Current Price: $22.78
Target Price: $25-$26.5
Upside: 10%+
Expiration Date: 2 weeks
Current Price: $22.78
Target Price: $25-$26.5
Upside: 10%+
Expiration Date: 2 weeks
Current Price: $0.63
Expected Price: $0.85
Upside: 35%
Expiration: around the 1st of Aug
Current Price – $172.39
Offer Price – $185.32
Upside – 7.53% or $1280 for Odd Lot holders
Expiration date – August 18, 2023
Current Price: $1.32
Expected Price: $3.00+
Upside: TBD
Expected timeline: 2-3 months
Current price: $2.4
Liquidation value: $3.05-$3.30 per share
Upside: 25%-40%
Expiration date: 2023
Current Price: $3.03
Target Price: $3.67
Upside: 20%+
Expiration Date: Q2 2023
Current Price: $2.1
Target Price: $3.25
Upside: 50%+
Expiration Date: Q2’23
Current Price: $1.48
Offer Price: $1.69
Upside: 14%
Expected Closing: Q2 2023
Current Price: $0.54
Target Price: $0.65
Upside: 20%
Expiration Date: Q2’23
Current Price: $8.75
Target Price: $12.00
Upside: 40%
Expiration Date: end of 2023
Current Price: $9.6
Total Price: TBD
Upside: 20%+
Expiration Date: end of 2023
Happy New Year everyone! With the holiday season already behind us, the time has come again to look back and reflect on performance during the last year.
Current Price: $24.05
Target Price: TBD
Upside: TBD
Expiration Date: H1 2023
Current Price: $4.21
Offer Price: $4.80
Upside: 14%
Expected Closing: early Q1 2023
Current Price: C$3.30
Offer Price: C$3.66
Current Spread: 11%
Expiration Date: Q4 2022
Current Price: $2.77
Offer Price: $3.61
Upside: 30%
Expected Closing Date: TBD
Current Price: $0.48
Offer Price: $0.58
Upside: 22%
Expected Closing: Late 2022
Current Price: £0.52
Target Price: £1.25 – £3.00
Upside: 2x – 6x
Expiration Date: TBD
Current Price: $19.00
Offer Price: $29.00
Upside: 53%
Expiration Date: TBD
Current Discount: 50%
Target Discount: 0%
Upside: 100% (depending on hedging ratio used)
Expiration Date: TBD
Current Price: $148.12
Offer Price: $158.49
Upside: 7% or $1000 (for odd-lots)
Expiration Date: August 31
Current Price: £0.35
Offer Price: £0.39
Upside: 12%
Expected Closing Date: Nov’22
Current Price: $18.14
Offer Price: $17.90 (expected to be increased to $26)
Upside: expected +40%
Expiration Date: TBD (probably 6+ months)
Current Price: $0.265
Offer Price: $0.353 (in stock)
Upside: 33%
Expected Closing Date: H2 2022
Merger arb spreads are wide and there is a high number of opportunities now present in the straight-forward merger arbitrage space. Some of these have already been highlighted or posted on SSI. But to get a better picture, we have reviewed all US M&A deals with spreads of 10%+ (or close to it).
Current Price: $15.5
Expected Offer Price: $18 – $19
Upside: 15% – 20%
Expiration Date: TBD
Current Price: $0.91
Offer Price: $1.03
Upside: 13%
Expected Closing Date: Early Q3 2022
Current Price: $13.80
Offer Price: $12.89 (likely to be increased)
Upside: exp. up to 10%
Timeline: 2-3 months
Current Price: C$0.145
Offer Price: C$0.18
Upside: 26%
Expected Closing Date: July 2022
Current Price: $1.28
Offer Price: $1.55 (adj. by the ADS fee)
Upside: 20%+
Expected Closing Date: H2 2022
Current Price: A$4.47
Offer Price: A$5.65
Upside: 26%
Expected Closing: Aug’22
Current Price: $35.38
Offer Price: $38.00 (increase expected)
Upside: 6%+
Expiration Date: TBD
Current Price: $0.99
Offer Price: $1.15
Upside: 16%
Expiration Date: Q3 2022
Given the recent widening of the arbitrage spreads we have reassessed all of the U.S. listed large-cap arbitrages with 10%+ spreads and selected 6 of those situations for our large-cap M&A basket.
Current Price: $3.68
Target Price: $7+
Upside: 100%+
Expiration Date: TBD
Current Price: $4.13
Offer Price: $5.40
Upside: 31%
Expiration Date: mid-2022
Current Price: $29.6
Target Price: TBD
Upside: 30%
Expiration Date: Q1-Q2 2022
Current Price: $5.72
Target Price: TBD
Upside: TBD
Expiration Date: TBD
Current Price: $0.82
Offer Price: $1.65 (updated, see comment below)
Upside: 100%
Expiration Date: Q1 2029
Current Price: $6.2
Target Price: TBD
Upside: TBD
Expiration Date: Mid-2022
Current Premium: 20% (LTRPA at $2.01 and TRIP at $24.2)
Target Premium: -15%
Upside: 20%+ (depending on hedging ratio used)
Expiration Date: TBD
Current Price: $21.84
Offer Price: $24.65
Upside: 13%
Expected Closing Date: TBD
Current Price: C$2.82
Target Price: TBD
Upside: TBD
Expiration Date: February 2022
Current Price: A$3.46
Offer Price: A$3.36 (outbid expected)
Upside: TBD
Expiration Date: April 2022
Current Price: $60.16
Offer Price: $75+
Upside: 25%+
Expiration Date: Q1-Q2 2022
Current Price: C$1.99
Target Price: TBD
Upside: TBD
Expiration Date: April 2022
Current Price: $3.25
Offer Price: TBD (current at $3.32)
Upside: 60%+
Expiration Date: March 2022
Current Price: $3.92
Target Price: $6.00+
Upside: 50%+
Expiration Date: Q2-Q3 2022
Current Price: $0.45
Expected Price: $0
Upside: 100%
Expiration Date: 21st of January 2022
Current Price: $51
Expected Offer Price: $70 (updated offer $57.25)
Upside: 37%
Expected Closing: TBD
Current Price: $11.75
Net Asset Value: $17.0-$27.0
Upside: 45%+
Expiration Date: TBD
Current Price: £0.94
Target Price: £1.48
Upside: 60%
Expiration Date: Q1-Q2 2021
Current Price: A$0.335
Offer Price: A$0.356 + A$0.04 estimated for the spin-off
Upside: 18%+
