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Dear All,

As some of you have already noticed Special Situation Investments website has received a facelift. It was due long time ago. Hope you will enjoy the new look and any feedback is more than welcome.

                                           

2018 Year In Review – 96 Investment Ideas

2018 has been a fantastic year for Special Situation Investments in terms of both – profitability of the published ideas as well as member activity. A total of 96 investment opportunities were presented on the site, out of which almost two thirds were contributed by the members. Below I am outlining some stats and profitability assessments.

Huge thanks goes to all the members who have contributed with their ideas and discussions.

                                                                  

Vote for Member Idea of the Month – March Edition

Huge thanks to all the members who have shared their special situation ideas. Looking forward to hearing more interesting trades from you. And now it is time to determine the best member idea for March.

                           

Updates (Nov 2017)

Before digging into updates I would like to thank members who are actively contributing with their investment ideas and valuable commentaries. I am very happy with the investor community we have on the site and I am looking forward to further cooperation and dialog.

If you have any interesting special situation ideas or any other suggestions for the site, feel free to reach out at info@specialsituationinvestments.com.



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

 

2017 Year in Review – Quick STATS

It was a very interesting year for Special Situation Investments. In total there have been 38 investment ideas posted during the year and members added a further 12 in the new ‘Member Idea’ section. By luck or skill the performance has been great – only two trades ended in losses and the rest averaged 15% returns. Scope continued to widen and only 10 out of 38 investment opportunities were odd-lots.

   

NewStar Financial (NEWS) – CVR – 200% upside

Current Price – $11.72

Buyout Price –  $11.44+CVR (valued at $0.84-$1.00)

Upside – 200% (relative to residual CVR price) or 6% (relative to full stock price)

Expiration Date – Q4 2017



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



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



ZAIS Group (ZAIS) – Going Private – 23% upside

Current Price – $3.25

Acquisition Price – $4.00

Upside – 23%

Expiration Date – TBD

This is a microcap arbitrage opportunity  that was suggested by one of the members (thank you Ivan). CEO is willing to take this failed SPAC private at 23% premium to current share price.



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.



Reaves Utility Income Fund (UTG) – Mean Reversion – 5% upside

Current Price – $31.5

Expected Payout – $33.4

Upside – 5%

Expiration Date – 4th of October 2017

UTG is closed-end fund investing in utility sector. The fund issued transferable rights to subscribe to new common shares. For every three rights held, a holder of rights may buy one new common share of the Fund at 5% discount to 5 day average closing prices preceding the expiration date (October 4th). This created an arbitrage play whereby the buyers/holders of rights were shorting UTG common stock



OCB Bancorp (OJCB) – Merger Arbitrage – 10% uspide

Current Price – $12.75

Acquisition Price – $14

Upside – 10%

Expiration Date –  Q4 2017

This is straight forward merger arbitrage opportunity in nanocap land. Liquidity is very low – thus limit orders and lots of patience are needed to accumulate the position. I consider current spread (10%) to be attractive as I see limited risks of this deal falling apart. Low liquidity is likely the main reason for the spread to exists.



Essex Rental (ESSX) – Liquidation – 67% potential upside

Current Price – $0.21

Expected Payout – $0.17 – $0.35

Upside – 67% (at high end of the expected range)

Expiration Date – TBD

Essex Rental was a struggling and over-leveraged crane equipment rental company. Over the last year the company has liquidated/agreed to sell both of its operating divisions and shareholders approved plan of dissolution on the 5th of June. The proceeds for equity holders are expected to be in the range of $0.17 – $0.35 per share.



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.



Ferronordic (FNMA-PREF.ST) – Preferred Redemption – 12% upside

Current Price – SEK 1070

Expected Price – SEK 1200

Upside – 12%

Expiration Date – Q3-Q4 2017

Ferronordic  preferreds are very likely to be redeemed by the company at 12% premium to current market price. Recent communication by the company hints that this is likely to happen before the next dividend payment (Oct 2017). Preferreds trade in Stockholm and it is possible to buy then through IB.



