale & Large Capital Return
Capital return alone could exceed the market cap.
SSI Weekly – March 2
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Tender Offer & Liquidation
40%-80% Potential Upside
SSI Weekly – February 23
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SSI Weekly – February 17
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SSI Weekly – February 9
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Potential Buyout With 40% Upside
If there is no deal, the downside is probably limited to only 10% to 15%.
Performance – January 2026
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Odd-Lot Tender Offer
Easy spread, with minimal cancellation or amendment risk.
SSI Weekly – February 2
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A Clean and Low-Risk Liquidation Play
The wind-down should be completed this year.
SSI Weekly – January 27
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Boring Business With an Intriguing Sale Catalyst
The market has largely ignored the recent developments, which makes the opportunity quite asymmetric.
SSI Weekly – January 19
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SSI Weekly – January 12
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2025 Review
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SSI Weekly – January 6
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Performance – December 2025
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SSI Weekly – December 17
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Expected Takeover With 75% Upside
This bizarre saga is finally nearing a turning point, and this seems to be a good moment to step in.
SSI Weekly – December 11
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Performance – November 2025
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SSI Weekly – November 24
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SSI Weekly – November 17
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Taking It Private to Bring It Back to Life
The founder is leading a buyout to revive the struggling business.
SSI Weekly – November 10
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SSI Weekly – November 3
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Performance – October 2025
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SSI Weekly – October 27
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SSI Weekly – October 21
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Share Class Arbitrage
After a successful first round in this share class arbitrage last year, it’s time for round two.
SSI Weekly – October 14
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CEO Floats Lowball Offer and Invites Competing Bids
The company is now in play, and downside is protected.
SSI Weekly – October 6
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Performance – September 2025
SSI tracking portfolio stayed flat in September 2025. A detailed performance breakdown is provided below.
SSI Weekly – September 29
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SSI Weekly – September 22
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SSI Weekly – September 12
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SSI Weekly – September 5
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Performance – August 2025
SSI tracking portfolio was up 1.8% in August 2025. A detailed performance breakdown is provided below.
SSI Weekly – September 1
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SSI Weekly – August 24
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SSI Weekly – August 14
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SSI Weekly – August 10
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SSI Weekly – August 3
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Performance – July 2025
SSI tracking portfolio was up 0.6% in July 2025. A detailed performance breakdown is provided below.
SSI Weekly – July 26
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SSI Weekly – July 19
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SSI Weekly – July 13
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SSI Weekly – July 5
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Performance – June 2025
SSI tracking portfolio was up 3.5% in June 2025. A detailed performance breakdown is provided below.
Yet Another Asymmetric Bet With a Twist
Downside risk limited at 6-8%, potential upside is substantial.
SSI Weekly – June 30
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SSI Weekly – June 20
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SSI Weekly – June 16
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SSI Weekly – June 8
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Potential Takeover and/or Bidding War
30% potential upside, a few interested parties are already at the table
Odd-Lot Tender Offer With €200+ Upside
Tender expires mid-June, minimal risk involved
Performance – May 2025
SSI tracking portfolio was up 1.1% in May 2025. A detailed performance breakdown is provided below.
New Special Sits: May 2025
In this newsletter I am sharing intriguing special situation opportunities that have caught my interest over the past month.
SSI Weekly – May 31
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Asymmetric Bet with Multibagger Upside
Protected downside, a number of precedents worked out very well
SSI Weekly – May 24
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Tender Offer With a Free Option
Trades below the tender price range, expiration date is set for mid-June
Potential Liquidation or a Sale
Strategic review is ongoing, potential upside could range between 30%-60%
Merger Arb Created by Market Overreaction
14%+ upside, closing expected in 1.5 months
SSI Weekly – May 12
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Merger Arbitrage + Bidding War
20%+ upside, exclusive talks underway, several other interested bidders
SSI Weekly – May 2
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Performance – April 2025
SSI tracking portfolio was down 3.8% in April 2025. A detailed performance breakdown is provided below.
New Special Sits: April 2025
In this monthly newsletter edition, I am sharing intriguing special situation opportunities that have caught my interest over the past month.
SSI Weekly – April 26
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Merger Arb with 75% Spread
Multiple interested parties, full strategic review has been launched
SSI Weekly – April 19
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SSI Weekly – April 11
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Update On My Favorite Setups
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SSI Weekly – April 5
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SSI Weekly – March 28
SSI WEEKLY NEWSLETTER
This weekly newsletter intends to share the most interesting event-driven situations I’ve looked at over the week as well as other updates and highlights from SSI.
Here is what you will find in this week’s newsletter.