Expiration Date: late January 2022
Current Price: $33.75
Target Price: $41.87
Upside: 24%
Expiration Date: Nov’21
Current Price: C$1.40
Offer Price: C$1.66
Upside: 19%
Expected Closing: Q1 2022
Current Price: $0.77 (CVR only)
Offer Price: $3.70
Upside: 380%
Expiration Date: December 2030
Current Price: C$8.43
Offer Price: C$9.30
Upside: 10%
Expiration Date: Dec’21/early 2022
Current Price: C$1.48
Offer Price: TBD
Upside: TBD
Expiration Date: Q1 2022
Current Price: $12.38 ($5.25 SSPCF + $7.13 for partial SPNT)
Offer Price: $13.73
Upside: 11%
Expiration Date: February 26th, 2023
Current Price: $25
Target Price: $30
Upside: 20%
Expiration Date: Q1 2022
Current Price: $24.78
Offer Price: $27.00
Upside: 9%
Expected Closing: Q4 2021/early 2022
Current Price: C$20.97
Target Price: C$30+
Upside: 50%
Expiration Date: Q1/Q2 2022
Current Price: $10.69
BV/Share: $22.56 (update: BV/Share = $31)
Upside: 111%
Expiration Date: TBD
Current Price: £3.10
Offer Price: £4.00 (could be increased)
Upside: 30%+
Expiration Date: Oct’21
Current Price: £0.33
Liquidation Value: £0.44
Upside: 33%+
Expiration Date: 2023
Current Price: €1.85
Target Price: €2.9+
Upside: 56%+
Expiration Date: TBD
Current Price: $20.33
Expected Offer: $24.00 (updated, see Nov comments)
Upside: 18% (expected)
Expiration Date: TBD
Current Price: $19.75
Liquidation Value: $27.36+
Upside: 39%+
Expiration date: TBD
Current Price: $130
Target Price: $105
Upside: 20%
Expiration Date: TBD
Venue to discuss pre-merger SPAC ideas.
Current Price: C$10.85
Offer Price: C$13.88
Upside: 28%
Expected Closing: Q4 2021
Offer Price: $2.68
Expected Offer Price: $4.00+ (current offer is $3.00/share)
Upside: 50%
Expiration Date: TBD
Current Price: $5.06
Target Price: $7.71
Upside: 50%
Expiration date: TBD
Current Price: C$1.31
Offer Price: C$1.53
Upside: 17%
Expected Closing: Q3 2021
Current Price: C$84.43
Offer Price: C$85 – C$98
Upside: C$1340 (if priced at the upper limit)
Expiration Date: 17th of August 2021
Current Price: £1.514
Offer Price: £1.50 (expected to be increased)
Upside: TBD
Expiration Date: TBD
Current Price: C$0.135
Offer Price: C$0.165
Upside: 22%
Expected Closing: September 2021
Current Price: $15.95
Target Price: $19.00+
Upside: 19%
Expiration Date: Q3/Q4 2021
Current Price: $37.85
Target Price: $30.00
Upside: 20%
Expiration Date: end of July 2021
Current Price: $25.8
Target Price: $33.5
Upside: 30%
Expiration Date: TBD
Current Price: $26.18
Target Price: $34.00
Upside: 30%+
Expiration date: Q4 2021 – Q1 2022
Current Price: $20.00
Target Price: $29.00
Upside: 45%
Expiration Date: TBD
Current Price: $19.69 (for hedged trade)
Target Price: $25 (for hedged trade)
Upside: 27%
Expiration date: June 2021
Current Price: $7.6
Expected Price: $0
Upside: 100%
Expected Closing: 18 June 2021
Current Price: $20.00
Offer Price: $22.76
Upside 14%
Expected Closing Date: Q4 2021
Current Price: $20.74
Offer Price: TBD
Upside: 10%+ (expected)
Expiration date: May 2021
Current Price: $1.14
Offer Price: $1.26
Upside: 10%
Expected Closing: late Q2/early Q3 2021
Current Price: €11.68
Offer Price: €11.66 (expected to be increased)
Upside: TBD
Expiration Date: TBD
Current Price: $17
Target Price: $33 (updated: $30)
Upside: 100%
Expiration Date: TBD
Current Price: C$0.33
Offer Price: C$0.37
Upside: 12%
Expiration date: early Q3 2021
Current Price: $25.82
Target Price: $200 (speculative)
Upside: 670% (speculative)
Expiration date: TBD
Current Price: $9.05
Offer Price: $10.30
Upside: 14%
Expected Closing: Q2 2021
Current Price: $1080
Target Price: $1400
Upside: 30%
Expiration date: H1 2021
Current Price: $5.48
Expected Price: $8.00
Upside: 46%
Expected Closing: TBD
Current Price: £0.552
Offer Price: £0.675 (updated to c. £0.725)
Upside: 22%
Expiration Date: TBD
Current Price: $17.42
Offer Price: $18.50+
Upside: 6%+
Expected Closing: TBD (potentially in two weeks)
Current Price: $24.45
Offer Price: $29.00
Upside: 19%
Expected Closing: H2 2021
Current Price: $0.21
Target Price: $0.70
Upside: 250%+
Expiration Date: 2025
Current Price: $22.11
Target Price: $72.00
Upside: Multibagger Potential
Expiration date: TBD
Current Price: A$1.51
Offer Price: A$1.75
Upside: 16% (+113% eventually realized)
Expected Closing: TBD
Current Price: C$0.74
Offer Price: C$0.94+
Upside: 27%+
Expected Closing: April/May 2021
Current Price: £1.39
Offer Price: £1.70
Upside: 22%
Expected Closing Date: TBD
Current Price: A$1.43
Target Price: A$1.71
Upside: 20%
Expected Closing: May 2021
Current Price: $6.40
Offer Price: $7.00+ (with potential increase)
Upside: 10%+
Expiration date: TBD
Current Price: $111.82
Target Price: $100
Upside: 10% (+40% eventually realized)
Expiration Date: 16th-17th February 2021
Current Price: $1.18
Offer Price: $1.34
Upside: 13%
Expected Closing: early Q2 2021
Current Price: £2.68
Offer Price: £3.05
Upside: 14%
Expected Closing Date: TBD (potentially 8th of March)
Current Price: £0.67
Offer Price: £0.78
Upside: 16%
Expected Closing: March 2021
Current Price: $2.56
Target Price: $3.7 (update: now materially higher)
Upside: 45%
Expiration Date: Q4 2020/Q1 2021
Current Price: $15
Target Price: $30 (speculative)
Upside: 100%+ (speculative)
Expiration Date: TBD
Current Price: $2.07
Offer Price: TBD
Upside: TBD
Expiration date: TBD