Prospect Japan Fund (PJF.LON) – Merger Arbitrage – 44% upside

Current Price – $1.26

Expected Buyout – $1.81

Upside – 44%

Expiration Date – expected in H1 2017

Prospect Japan Fund trades below its NAV and received a non-binding all-stock buyout offer from the related party. This offer values the fund at $2.15/share – equivalent to 70% upside. The merger is very likely to go through. The biggest risk is market price of the acquirers shares which affects not only the eventual payout (no possibilities to hedge) but also the NAV of PJF.



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



Destination Maternity (DEST) – Merger Arbitrage – 34% upside

Current Price –$3.49

Offer Price – $4.6

Upside – 34%

Expiration Date – Q3 2017 (expected)

Destination Maternity is due to merge with french Orchestra Premaman (KAZI) and the spread is 34%. The main official rationale for the merger is revenue synergies as both companies are selling complimentary products in different geographies.



AP alternative Assets (AAA:AMS) – Liquidation/Arbitrage – 8% upside

Current Price –$35.5

Offer Price – $38.5

Upside – 8%

Expiration Date – Q1 2018 (or earlier)

8% in a year might not sound overly attractive at first, but I consider this arbitrage opportunity to be close to risk free. The partnership will gradually distribute its only asset (which is ATH shares – large cap health insurer) to unitholders and then liquidate. AAA trades in Amsterdam and it is possible to purchase units using Interactive Brokers.



Rite Aid (RAD) – Merger Arbitrage – 77% upside

Current Price –$3.67

Expected Price – $6.5

Upside – 77%

Expiration Date – Dec 2017

This is my second look at the pending WBA/RAD merger – I was spectacularly wrong the first time and the only consolation is that market was wrong as well – the spread narrowed to 3% before the deal started collapsing. The merger agreement has been adjusted – instead of $9/share WBA is planning to acquire RAD at $6.5-$7/share (77% upside) and higher number of stores will be divested



China Digital TV (STVVY) – Ex-dividend day – 70% potential return

Current Price –$1.4

Expected Price – $0.35 (if today is the ex-dividend day)

Upside – 70%

Expiration Date – May 26th, 2017

This is a quick message, as this is a timely situation and I did not have time to do a full write-up. Shares at current prices are either a good short (if today is ex-dividend) or a good long (if today is not ex-dividend), so if anyone manages to figure out which way it is, you stand to make a ton of



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.



PennTex Midstream (PTXP) – Acquisition Target – 50% upside

Current Price – $15

Expected Buyout – $23

Upside – 50%

Expiration Date – TBD (expected in H1 2017)

Penntex Midstream is likely to be fully acquired by ETP, which already owns 65% of the company. This is similar to OCI/OCIP transaction that was posted on the site earlier as well as a number of other consolidations in the MLP space (TRP/CPPL, TLLP/QEPM) whereby general partner which owns majority of MLP buys out the remaining limited partner units.



Wingstop (WING) – Irrational Algo Trading – 10% upside

Current Price – $32.99

Expected Price – <$30

Upside – 10%+

Expiration Date – Two weeks

This is a slightly different Special Situation opportunity. Yesterday WING stock jumped +13.8% in after-hours trading following the release of Q1 earnings. I believe this trading was mainly caused by algorithmic robot trading or completely superficial retail investors who misread the headline numbers for huge improvement in operational performance. In reality Q1 earnings showed hardly any positives.I expect the share price to revert at least to pre Q1 release levels ($29)

 

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

 

Zweig Fund (ZF) – Merger Arbitrage – 7% upside

Current Price – $11.16

Expected Buyout – $11.85

Upside – 7%

Expiration Date – 31st of March, 2017

This is a relatively straightforward situation and I will keep the write-up light as I am travelling today (happy to expand more in the comments section later).

Zweig Fund (ZF) and Virtus Total Return Fund (DCA) will be merged by the end of March. Both closed end funds are administered by the same asset manager and shareholders have already agreed to the merger.



