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2022 Review – Wins and Mistakes

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.

24 Merger Arbs With Wide Spreads

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).

Large-cap M&A basket

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.

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

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

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 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.

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 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).

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.

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.

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 to FRED in order to satisfy FTC requirements. As before the key concern/risk is FTC rejection of the transaction.

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 risk free money.

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) in the short term.

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 extremely difficult to value, but recent events caught my attention.

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 (I consider the later to be unlikely).

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.

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

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

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

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

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

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

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

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

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”),

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

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

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

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

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

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,

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

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

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,

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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