Current Price – A$0.96
Merger Consideration – A$1.00
Upside – 4%
Expiration Date – April 9, 2018 (expected)
BBX
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