Syngenta (SYT) – Merger Arbitrage – 17% upside

Current Price –$79.34

Offer Price – $93

Upside – 17.5%

Expiration Date – TBD (likely in H1 2017)

Let me start by saying that this is a large cap transaction and the deal is widely followed and analysed – I do not have any superior insights with regards to the likelihood of the transaction going through so my opinion is as good as anybody’s else. However, I believe this opportunity is quite interesting, spread is large (17%) and therefore worth flagging.



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

  

Transalta (TA-PD.TO) – Exchange Offer – 2.7% upside

Arbitrage Trade

Upside – 2.7%

Expiration Date – Q1 2017

This idea was suggested to me by one reader of the site – it’s an arbitrage trade in Canadian preferred shares. Upside is tiny, but the deal itself is interesting – so I decided to write it up. I have a small position mainly to track how this transaction plays out.

     

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.



Procter & Gamble (PG) – Exchange Transaction – $650 upside

Current Price –PG $88.31, COTY $25.99;

Offer Price – $1.075 stock of COTY for $1 stock of PG (subject to upper limit of 3.9033 COTY shares per share of PG);

Upside – 7.5% or $650 for Odd Lot holders;

Expiration date – September 29, 2016;

   

Carmike Cinemas (CKEC) – Bet on higher takeover price – 300%+ upside with options

Investment thesis – bet on higher takeover price from AMC as CKEC shareholder will reject the current offer due to price being too low

Carmike Cinemas (4th largest movie theater company in US) is in the process of being bought by AMC Entertainment (2nd largest). This M&A would create the largest movie theater chain in US with obvious benefits and large synergies for AMC.

Carmike Cinemas trades at $30.47 vs.  current takeover price of $30.00.

             

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

SEC Filling

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



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



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

Tender document

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

SEC Filling

Summary:

Nationstar Mortgage Holdings Inc., a Delaware corporation, is offering to purchase shares of its common stock, par value $0.01 per share



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

SEC Filling

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

 

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

 

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



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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

  

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

SEC Filling

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



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;

SEC Filling

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



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;

SEC Filling

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



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;

SEC Filling

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



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;

SEC Filling

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;

Press release

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



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



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;

SEC Filling

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



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;

SEC Filling

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



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;

SEC Filling

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;

SEC Filling

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



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



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;

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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.

SEC Filling

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



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

SEC Filling

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,



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;

SEC Filling

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,



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

SEC Filling

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



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

SEC Filling

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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

Summary:

Nam Tai Property Inc., a British Virgin Islands corporation (the “Company”), is offering to purchase up to 3,000,000 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. The 3,000,000 shares represent approximately 7 % of our issued and outstanding Company Common Stock as of April 28, 2015

No



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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



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

SEC Filling

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,



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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

SEC Filling

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



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

SEC Filling

Summary:

We are conducting the Offer by means of a process commonly referred to as a modified “Dutch Auction”. This approach



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

SEC Filling

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



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

SEC Filling

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



Cimetrix Inc (CMXX)- Going Private Transaction – $199 upside

Current Price – $0.14

Offer Price – $0.15 (for holders of less than 20,000 shares)

Upside – 7% or $199 for holders of 19,999 shares

Expiration date – TBD

SEC Filling

Trading Strategy:

Buy 19999 shares of CMXX and wait for the reverse-split

Summary:

To accomplish the reduction in the number of record holders of the Common Stock, the Company will effect a reverse stock split of its outstanding Common Stock, whereby each 20,000 shares of Common Stock outstanding as of the effective date of



Monarch Cement (MCEM) – Going Private Transaction – $599 potential

Current Price – $29.00

Offer Price – $30.00 (for holders of less than 600 shares)

Upside – 3.5% or $599 for holders of 599 shares

Expiration date – 5th Dec 2014 shareholder meeting to decide whether to proceed with the proposed transaction

SEC Filling

Trading Strategy:

Buy 599 shares of MCEM and wait for reverse-split after the shareholder meeting (4th December 2014)

Summary:

The Board of Directors has authorized amendments to the Company’s Articles of Incorporation that would effect a 1-for-600 Reverse Stock



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



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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.