Current Price: $0.95
Offer Price: $1.09
Upside: 15%
Expected Closing: end of Q1 2021
Current Price: A$1.30
Current Offer: A$1.26 (higher bid expected)
Upside: TBD
Expiration Date: TBD
Current Price: $77.88
Offer Price: $81.89
Upside: $400 (for 99 shares)
Expiration Date: 29th January
Current Price: $0.35
Expected Price: $2.75
Upside: 660%
Expiration Date: H2 2022
Current Price – $0.22
Potential Recovery – up to $1.43
Upside – up to 650%
Expiration Date – TBD
Current Price: $0.88
Target Price: $2.00 (activist estimate, speculative)
Upside: 104%
Expiration Date: TBD
Current Price: $0.285
Intrinsic Value: $0.86
Upside: 200%
Expiration date: 5th January 2021
Current Price: $15.96
Target Price: $12.50
Upside: 20%
Expiration Date: January 2022
Current Price: $10.06
Offer Price: $10.00 – $12.00
Upside: 19%
Expiration Date: 10th December
Current Price: $11.07
Offer Price: $13.73
Upside: 24%
Final Payment: Q1 2023
Current Price: $1.75
Offer Price: $2.035
Upside: 16%
Expected Closing: Q4 2020
Current Price: £2.04
Offer Price: £2.50
Upside: 22%
Expected Closing: TBD
Current Price: $3.90
Target Price: $6.00+
Upside: 50%+
Expiration Date: TBD
Current Price: $5.42
Offer Price: $10.0
Upside: 80%
Expiration Date: Q4 2020
Current Price: $1.05
Offer Price: $1.48
Upside: $450 (for odd-lots)
Expected Closing: late Q3 / early Q4
Current Price: A$1.07
Current NAV: A$1.18 (post-tax)
Upside: 10%
Expiration Date: Q1 2021
Current Price: $23.69
Offer Price: $22.50 – $26.50
Upside: $280 (for 99 shares if priced at the upper limit)
Expiration Date: 14th of October
Current Price – C$2.38
Liquidation Value – C$3.12+
Upside – 32%+
Expiration Date – TBD
Current Price: $12.65
Offer Price: $12.00 in cash + $2.00 CVR
Upside: 11% full investment or 200% on CVR investment
Expected Closing: Q4 2020
Current price: €7.21
Offer price: €9.85 (updated offer €7.53)
Upside: 37%
Expected closing: H2 2020
Current Price: $3.32
Offer Price: $4.15
Upside: 25%
Expected Timeline: end of 2020
Current Price: $11.11
Offer Price: $16.50
Upside: 50%
Expected Closing Date: 2020
Current Price: $0.50
Offer Price: $0.605
Upside: 21%
Expiration Date: 24th of August 2020
Current Price: £7.42
Offer Price: £9.00
Upside: 21%
Expected Close: TBD
Current Price: £0.675
Offer Price: £0.741 (in CGEO.L shares)
Upside: 10%
Expiration Date: 28th of August
Current Price: $10.96
Offer Price: $12.00
Upside: $102 (for odd-lot accounts)
Expiration Date: 12th of August
Current Price: $10.97
Offer Price: $12.00
Upside: 9%
Expiration Date: 28th of August
Current price: C$1.56
Offer price: C$1.75
Upside: 13%
Expected closing: October 2020
Current price: $2.97
Offer price: $3.25
Upside: 9.5%
Expected Closing: end of July, 2020
Current Price: $2.88
Offer Price: $6.00
Upside: 110%
Expected Closing: TBD
Current Price: NZ$4.62
Offer Price: NZ$7.00
Upside: 52%
Expected Closing: TBD
Current Price: $34.52 (warrant price + exercise price)
Estimated Return: $43.65
Upside: 26%
Exercise Date: 6th of July, 2020
Current Price: $191
Net Asset Value: $246
Upside: 30%
Expiration Date: Late Q2 2020
Current Price: £0.60
Book Value: £0.79 – £0.83
Upside: 39%
Expiration Date: TBD
Investing reasons behind the sharp share price runup.
Current Price: H$1.68
Potential Takeover Price: H$2.00
Upside: 20%
Expiration Date: TBD
Current Price –$194.12
Offer Price – $215.69
Upside – 11% or $2100 for Odd Lot holders
Expiration date – 2nd of June, 2020
Current Price: $28.5
Offer Price: $32.2
Upside: 13%
Expected Closing: H2 2020
Current Price: $1.11
Offer Price: $1.25
Upside: 13%
Expected Closing: 26th of May, 2020
Current Price: $10.97
Offer Price: $12.55
Upside: 14%
Expected Closing Date: Q3 2020
Current Price: $1.65
Offer Price: $2.08
Upside: 26%
Expected Closing Date: Q2 2020
Current price: $10.02
Offer Price: $10.75
Upside: 7.5%
Expiration Date: TBD
Current price: $4.37
Cash-out Price: $4.72
Upside: 8%
Expiration Date: expected in Q2 2020
Current Price: 11p
Offer Price: 15.5p
Upside: 40%
Expiration Date: expected in H1 2020
Current Price: $15.82
Offer Price: $22.45/share
Upside: 42%
Expected Closing: Q2 2020
Current Discount: 38%
Average Discount: 28%
Upside: 10%
Expiration Date: TBD
Current Price –$163
Offer Price – $175
Upside – 7.53% or $1200 for Odd Lot holders
Expiration date – 9th of March, 2020
Current Price –$142.99
Offer Price – $153.76
Upside – 7.53% or $1050 for Odd Lot holders
Expiration date – 13th of December, 2019
Current price: €12.98
Cash-Out Price: TBD
Upside: 10% expected
Expiration Date: Q4 2020 or earlier
Current Price: €34.9
Expected Bid: €37+
Upside: 6%+
Expiration Date: TBD
Current Price: €14.60
Expected Offer: €15.30
Upside: 5%+
Court Decision Date: 24th March 2020
Current Price: $4.88
Estimated Value: $5.25
Upside: 8% Upside
Expiration Date: TBD
Current price: $19.59
Cash-Out Price: $30
Upside: 50%
Expiration Date: expected in Jan 2020
Current price: $8.52
Expected Takeover Price: $7.5
Upside: 12%
Renegotiation date: TBD
Current Price: $40.99
Offer: $56.13
Upside: 37%
Expiration Date: TBD
Current price: $23.5
Estimated Price: $27
Upside: 15%
Expiration Date: TBD
Current Price: $13.85
Merger Consideration: $15.1
Upside: 9%
Expected Closing Date: Q3 2020
Today I am introducing a new section on SSI: Quick Ideas.