New Pitches: NIOX, NZM, SAGA Quick Pitch Updates: EPIX, ALLK, PAC:AX
Disclaimer: All content on Special Situation Investments
Performance – March 2025
SSI tracking portfolio was down 2.5% in March 2025. A detailed performance breakdown is provided below.
New Special Sits: March 2025
In this monthly newsletter edition, I am sharing intriguing special situation opportunities that have caught my interest over the past month.
Strategic Review with Activists Involved
At least 40% upside conservative sum-of-the-parts valuation
SSI Weekly – March 23
SSI WEEKLY NEWSLETTER
This weekly newsletter intends to share the most interesting event-driven situations I’ve looked at over the week as well as other updates and highlights from SSI.
Here is what you will find in this week’s newsletter.
New Pitches: LWAY, OCFT, CKPT Portfolio Idea Updates: KRON, LQDA, OCI:AS Quick Pitch Updates: WEX, WOW
Disclaimer: All
Merger Arbitrage with Free CVR
Trades below cash consideration
SSI Weekly – March 14
SSI WEEKLY NEWSLETTER
This weekly newsletter intends to share the most interesting event-driven situations I’ve looked at over the week as well as other updates and highlights from SSI.
Here is what you will find in this week’s newsletter.
New Pitch: WEX Portfolio Idea Updates: SGRP, OCI:AS, CURN Quick Pitch Updates: FNA, SLRN, RNEW, WOW, PAC, BEST
SSI Weekly – March 9
SSI WEEKLY NEWSLETTER
This weekly newsletter intends to share the most interesting event-driven situations I’ve looked at over the week as well as other updates and highlights from SSI.
Here is what you will find in this week’s newsletter.
New Pitches: ADIG:L, SLRN Portfolio Idea Updates: SAGE, SWTX, OCI:AS Quick Pitch Updates: PAC:AX, EM, FETM
Disclaimer: All
Performance – February 2025
SSI tracking portfolio was up 4.2% in February 2025. A detailed performance breakdown is provided below.
SSI Weekly – March 2
SSI WEEKLY NEWSLETTER
This weekly newsletter intends to share the most interesting event-driven situations I’ve looked at over the week as well as other updates and highlights from SSI.
Here is what you will find in this week’s newsletter.
New Pithes: SWTX, NATH Portfolio Idea Updates: LQDA, BOOM Quick Pitch Updates: DK, ASLI, PAC, DXLG, LOGC
Disclaimer:
SSI Weekly – February 21
SSI WEEKLY NEWSLETTER
This weekly newsletter intends to share the most interesting event-driven situations I’ve looked at over the week as well as other updates and highlights from SSI.
Here is what you will find in this week’s newsletter.
Idea Updates: SGRP, SAGE, CURN, EMBRAC-B:ST, WOW
Disclaimer: All content on Special Situation Investments site and in the
SSI Weekly – February 16
SSI WEEKLY NEWSLETTER
This weekly newsletter intends to share the most interesting event-driven situations I’ve looked at over the week as well as other updates and highlights from SSI.
Here is what you will find in this week’s newsletter.
New Pitches: SAGE, NKTR Idea Updates: BOOM, EPIX, DXLG, ACC:OL, FNCH, PAC:AX, RWI:L
Disclaimer: All content on Special
SSI Weekly – February 8
SSI WEEKLY NEWSLETTER
This weekly newsletter intends to share the most interesting event-driven situations I’ve looked at over the week as well as other updates and highlights from SSI.
Here is what you will find in this week’s newsletter.
New Pitches: FNA, ALLK, CPPTL Quick Pitch Updates: PGH:AX, EMBRAC, RNEW:L, FNCH, LTG:L
Disclaimer: All content on Special
Liquidation of Real Estate Trust
30%+ upside, full portfolio is already on the market
Performance – January 2025
SSI tracking portfolio was up 0.8% in January 2025. A detailed performance breakdown is provided below.
SSI Weekly – February 1
SSI WEEKLY NEWSLETTER
This weekly newsletter intends to share the most interesting event-driven situations I’ve looked at over the week as well as other updates and highlights from SSI.
Here is what you will find in this week’s newsletter.
Portfolio Idea Updates: BHIL, MRL, BOOM, LQDA, CURN Quick Pitch Updates: WOW, DXLG, LUNA, EMBRAC, LTG, MON, RVNC
SSI Weekly – January 26
SSI WEEKLY NEWSLETTER
This weekly newsletter intends to share the most interesting event-driven situations I’ve looked at over the week as well as other updates and highlights from SSI.
Here is what you will find in this week’s newsletter.
Portfolio Idea Updates: SGRP, CURN Quick Pitch Updates: EM, DXLG, RVNC, RWI:L, MON:V, RNEW:L, EMBRAC
Disclaimer: All content
SSI Weekly – January 19
SSI WEEKLY NEWSLETTER
This weekly newsletter intends to share the most interesting event-driven situations I’ve looked at over the week as well as other updates and highlights from SSI.
