Whirlpool (WHR) – Odd Lot Tender Offer – 9% or $1400 upside
Current Price – $156
Tender Price – $150 – $170
Upside – 9% or $1400 (if tender is priced at the upper limit)
Expiration Date – 23rd of May 2018
Tag Archives: odd lot
CIT Group (CIT) – Odd Lot Tender Offer – 6% or $300 Potential Upside
Current Price – $53
Tender Price – $50 – $56
Upside – 6% or $300 (if tender is priced at the upper limit)
Expiration Date – 23rd of May 2018
BlackRock Debt Strategies Fund (DSU) – Odd Lot Tender Offer – $80 Gain
Current Price – $11.61
Offer Price – $12.36
Upside – 6.5% or $80 for odd lot holders
Expiration Date – 13th of April, 2018
Computer Task Group (CTG) – Tender Offer + Shorting Opportunity – 10%-30% Upside
Current Price – $8.10
Tender Price – $8.05 – $9.00
Upside from Tender – 11% or $90 (if tender is priced at the upper limit)
Upside from Shorting – 30% (if share price reverts to unaffected levels)
Expiration Date – 16th of April 2018
Virgin Australia (VAH.ASX) – Odd Lot Buyback – A$80 risk free upside
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
Churchill Downs (CHDN) – Odd Lot Tender – $1700 upside
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
Cosan (CZZ) – Tender Offer – up to $100 for odd-lots
Current Price – $8.66
Potential Recovery – $9.23-$9.65
Upside – $100 for odd-lots if priced at the upper limit
Expiration Date – 19th of December 2017
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.
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.
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.
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
WebMD Health Corp (WBMD) – Tender Offer (expected Odd Lot) – 2.7% upside
Current Price – $53.56
Offer Price – $55
Upside – 2.7% or $140
Expiration date – TBD (likely mid Dec 2016)
Actua (ACTA) – Odd Lot Tender Offer – 7% potential upside
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)
Baxter International (BAX) – Split-off Transaction – $335 upside (update)
Nationstar Mortgage (NSM) – Odd Lot Tender Offer – minimal upside currently
Current Price – $9.05
Offer Price – $8.2 – $9.4
Upside – potentially 3% or $35 (if the upper pricing limit is used)
Expiration date – 11 March 2016
No proration for odd lot holders
Some thoughts: With the recent market volatility there is a good chance that better buying opportunities will appear before expiry of the offer
Summary:
Nationstar Mortgage Holdings Inc., a Delaware corporation, is offering to purchase shares of its common stock, par value $0.01 per share