Current price: C$32.73
Tender Price: C$34.15 – C$37.25
Upside: 4% – 13%
Expiration Date: 15th of Jan, 2020
Current Price – $2.81
Merger Consideration – $3.55+
Upside – 25%+
Expiration date – TBD
Current price: $1.30
Merger Consideration: $1.45
Upside: 11%
Expiration Date: 12th Dec 2019
Price: $8.43
Expected Liquidation: $8.50 – $9.35
Upside: 1% – 11%
Expiration date: Q3 – Q4 2019
Current Price: £1.98
Estimated Value: £2.24
Upside: 13% Upside
Expiration Date: TBD
Current Price: $13.89
Tender Price: $15.00
Upside: 8% Upside (or $110 for odd lot holders)
Expiration Date: 6th Of Dec, 2019
Current Price: $8.02
Tender Price: $8.73
Upside: 5% – 9%
Expiration Date: 31st of Oct, 2019
Current price: $21.45
Cash Out Price: $30.00
Upside: $850 (for odd-lots)
Expiration Date: TDB
Current Price: $3.34
Tender Price: $3.55
Upside: 6% Upside
Expiration Date: 4th Oct, 2019
Price: €34.7
Offer Price: €38.5
Upside: 11%
Expiration date: TBD
Current Price – $5.05
Merger Consideration – $6.08
Upside – 20%
Expiration Date – TBD
Current Price – C$2.40
Liquidation Value – C$2.89+
Upside – 20%+
Expiration Date – TBD
Current Price – C$0.94
Cash-out Price – C$1.00
Upside – 7%
Expiration Date – Oct 2018
Current Price – $0.5
Merger Consideration – $0.6
Upside – 20%
Expiration Date – Q1 2019
Current Price –$122.5
Offer Price – $131.7
Upside – 7.5% or $900 for Odd Lot holders
Expiration date – 8th of March, 2019
Current Price – $13.22
Merger Consideration – $13.5 and competing big at $14.5
Upside – 9%+
Expiration Date – Q3 2018
2018 has been a fantastic year for SSI.
Current Price – SEK35.5
Buyout Consideration – SEK40+ (expected)
Upside – 10%+ (expected)
Expiration Date – Q4 2018 / Q1 2019 (expected)
Current Price – $10.15
Acquisition Price – $10.62+ $0.13 CVR
Upside – 6%
Expiration Date – Jan 2019
Current Price – $1.51
Merger Consideration – $1.72
Upside – 14%
Expiration Date – Q4 2018
Current Price – $16.05
Merger Consideration – $19 – $20
Upside – 15% – 20%
Expiration Date – TBD
Current Price – A$0.135
Acquisition Price – A$0.15
Upside – 11%
Expiration Date – Nov 26th 2018
Current Price – A$0.705
Merger Consideration – A$0.85
Upside – 20%
Expiration Date –August/September 2018
Current Price – $92
Expected Price – $105+
Upside – 10%+
Expiration Date – Dec 2018 (or Q1 2019)
Current Price – €173.4
Price of Tendered Shares – €189.9
Upside – 9.5%
Expiration Date – 24th Oct 2018
Current Price – $14.69
Going Private Offer – $18.47
Upside – 26%
Expiration Date – TBD
Current Price – $7.81
Merger Consideration – $9.10
Upside – 16.5%
Expiration Date – 10th Oct, 2018
Current Price – $11.6
Merger Consideration – $12-$14
Upside – 5%-20%
Expiration Date – TBD
Current Price – £0.204
Merger Consideration – £0.237
Upside – 16%
Expiration Date – 13th of September, 2018
Current Price – $26
Merger Consideration – $28
Upside – 8% ($200 for odd lot holders)
Expiration Date – October 15th, 2018
Current Price – $0.94
Merger Consideration – $0.977
Upside – 4%
Expiration Date – October 4th, 2018
Current Price – $69.75
Acquisition Price – $74.26+
Upside – 6.5%+
Expiration Date – H2 2018
Current Price – NZD1.16
Merger Consideration – NZD1.23 + NZD0.04 in dividends
Upside – 10%
Expiration Date –August 25th, 2018
Current Price – $1.2
Merger Consideration – $1.27
Upside – 6%
Expiration Date –TBD
Current Price – C$13.65
Merger Consideration – C$14.75
Upside – 8%
Expiration Date – expected by Q4 2018
Current Price – $0.485
Liquidation Value – $0.54
Upside – 11%+
Expiration Date – Q3 2018
Current Price – $12.54
Expected Price – $12.9+
Upside – 3%+
Expiration Date – Expected Q3 2018
Current Price – $34.57
Merger Consideration – $36.28
Upside – 5%
Expiration Date – 6th of September
Current Price – $4.52
Merger Consideration – $4.46 + $2.63 in CVR
Upside – 60% if CVR pays out
Expiration Date – Q3 2018
Current Price – $0.035
Expected Liquidation Distribution – $0.06-$0.07
Upside – 100%
Expiration Date – TBD
Current Price – $18.65
Offer Price – TBD
Upside – TBD
Expiration Date – TBD
Current Price – $11.8
Tender Consideration – $13.25
Upside – 12%
Expiration Date – August 9, 2018
Current Price – $5.5
Expected Price – $6.7
Upside – 20%
Expiration Date – TBD
Current Price – $3.56
Tender Price – $3.90 (Intrinsic Value – $5.6)
Upside – 10%-55%
Expiration Date – TBD
Current Price – $80.17
Exchange Value – $81.68
Upside – 1.9%
Expiration Date – 11th July 2018
Current Price – $10.63
Tender Price – $10.2 – $11.72
Upside – 10% (if priced at the upper limit)
Expiration Date – September 6th, 2018
Current Price – $20.25
Acquisition Price – $21.73
Upside – 7.6%
Expiration Date – Q3 2018
Current Price – $0.40
Intrinsic Value – $0.55
Upside – 37%
Expiration Date – July 18, 2018
Current Price – $22.7
Exchange Value – $24.36
Upside – 7%
Expiration Date – expected July/August 2018
Current Price – $107.37
Merger Consideration – $127.5
Upside – 19%
Expiration Date – Q3 2018
Current Price – $2.46
Merger Consideration – $2.57
Upside – 5%
Expiration Date – 12th July, 2018
Current Price – HK$10.44
Tender Consideration – H$11.78 + HK$0.39 in dividends
Upside – 16.5%
Expiration Date – 6th July, 2018
Current Price – $119
Merger Consideration – $103.75 + KDP Stub
Upside – 8%
Expiration Date – Jul 2018
Current Price – $669
Odd Lot Cash Out – $689
Upside – 3% or $5,000 for odd lots
Expiration Date – TBD
Current Price – $630
Merger Consideration – $669
Upside – 6%+
Expiration Date – Q3 2018
Current Price – $10.2
Merger Consideration – $11.6+
Upside – 14%+
Expiration Date – Aug, 2018
Current Price – $8.3
Buyout Price – $8.71
Upside – 5%
Expiration Date – H1 2018
Current Price – $0.125
Post Reverse Split Price – $15
Upside – $15
Expiration Date – TBD
Current Price – $8.83
Expected Tender Price – $9.38
Upside – 6% (assuming constant NAV)
Expiration Date – June 19, 2018
Please vote for May’s best idea.