SEC Filling

Summary:

Upon the terms and subject to the



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)

SEC Filling

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



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

SEC Filling

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



First Physicians Capital Group (FPCG) – Going Private Transaction – $220 Upside

Current Price – $0.44

Offer Price – $0.55

Upside – 25% or $220 for holders of 1999 shares

Expiration date – not announced yet

SEC Filling

Trading Strategy:

Buy 1999 shares of FPCG and wait for reverse-split after the shareholder meeting (meeting date has not been set yet)

Summary:

The Board has authorized a 1-for-2,000 Reverse Stock Split, subject to stockholder approval at the Meeting. The intended effect of the Reverse Stock Split is to reduce the number of record holders of our common



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

SEC Filling

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



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

SEC Filling

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

SEC Filling

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

SEC Filling

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



Global Eagle Entertainment (ENT) – Warrant Exchange Offer – minimal upside currently

Current Price – $3.75/warrant, $11.13/share

Offer – 1 warrant to 0.33 common shares.

Upside – 1%

Expiration date – 11 September 2014

SEC Filling

Summary:

The Offer is to permit holders of Warrants to tender up to 15,000,000 Warrants at an exchange ratio of 0.3333 Shares for each Warrant tendered (approximately one Share for every three Warrants tendered), subject to proration, as described herein. 

As of August 13, 2014, the Company had 22,831,263 Warrants outstanding. Each Warrant is exercisable for one Share at



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

SEC Filling

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

SEC Filling

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.



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

SEC Filling

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



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

SEC Filling

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

      

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



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.



Tanker Investments (TIL:OMXNO) – Merger Arbitrage – 6% upside

Current Price – NOK 43.2

Expected Payout – NOK 45.65

Upside – 6%

Expiration Date – Q3 2017

Teekay Tankers (TNK) entered into definitive agreement to buy Tanker Investments (TIL). Each TIL share would be exchanged to 3.3 TNK shares – representing 6% spread at current prices and NOK/USD exchange rate. Merger has been approved by the boards of both companies as well as Special Committee of TIL independent directors. Shareholder approvals on both sides are still pending. Merger is expected to close



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.



Pendrell (PCO) – Going Private – Potential for 18% upside

Current Price – $6.36

Expected Cash-out – $6.55-$7.5

Upside – 18%

Expiration Date – expected by June 30, 2017

In the base case this trade has only $20 upside, but there is an embedded free option which might or might not materialize. It is definitely an interesting case from educational perspective.



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.



Nuveen Nasdaq 100 (QQQX) – Arbitrage Trade – 4% upside

Current Price – $20.05

Expected Price – $19.20

Upside – 4%

Expiration timeframe – 1-2 weeks

This is a fairly simple and straightforward arbitrage idea. QQQX is a closed and fund that is mimicking Nasdaq 100 index and trying to juice up the returns by selling covered calls. Historically this fund has always traded at c. 5% discount to NAV – discount to NAV prevails mainly due to funds admin fees, which are levied on shareholders returns. You can see NAV vs share price



Tejoori (TJI.LON) – Liquidation – 66% upside

Current Price – $0.384

Expected NAV – $0.63

Upside – 60%

Expiration Date – TBD (expected in H1 2017)

This is a microcap opportunity in London AIM Market. Tejoori has sold all of its assets and currently stands as a cash shell.  Management announced intention to distribute part of the proceeds to shareholders. Currently TJI trades at 40% discount to cash on hand and this gap is expected to close once the distribution is announced.

 

Rite Aid (RAD) and Fred’s (FRED) – Merger Arbitrage With Hedge – 9% upside

Current Price –$8.25

Offer Price – $9.00

Upside – 9.0%

Expiration Date – Jan 2017

This is another large cap merger arbitrage deal where the spread of 9% is mostly due to pending regulatory approval. Recent developments suggest the deal is likely to close. At the same time there is opportunity to hedge the risk of the deal failing.



OCI Partners (OCIP) – Merger Arbitrage – 5.3% upside

Current Price –$7.5

Offer Price – $7.9

Upside – 5.3%

Expiration Date – TBD (expected Q1 2017)

This is a merger arbitrage situation, where current acquisition proposal understates the value of the company and the risk of deal getting cancelled is low. The spread is at 5.3%.