Here is what you will find in this week’s newsletter.
New Quick Pitches: EM, RVNC Portfolio Idea Updates: SGRP, CURN Quick Pitch Updates: DK, WOW, HEPS, RNEW:L, MTTR, BELFB
Opportunistic Privatization by Management
20% spread, founders & management are very motivated to close the transaction
SSI Weekly – January 13
SSI WEEKLY NEWSLETTER
This weekly newsletter intends to share the most interesting event-driven situations I’ve looked at over the week as well as other updates and highlights from SSI.
Here is what you will find in this week’s newsletter.
New Quick Pitches: DXLG, LUNA Idea Updates: CURN, DK, HEPS, RNEW:L
Disclaimer: All content on Special Situation Investments
SSI Weekly – January 5
SSI WEEKLY NEWSLETTER
Happy New Year, everyone! I want to say a huge thanks to all subscribers for continuing to support SSI, sharing profitable investment opportunities, and actively participating in discussions – without you, SSI would not be as exciting as it is today. Thanks for subscribing and for being a part of the Special Situation Investments
2024 Review
Happy New Year everyone!
As we close the chapter on 2024, it’s time for the annual performance review.
But first things first – I want to say a huge thanks to all subscribers for continuing to support SSI, sharing profitable investment opportunities, and actively participating in discussions – without you, SSI would not be as
Performance – December 2024
SSI tracking portfolio was up 2.4% in December 2024. A detailed performance breakdown is provided below.
Performance – November 2024
SSI tracking portfolio was down 8.2% in November 2024. A detailed performance breakdown is provided below.
Performance – October 2024
SSI tracking portfolio was down 3.1% in October 2024. A detailed performance breakdown is provided below.
SSI Weekly – October 4
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Performance – September 2024
SSI tracking portfolio was down 0.7% in September 2024. A detailed performance breakdown is provided below.
Performance – August 2024
SSI tracking portfolio was up 1.1% in August 2024. A detailed performance breakdown is provided below.
Performance – July 2024
SSI tracking portfolio was up 1.5% in July 2024. A detailed performance breakdown is provided below.
Performance – June 2024
SSI tracking portfolio was up 1.1% in June 2024. A detailed performance breakdown is provided below.
Performance – May 2024
SSI tracking portfolio was down -0.8% in May 2024. A detailed performance breakdown is provided below.
Performance – April 2024
SSI tracking portfolio was down -1% in April 2024. A detailed performance breakdown is provided below.
Performance – March 2024
SSI tracking portfolio was up 3.2% in March 2024. A detailed performance breakdown is provided below.
Performance – February 2024
SSI tracking portfolio was up 2.1% in February 2024. A detailed performance breakdown is provided below.
Performance – January 2024
SSI tracking portfolio was up 1.7% in January 2024. A detailed performance breakdown is provided below.
Performance – December 2023
SSI tracking portfolio was up 0.7% in December 2023. A detailed performance breakdown is provided below.
Performance – November 2023
SSI tracking portfolio was up 1.6% in November 2023. A detailed performance breakdown is provided below.
Performance – October 2023
SSI tracking portfolio was down 0.8% in October 2023. A detailed performance breakdown is provided below.
Performance – September 2023
SSI tracking portfolio was down 1.2% in September 2023. A detailed performance breakdown is provided below.
Performance – August 2023
SSI tracking portfolio was down 0.8% in August 2023. A detailed performance breakdown is provided below.
Performance – July 2023
SSI tracking portfolio is up 4.7% in July 2023. A detailed performance breakdown is provided below.
Performance – June 2023
SSI tracking portfolio is up 4.5% in June 2023. A detailed performance breakdown is provided below.
Performance – May 2023
SSI tracking portfolio is up 0.9% in May 2023. A detailed performance breakdown is provided below.
Performance – April 2023
SSI tracking portfolio is down -0.8% in April 2023. A detailed performance breakdown is provided below.
Performance – March 2023
SSI tracking portfolio is down -3.9% in March 2023. A detailed performance breakdown is provided below.
Performance – February 2023
SSI tracking portfolio is up by 1.6% in February 2023. A detailed performance breakdown is provided below.
Performance – January 2023
SSI tracking portfolio is up by 5% in January 2023. A detailed performance breakdown is provided below.
Performance – December 2022
SSI tracking portfolio is up by 5.2% in December and up 13.6% for the whole of 2022. A detailed performance breakdown is provided below.
Performance – November 2022
SSI tracking portfolio is up by 3% in November. We are now up 8.1% YTD. A detailed performance breakdown is provided below.
Performance – October 2022
SSI tracking portfolio is up by 3.2% in October. We are now up 5% YTD. A detailed performance breakdown is provided below.