Current Price – $40.9
Target Price – $47 (assuming discount to SIRI reverts to historical 20%)
Upside – 10%+
Expiration Date – TBD
Current Price – C$0.95
Merger Consideration – C$0.90 + C$0.45 Earnout
Upside – 45%
Expiration Date – 30th of May, 2018
Current Price – C$0.96
Acquisition Price – C$1.17
Upside – 22%
Expiration Date – May 2018
Current Price – $8.10
Buyout Offer – $13.00
Upside – 60%
Expiration Date – TBD
Current Price – C$0.075
Merger Consideration – C$0.156
Upside – 100%
Expiration Date – TBD
Current Price – $0.56
Acquisition Price – $0.6
Upside – 7%
Expiration Date – Q2 2018
Current Price – A$1.21
Acquisition Price – A$1.69
Upside – 40%
Expiration Date – Q2 2018
Current Price – $8.10
Tender Price – $8.05 – $9.00
Upside from Shorting – 30%
Expiration Date – 16th of April 2018
Please vote for April’s best idea.
Current Price – $102
Tender Price – $99 – $114
Upside – 12% or $1200
Expiration Date – 29th of May 2018
Current Price – $12.8
Tender Price – TBD
Upside – 8% – 23%
Expiration Date – May 2018
Current Price – $95.4
Tender Price – TBD
Upside – TBD
Expiration Date – Q2 2018
Current Price – $1.29
Acquisition Price – $1.67
Upside – 30%
Expiration Date – TBD
Current Price – $53
Tender Price – $50 – $56
Upside – 6% or $300
Expiration Date – 23rd of May 2018
Current Price – $156
Tender Price – $150 – $170
Upside – 9% or $1400
Expiration Date – 23rd of May 2018
Please vote for March best idea.
Current Price – $13.45
Expected Payout – $14.41
Upside – 7%
Expiration Date – mid 2018
Current Price – C$3.00
Merger Consideration – C$3.22 (in stock)
Upside – 7.2%
Expiration Date – April 9, 2018
Current Price – C$23.4
Offer Price – C$24
Upside – 2.5% or C$60 for odd lot holders
Expiration Date – May 3, 2018
Current Price – $0.50
Expectect Payout – $0.60 – $0.70
Upside – 20%-30%
Expiration Date – Q1 2018
Current Price – $11.61
Offer Price – $12.36
Upside – 6.5% or $80 for odd lot holders
Expiration Date – 13th of April, 2018
Current Price – A$0.25
Tender Price – A$0.30
Upside – A$85 for odd-lots up to 1666 shares
Expiration Date – 2nd of March, 2018
Current Price – C$2.19
Buyout Offer – C$2.61
Upside – 20%
Expiration Date – March 8, 2018
Current Price – A$0.96
Merger Consideration – A$1.00
Upside – 4%
Expiration Date – April 9, 2018 (expected)
Current Price – $20.98
Buyout Price – $24
Upside – 14%
Expiration Date – TBD (currently unsolicited offer only)
Current Price – £1.7
Merger Consideration – £1.68+CVR
Upside – CVR worth up to £0.428
Expiration Date – End of March or early April
Current Price – $3.43
Expected Payout – $3.425 (consideration) + $0.05 (normal FY18 dividend) + $0.27 (potential value of franking credits to certain Australian investors)
Upside – 1%-9%
Expiration Date – Q2/Q3 2018
Current Price – C$8.04
Buyout Offer – C$8.10 + dividend C$0.026
Upside – 1.2%
Expiration Date – Q2 2018
Current Price – $0.58
Unaffected share price – $0.7 – $0.8
Upside – 18%-30%
Expiration Date – TBD
Current Price – $1.37
Buyout offer – $2.66
Upside – 94%
Expiration Date – TBD (currently unsolicited offer only)
Current Price – €18.76
Expected Payout – TBD
Upside – 5%+ (expected)
Expiration Date – Q1 2018
Detailed info on the newly started monthly contest
Current Price – $3.8
Tender Price – $3.75 – $4.25
Upside – 12% or $45
Expiration Date – 9th of March 2018
Current Price – $7.78
Offer Price – $8.08
Upside – 4%
Expiration Date – 31 Dec, 2017 (might be extended)
Current Price – $0.42
Offer Price – $0.52-$0.6
Upside – 24% – 43%
Expiration Date – 12th of December, 2017
Current Price – $6.43
Potential Recovery – $6.73
Upside – $31 for odd-lots
Expiration Date – 30th of November 2017
Current Price – $13.41
Offer Price – $13.69
Upside – 2% or $25 for odd lot holders
Expiration Date – 21st of November, 2017
Current Price – $248
Tender Price – $230 – $265
Upside – 7% ($1700 for odd-lots if priced at the upper limit)
Expiration Date – 7th of Feb 2018
Current Price – 28.37p
Expected Proceeds – 43p (current NAV)
Upside – 53%
Expiration Date – TBD (expected in H2 2018)
Introducing new Member Ideas section.
Current Price – $0.31
Expected Price – $0.0
Upside – 100%
Expiration Date – Jan 31st, 2018
Full review of SSI performance during 2017.