 

Implant Sciences (IMSCQ) – Liquidation – 45%+ upside

Current Price –$0.105

Expected pay-off – $0.15+ (potentially $0.25+ or more)

Upside – at least 45%+

Expiration Date – TBD

This is just a quick note as I have not had a chance to look at this more in depth and should be able to do that next week. This special situation concerns nano-cap company (market cap only $10m), thus stock can be really volatile, so do your own due diligence before investing. I have a small long position in IMSCQ.

       

Bind Therapeutics (BINDQ) – Liquidation – 15%-35% upside

Current Price –$0.92;

Expected distributions – $1.08 – $1.25;

Upside – 15% to 35%;

Distributions are expected to be completed by Q4 2016 or beginning of Q1 2017 (within 6 months). Funds will be distributed only for record holders as of 30th of August.



Coats Group (COA.LN) – Forced Selling – 10% upside

This special situation results from recent forced selling due to delisting from Australia and New Zealand exchanges.

Long investors in Coats Group (listed in London Stock Exchange) stand to make 10%+ if prices revert to back to previous 30p/share vs current GBP 26p/share.

    

InspireMD (NSPR) – Reverse Stock Split – 1000% upside

Although 1000% might look good, in absolute value it is worth only $2 (from $0.22 to $2.27), but I thought this was still an interesting case for educational purposes.

The reason for such a large upside is that InspireMD is doing reverse stock split (10 for 1) and instead of cashing out the fractional shares, it will round up to the nearest whole share. So anyone who has between 1-10 current shares will receive a single post-reverse-split share. So if

 

Danaher (DHR) – Split off Transaction – $635 upside

Danaher has updated the split off offer by increasing the upper limit and the situation became profitable one more time.

Current Price – DHR $85.44, NTCT $38.42

Offer Price – $107.53 stock of NTCT for $100 stock of DHR (subject to upper limit)

Upside – 7.5% or $636 for Odd Lot holders

Expiration date – July 9, 2015

  

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

SEC Filling

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

    

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

SEC Filling

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

 

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

SEC Filling

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



Hancock Fabrics (HKFI) – Going Private Transaction – $200 Gain – Cancelled

Current Price – $1.0

Offer Price – $1.2

Upside – 20% or $200 for Odd Lot holders

Expiration date – not announced yet

SEC Filling

Trading Strategy:

Buy 999 shares of HKFI and wait for reverse-split after the shareholder meeting.

Summary:

After careful consideration, our Board of Directors has concluded that the costs associated with being a public reporting company in the U.S. are not justified by the benefits. The primary purpose of the going private transaction is to reduce the number



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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,



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

SEC Filling

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”),



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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



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



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

SEC Filling

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

SEC Filling

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

 

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



Emtec (ETEC) – Reverse Stock Split – $800 Gain

Current Price – $1.01

Offer Price – $1.05

Upside – 4% or $800 for holders of 19999 shares

Expiration date – not announced yet

SEC Filling

Trading Strategy:

Buy 19999 shares of ETEC and wait for reverse-split to take place, at which point the shares will be cashed out.

Summary:

On April 30, 2013, a Special Committee of the Board (the “Special Committee”) recommended and the Board approved a reverse stock split (the “Reverse Stock Split”) of the Company’s authorized, issued and outstanding common



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



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.

SEC Filling

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

 

Kent Financial Services – Going Private Transaction – 17% upside

Current Price – $1.5

Offer Price – $1.75

Upside – 17%

Expiration date – Not announced Yet

SEC Filling

Summary:

The Board has approved a 2-for-1,771,175 reverse stock split (the “Reverse Split”) such that shareholders owning less than one whole share of our common stock following the Reverse Split will have their fractional shares cancelled and converted into the right to receive the cash consideration described below. The entire going-private transaction, including the Reverse Split and the purchase of fractional shares after



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

SEC Filling

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%



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

SEC Filling

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



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

SEC Filling

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



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

SEC Filling

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