SSI Weekly – Quick Pitches For PMCB, GFF
PMCB – Strategic Review/Activist Pressure – 37% Upside
GFF – Strategic review – Upside TBD
Performance – September 2022
SSI tracking portfolio is down by -8.5% in September. We are now up 1.7% YTD. A detailed performance breakdown is provided below.
Performance – August 2022
SSI tracking portfolio rebounded nicely with a +9.3% gain in August. We are now up just over 11% YTD. A detailed performance breakdown is provided below.
Performance – July 2022
SSI tracking portfolio rebounded nicely with +11.5% gain in July. We are now slightly above break-even for the year. A detailed performance breakdown is provided below.
Performance – June 2022
Our tracking portfolio to a big dive of -13.3% during June’22 and is down 8.7% YTD. The monthly move was somewhat ahead of the 9.5% decline in the S&P. A detailed performance breakdown is provided below.
Performance – May 2022
Our tracking portfolio fell -4.1% during May’22 and is up +5.3% YTD. A detailed performance breakdown is provided below.
Performance – April 2022
Our tracking portfolio has returned +2.6% during Apr’22 and is +10% YTD. A detailed performance breakdown is provided below.
Performance – March 2022
Our tracking portfolio has returned +2.5% during March 2022 and is up 597% since 2017. A detailed performance breakdown is provided below.
Performance – February 2022
Our tracking portfolio has returned -0.8% during February 2022 and is up 580% since 2017. A detailed performance breakdown is provided below.
Performance – January 2022
Our tracking portfolio has returned 5.4% during January 2022 and is up 586% since 2017. A detailed performance breakdown is provided below.
2021 End of Year Review
The holidays have passed in a blink of an eye and we are back online – starting the new year with a full 2021 SSI review.
Performance – December 2021
Our tracking portfolio has lost 3.4% during December 2021 and is up 54% year-to-date. A detailed performance breakdown is provided below.
Performance – November 2021
Our tracking portfolio lost 0.3% during November 2021 and is up 59% year-to-date. A detailed performance breakdown is provided below.
Performance – October 2021
Our tracking portfolio returned 3.8% during October 2021 and 59.3% year-to-date. A detailed performance breakdown is provided below.
Performance – September 2021
Our tracking portfolio returned 0.2% during September 2021 and 53.5% year-to-date. A detailed performance breakdown is provided below.
Performance – August 2021
Our tracking portfolio generated 3.9% return during August 2021 and 53% year-to-date. A detailed performance breakdown is provided below.
Performance – July 2021
Our tracking portfolio generated 1.3% return during July 2021 and 47% year-to-date. A detailed performance breakdown is provided below.
Performance – June 2021
Our tracking portfolio generated 9.5% return during June 2021 and 46% year-to-date. A detailed performance breakdown is provided below.
Performance – May 2021
Our tracking portfolio generated 0.8% return during the month and 33% year-to-date. A detailed performance breakdown is provided below.
Performance – April 2021
Our tracking portfolio generated 6% return during the month and 32% year-to-date. A detailed performance breakdown is provided below.
Performance – March 2021
During March 2021 we’ve posted 11 new ideas.
Performance – February 2021
During February 2021 we’ve posted 11 new ideas
Performance – January 2021
The year has started out great. In January 2021 we posted 12 new ideas
Performance – December 2020
During December 2020 we’ve posted 6 new ideas.
Performance – November 2020
This month we’ve posted 12 new special situation ideas
Performance – October 2020
We’ve posted 11 ideas during October 2020
Performance – September 2020
During September we have posted 11 new cases.
Performance – August 2020
We’ve posted 9 ideas during August 2020.
Performance – July 2020
During July 2020 we’ve posted 18 new ideas.
Performance – June 2020
During June 2020 we’ve posted 9 new ideas.
Performance – May 2020
During May 2020 we’ve posted 9 new ideas.
Performance – April 2020
During April 2020 we’ve posted 10 new ideas.
Performance – March 2020
During March 2020 we’ve posted 22 new ideas.
Performance – February 2020
During February 2020 we’ve posted 9 new ideas.
Performance – January 2020
During January 2020 we’ve posted 17 new ideas.
Updates – December 2019
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Updates – May 2019
This page is accessible for paid members only.
Vote for Member Idea of the Month – April Edition
Please vote for April’s best idea.
Vote for Member Idea of the Month – March Edition
Please vote for March best idea.
New Contest: Win $1000 every month for sharing investment idea
Detailed info on the newly started monthly contest
NEW FEATURE – MEMBER IDEAS
Introducing new Member Ideas section.
Updates (May 2017)
Updates on recent investment ideas
Updates (Dec 2016)
Updates on recent investment ideas