Current Price – $4.59
Expected Payout – $4.86
Upside – 6%
Expiration Date – Q1 2018
Current Price – $59.5
Offer Price – $58 – $64
Upside – 7.5% or $450 for odd lot holders if priced at the upper limit
Expiration Date – 24th of October, 2017
Current Price – $11.72
Buyout Price – $11.44+CVR (valued at $0.84-$1.00)
Upside – 200%
Expiration Date – Q4 2017
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
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
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.
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.
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 to lock in the arbitrage profits (although this was never a sure thing, as arbitrage profits are dependent on the average trading price over the last 5 days). With a number of articles posted on SA the trade likely became quite popular and caused downward pressure on the UTG share price, which declined from $35 to $31 over the last couple of weeks.
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.
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.
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.
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.
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.
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 buy-out the remaining public shareholders at the same price or at a premium to the tender price (although agreement was reached that IEP will not increase its ownership stake beyond 95% for the next two years).
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.
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.
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 to FRED in order to satisfy FTC requirements. As before the key concern/risk is FTC rejection of the transaction.
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 risk free money.
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.
Updates on recent investment ideas
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.
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.
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) in the short term.
Current Price –$11.2
Offer Price – $11.5 – $12.17
Upside – 8.5%
Expiration Date – 3rd of May, 2017 (expected)
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 extremely difficult to value, but recent events caught my attention.
Updates on recent investment ideas
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.
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.
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 (I consider the later to be unlikely).
Updates on recent investment ideas
Current Price –C$3.77
Offer Price – C$4
Upside – 6% (C$23 for odd lot holders)
Expiration Date – 20th of Jan 2017 (extended to 3rd of Feb, 2017)
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.
Current Price –$5.29
Offer Price – $5.56 (depends on NAV)
Upside – 5%
Expiration Date – 9th of Jan 2017
Current Price – $6.50
Offer Price – $6.50 – $6.70
Upside – 3.1% or $20 for Odd Lot holders (if upper pricing is used)
Downside – $0
Expiration date – August 6, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Trading Strategy:
Buy 99 shares of GSIT
Current Price – $16.29
Offer Price – $15.5 – $17.75
Upside – 9% or $140 (if the upper pricing limit is used)
Expiration date – 12 January 2016
Summary:
We are offering to purchase up to $35,000,000 in value of shares in the Offer. On the terms and subject to
Current Price – $10.11
Offer Price – $9 – $10
Upside – no upside currently
Expiration date – 19 January 2016
Summary:
New Senior Investment Group Inc is offering to purchase for cash up to $30,000,000 of shares of its common stock, par value $0.01 per share, pursuant to auction tenders
Current Price – $2.4
Offer Price – $2.5 – $2.7
Upside – 12.5.% (if the upper pricing limit is used)
Expiration date – 18 September 2014
There is no provision for odd-lots
Summary:
Actions Semiconductor Co is offering to purchase for cash up to 60,000,000 of its ordinary shares, $0.000001 par value
Current Price – Eur 27.27
Offer Price – Eur 35
Upside – 28%
Expiration date – 20 January 2016
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%
Current Price – $3.75/warrant, $11.13/share
Offer – 1 warrant to 0.33 common shares.
Upside – 1%
Expiration date – 11 September 2014
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
Current Price – 7.55
Offer Price – 8.22
Upside – 9% ($134 guaranteed return for odd lots)
Odd lots – shareholders who own less than 200 shares will be bought out on priority basis.
Expiration date (to tender shares) – 11 February 2016
This is a hostile tender offer carried out by ASX,
Current Price – $124.97
Offer Price – $125.54
Upside – 0.5% or $56
Expiration date – October 20, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Credit Acceptance Corporation, a Michigan corporation, is offering to purchase up to 995,698 shares of its common stock, par value $0.01 per
Current Price – $1.24
Offer Price – $1.20
Upside – no upside currently
Expiration date – 3 Nov 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Rand Worldwide, Inc. (OTCBB: RWWI), a global provider of technology solutions to organizations with engineering design and information technology requirements, announced today
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
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,
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.
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
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.
Current Price – $23.35
Offer Price – $21.5 – $24.5
Upside – 4.9% or $114 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 1 December 2014
Condition – Offer is conditioned on the sale of Chemtura AgroSolutions (expected to be closed in time)
Summary:
We
Current Price – $33.13
Offer Price – $30.5 – $34.5
Upside – 4.1% or $136 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 2 December 2014
Summary:
We are conducting an offer by means of a procedure commonly called a “modified Dutch auction.” We are
Current Price – $3.64
Offer Price – $3.25 – $3.75
Upside – 3% or $11 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 3 December 2014
Summary:
MCG Capital Corporation hereby offers to purchase for cash up to $75.0 million of shares of its issued and
Current Price –$0.55
Offer Price – $0.8
Upside – 50% ($250 for holders of less than 1000 shares)
Expiration Date – TBD
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
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.
Current Price – $13.15
Offer Price – $12.5 – $14.5
Upside – 10% or $133 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 10 December 2014
Summary:
Bravo Brio Restaurant Group, Inc., is offering to purchase for cash its common shares pursuant to (i) auction
Current Price – $0.2
Offer Price – $0.5 (for holders of less than 200 shares)
Upside – 150% or $60 for holders of 199 shares
Expiration date – TBD
Quick note. SNR share price has declined (currently $8.65) and the tender is current profitable even at lower limit ($9). Check with your broker if you are still able to submit the shares today.
Cimetrix announced changed of terms for going private transactions.
Owners of less than 10,000 (previously 20,000) shares will be cashed out upon consummation of the transaction.
Current Price – $0.57;
Offer Price – $0.73 (for holders of up to 249 shares);
Upside – $40 (for holders of up 249 shares);
Expiration date – TBD (expected by the end of Feb);
Current Price – $18.15
Offer Price – $16.5 – $18.5
Upside – 2% or $35 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 7 January 2015
Summary:
Tucows Inc., a Pennsylvania corporation, is offering to purchase for cash shares of its common stock at a
Current Price –$0.48;
Expected pay-off – $0.57;
Upside – 19%;
Expiration Date – October 17, 2016
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
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
Summary:
We are conducting this Offer by means of a procedure commonly called a modified “Dutch auction”. We are
Current Price –$2.02;
Expected pay-off – $2.49;
Upside – 24%;
Expiration Date – TBD (shareholder vote on 10th of November, 2016)
Current Price – C$4.28
Offer Price – C$4.2 – C$4.6
Upside – 7.5% or $32 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 13 February 2015
Summary:
We are conducting the Offer through a procedure commonly called a “modified Dutch Auction”. This procedure allows you
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
Current Price – $4.36
Offer Price – $4.25 – $4.75
Upside – potentially 9% or $40 (if the upper pricing limit is used)
Expiration date – 4 March 2016
No proration for odd lot holders
Summary:
Fortress Investment Group LLC, is offering to purchase for cash up to $100,000,000 of its Class A
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
Current Price –$2.76
Offer price – $3.45
Upside – 25%
Expiration date – TBD (likely sometime in Nov, 2016)
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
Current Price – $14.9
Offer Price – $14.6 – $15.6
Upside – 5% or $70 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 13 March 2015
Summary:
Nicholas Financial, Inc., a British Columbia, Canada corporation (the “Company”), invites its shareholders to tender up to $70.0 million
Current Price – $57.24
Offer Price – $54.75 – 58.5
Upside – 2.2% or $125 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 10 March 2015
Summary:
Silgan Holdings Inc., a Delaware corporation, is offering to purchase up to 3,652,968 shares of its outstanding common
Current Price – $18.88
Offer Price – $18.00- $19.75
Upside – potentially 5% or $90 (if the upper pricing limit is used)
Expiration date – 21 March 2016
No proration for odd lot holders
Summary:
We are conducting the tender offer through a procedure commonly called a modified “Dutch Auction.” This procedure
Current Price – $14.5
Offer Price – $14.3 – $15.4
Upside – 6.2% or $90 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 20 March 2015
Summary:
FNF invites its stockholders to tender some or all of their Shares for purchase by us. Upon the
Current Price – $0.2;
Offer Price – $0.3 (for holders of up to 199 shares);
Upside – $20 (for holders of up 199 shares);
Expiration date – TBD (shareholder meeting to be held on 21st of March);
Current Price – $22.8
Offer Price – $21 – $23.5
Upside – 3% or $70 ( for odd lot holders, if the upper pricing limit is used)
Expiration date – 9 April 2015
Summary:
We are conducting the Offer by means of a procedure commonly called a “modified Dutch auction.” Upon the
Current Price – $0.008;
Offer Price – $0.04 (for holders of up to 2499 shares);
Upside – $80 or 400% (for holders of up 2499 shares);
Expiration date – TBD;
Current Price – $50.8
Offer Price – $45.5 – $52.25
Upside – 3% or $170 (if upper pricing limit is used)
Expiration date – 15 November 2016 (Q3 results on the 26th of October)
Current Price – $515
Expectect Payout – $531-548
Upside – 3%-6%
Expiration Date – Q1 2018
Current Price – $3,7
Offer Price – $3,3- $4,0
Upside – potentially 10% or $30 (if the upper pricing limit is used)
Expiration date – 7 April 2016
Current Price – $3.61
Offer Price – $4
Upside – 11% or $39 ( for odd lot holders)
Expiration date – 15 April 2015
Summary:
We are offering to purchase your shares at a price of $4.00 per share. We are offering to purchase 750,000 shares validly tendered in the tender offer, or such
Current Price – $3,43
Offer Price – $3,2- $3,6
Upside – potentially 5% or $17 (if the upper pricing limit is used)
Expiration date – 11 April 2016
Current Price – $43.41
Offer Price – $39- $42
Upside – no upside currently (opportunity might appear before offer expiration)
Expiration date – 23 April 2015
Summary:
SL Industries, Inc., a Delaware corporation (the “Company,” “we,” “our” or “us”), is offering to purchase for cash up to 512,820 shares of its common stock, par
HCG is listed in Canada and all prices below are in Canadian dollars.
Current Price – $36,11
Offer Price – $34- $38
Upside – potentially 10% or $180 (if the upper pricing limit is used)
Expiration date – 15 April 2016
Current Price –$100.52
Offer price – $109
Upside – 8.5%
Expiration date – 4th November 2016
Current Price – $22.21
Offer Price – $23
Upside – 3.5% or $78 ( for odd lot holders)
Expiration date – 20 March 2015
Summary:
First Real Estate Investment Trust of New Jersey, an equity real estate investment trust organized under the laws of the State of New Jersey (the “Company,” “we”
Current Price – $2.66
Offer Price – $2.4 – $2.75
Upside – 3.4% or $10 (opportunity might improve before the offer expires)
Expiration date – 29 April 2015
Summary:
We will purchase up to $50 million in value of ADSs in the Offer or such lower amount equal to the value of
Current Price –$81.68
Offer Price – $88.63
Upside – 8.5% or $690 for Odd Lot holders
Expiration date – 25th of September, 2018
Current Price – $12;
Offer Price – $12.75 (for record holders of up to 299 shares);
Upside – $225 or 6% (for record holders holders of up 299 shares);
Expiration date – TBD (shareholder meeting date not yet set);
Current Price – $14.51
Offer Price – $13.5 – $16.0
Upside – 10% or $150 (if upper pricing limit is used)
Expiration date – 15 November 2016
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
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
Current Price – $2.95
Offer Price – $2.55 – $3.00
Upside – $5 (opportunity might improve before the offer expires as stock is volatile on a daily basis)
Expiration date – 19 May 2015
Summary:
Intelligent Systems Corporation, a Georgia corporation, is offering to purchase for cash by means of a “modified
Current Price – $36.29
Offer Price – $35.63
Upside –no upside currently
Expiration date – 25 April 2016
Current Price – $29.11
Offer Price – $107.52 stock of Zoetis for $100 stock of Pfizer
Potential Gain – 7.5% or $217 for Odd Lots
Expiration date – June 19, 2013
Current Price – $10.9
Offer Price – $12.25 – $13.00
Potential Gain – 19% or $208 for Odd Lot holders
Expiration date – August 8, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Cole Real Estate Investments, Inc., a Maryland corporation formerly known as Cole Credit Property
Current Price – $10.01
Offer Price – $9.5 – $10.25
Upside – potentially 2.5% or $24 (if the upper pricing limit is used)
Expiration date – 12 May 2016
Current Price – $13.85
Offer Price – $12 – $14
Potential Gain – 1.1% or $15 for Odd Lot holders
Expiration date – July 15, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Geeknet, Inc., a Delaware corporation (“we,” “us,” “our” or the “Company”),
Current Price – $3.4
Offer Price – $3.7
Upside – 9%
Expiration date – 28 October 2016
Current Price – BAX $43.32, BXLT $41.38;
Offer Price – $1.0752 stock of BXLT for $1 stock of BAX (subject to upper limit of 1.4026 BXLT shares per share of BAX);
Upside – 7.5% or $320 for Odd Lot holders;
Expiration date – May 18, 2016;
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
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.
Current Price – $45.98
Offer Price – $42.5 – $48.5
Potential Gain – 5.5% or $250 for Odd Lot holders (if the upper pricing limit is used)
Expiration date – August 22, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Halliburton Company is offering to purchase
Current Price – $13.10
Offer Price – $12 – $14
Upside – 7% or $90 (if upper pricing limit is used)
Expiration date – TBD (likely around 7th of December)
Current Price – $31.95
Offer Price – $34
Potential Gain – 6.5% or $203 for Odd Lot holders
Expiration date – September 4, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
WebMD Health Corp., a Delaware corporation, is offering to purchase up to 5,000,000 shares of
Current Price – $150.17
Offer Price – $142 – $160
Upside – potentially 5.5% or $990 (if the upper pricing limit is used)
Expiration date – 8 June 2016
Current Price –$13.6
Expected pay-off – $14.01 (TBD on the 6 December 2016)
Upside – 3%
Expiration Date – 22 November 2016
Current Price – $80.41;
Offer Price – $73 – $82.5;
Upside – potentially 2.6% or $207 (if the upper pricing limit is used);
Expiration date – 8 June 2016;
Current Price – $31.12
Offer Price – $29 – $32
Upside – 3% or $87 (for odd lot holders if upper pricing limit is used)
Expiration date – 22 May 2015
Summary:
AAR CORP., a Delaware corporation, is offering to purchase for cash by means of a “modified Dutch auction” shares of its
Current Price – $22.44
Offer Price – $22.00 – $25.00
Potential Gain – 11.4% or $253 for Odd Lot holders (if priced at the upper limit)
Expiration date – November 8, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Columbia Property Trust, Inc., a Maryland corporation
Current Price – $7.87
Offer Price – $7.75
Upside – N/A
Expiration date – 8 June 2016
Current Price – $12.24
Offer Price – $11.7 – $13.3
Upside – 9% or $105 (for odd lot holders if upper pricing limit is used)
Expiration date – 1 June 2015
Summary:
Celestica Inc. invites the holders of its subordinate voting shares to tender, for purchase and cancellation by the Corporation, up to US$350,000,000 in
Current Price – $17.72
Offer Price – $19.5
Potential Gain – 10% or $176 for Odd Lot holders
Expiration date – December 11, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Bridgepoint Education, Inc., a Delaware corporation, is offering to purchase up to 10,250,000 shares of our
A quick update
Exchange rate for BAX/BXLT split off transaction (see here for further info) has been determined at 1.1591. To lock in profit from this transaction one needs to buy 99 BAX, short sell 115 BXLT and then tender BAX shares till tomorrow (18th of May).
Current Price – $95.77
Offer Price – $84.5 – $97.5
Potential Gain – 1.8% gain if the offer is priced at the upper limit. Otherwise a loss
Expiration date – August 8, 2013
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Taro Pharmaceutical Industries Ltd., a company
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
Current Price –$9.4
Expected pay-off – $12.5 – $15
Upside – 30% – 50%
Expiration Date – Liquidation expected to be completed in 12 months
Current Price – $8.81
Offer Price – $8.50 – $9.25
Potential Gain – 5% or $43 for Odd Lot holders (if the offer is priced at the upper limit)
Expiration date – February 11, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
The Wendy’s Company, a
Current Price – $71.02
Offer Price – $66.82 – $76.32
Upside – 7.5% or $524 for Odd Lot holders
Downside – 6% or -$416 for Odd Lot holders
Expiration date – March 7, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
We will purchase up to
Current Price – $13.48
Offer Price – $13.5 – $14
Upside – 3.7% or $50 (for odd lot holders if upper pricing limit is used)
Expiration date – 2 June 2015
Summary:
KCG Holdings, Inc. is offering to purchase for cash up to $330,000,000 of shares of our Class A Common Stock, par value
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.
Current Price – $5.19
Offer Price – $5.5
Upside – 6% or $31
Expiration date – 29 May 2015
Current Price – $62.36
Offer Price – $57.75 – $66.50
Upside – 6.6% or $410 for Odd Lot holders
Downside – 7.4% or -$456 for Odd Lot holders
Expiration date – March 10, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Helen of Troy Limited, a
Current Price – $7.55
Offer Price – $7.75
Upside – $12 or 1.5%
Expiration date – 27 June 2016
Current Price – $53.56
Offer Price – $55
Upside – 2.7% or $140
Expiration date – TBD (likely mid Dec 2016)
Current Price – $127.73
Offer Price – $125.58
Upside – no upside currently
Expiration date – June 16, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Credit Acceptance Corporation, a Michigan corporation, is offering to purchase up to 915,750 shares of its common stock, par value $0.01 per
Current Price – $0.03
Offer Price – $0.05 (for holders of up to 3.38m shares)
Upside – 67%
Expiration date – TBD
Current Price – $6.26
Offer Price – $6.25 – $6.75
Upside – 7.9% or $49 (for odd lot holders if upper pricing limit is used)
Expiration date – 15 June 2015
Summary:
We are offering to purchase Shares in the Offer up to an aggregate purchase price of $45 million. Upon the
Bet on higher takeover price from AMC
Current Price – $17.30
Offer Price – $16.5 – $18.00
Upside – 4% or $69 for Odd Lot holders
Downside – 4.6% or -$79 for Odd Lot holders
Expiration date – April 2, 2014
Odd Lot holders (less than 100 shares) are not subject to proration
Summary:
Genpact Limited, a Bermuda Company, invites
Current Price – $2.70
Offer Price – $3.02
Upside – 12%
Expiration Date – TBD
Current Price – $17.99
Offer Price – $19 – $21
Upside – 16.7% or $300 (for odd lot holders if upper pricing limit is used) or 5.6% or $100 (for odd lot holders if lower pricing limit is used) or
Expiration date – 22 June 2015
Summary:
Apple Hospitality REIT, Inc., a Virginia
Current Price –CBS $58.45, ETM $11.20
Offer Price – $1.08 stock of ETM for $1 stock of CBS (subject to upper limit of 5.7466 ETM shares per share of CBS)
Upside – 8% or $470 for Odd Lot holders
Expiration date – November 16, 2017
This is a standard split-off transaction of which I have already posted quite a few. The most recent ones were PG/COTY and LMT/LDOS split-offs. CBS also had another split-off back in 2014. I recommend reading through those and examining share price behavior during and after the tender to familiarize yourselves with risks involved in this kind of transaction.