Tag Archives: tender offer



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

Current Price –PG $88.31, COTY $25.99;

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

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

Expiration date – September 29, 2016;

    

Nationstar Mortgage (NSM) – Odd Lot Tender Offer – minimal upside currently

Current Price – $9.05

Offer Price – $8.2 – $9.4

Upside – potentially 3% or $35 (if the upper pricing limit is used)

Expiration date –  11 March 2016

No proration for odd lot holders

Some thoughts: With the recent market volatility there is a good chance that better buying opportunities will appear before expiry of the offer

SEC Filling

Summary:

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

 

Alstom (ALO) – Tender Offer – 28% price differential

Current Price – Eur 27.27

Offer Price – Eur 35

Upside – 28%

Expiration date –  20 January 2016

Tender document

Alstom is listed in France

This is a materially different tender compared to the ones usually posted on this site. So do your own due diligence before making the purchase.

Alstom is buying back 30% of the outstanding shares. There is no odd lot provision. The largest shareholder (Bouygues, 29% holding) has indicated that it will tender the shares, therefore I would



New Senior Investment (SNR) – Dutch Tender with Odd Lot provision – no upside currently

Current Price – $10.11

Offer Price – $9 – $10

Upside – no upside currently

Expiration date –  19 January 2016

SEC Filling

Summary:

New Senior Investment Group Inc is offering to purchase for cash up to $30,000,000 of shares of its common stock, par value $0.01 per share, pursuant to auction tenders at prices specified by the tendering stockholders of not greater than $10.00 per Share nor less than $9.00 per Share. At the maximum purchase price of $10.00 per



Franklin Covey (FC) – Dutch Auction with Odd Lot provision – 9% potential upside

Current Price – $16.29

Offer Price – $15.5 – $17.75

Upside – 9% or $140 (if the upper pricing limit is used)

Expiration date –  12 January 2016

SEC Filling

Summary:

We are offering to purchase up to $35,000,000 in value of shares in the Offer. On the terms and subject to the conditions of the Offer, we will determine a single per share price, not greater than $17.75 per share nor less than $15.50 per share, net to



GE/SYF Exchange transaction update – $200 return

Quick update: Exchange ratio risk has been almost eliminated and this starts to look like a standard Odd Lot tender offer (besides having to short SYF) with guaranteed $200 return. The main risk remaining is that transaction will be cancelled due to low participation (I consider this unlikely). As per filling “The minimum condition provides that GE is not required to complete the exchange offer unless at least 634,743,750 shares of Synchrony common stock will be distributed in exchange for shares



MAM Software (MAMS) – Odd Lot Tender Offer – $50 or 7% gain

Current Price – $7;

Offer Price – $7.5;

Upside – 7% or $50 (for odd lot holders);

Expiration date –  1 Dec 2015;

Press release

Summary:

Hennessy Advisors, Inc., a California corporation, invites its shareholders to tender up to $25.0 million in aggregate value of its Common Stock, no par value per share, for purchase by Hennessy Advisors, Inc., at a price of $25.00 per Share, net to the seller in cash. As of August 19, 2015, the Company had 6,025,381 Shares



Hennessy Advisors (HNNA) – Odd Lot Tender – $43 guaranteed return

Current Price – $24.57;

Offer Price – $25;

Upside – 2% or $43 (for odd lot holders);

Expiration date –  18 Sep 2015;

SEC Filling

Summary:

Hennessy Advisors, Inc., a California corporation, invites its shareholders to tender up to $25.0 million in aggregate value of its Common Stock, no par value per share, for purchase by Hennessy Advisors, Inc., at a price of $25.00 per Share, net to the seller in cash. As of August 19, 2015, the Company had 6,025,381 Shares



TIER REIT (TIER) – Odd Lot Tender Offer – $150 return

Current Price – $17.5

Offer Price – $19 – $21

Upside – $150 or 8.5% (if lower pricing limit is used)

Expiration date –  19 August 2015

No proration for odd lot holders

SEC Filling

Summary:

TIER REIT, Inc., hereby offers to purchase for cash up to $50 million in value of shares of its common stock, par value $0.0001 per share, at a price specified by the tendering stockholders of not greater than $21.00 nor less than $19.00 per share of



National Bank Holdings (NBHC) – Tender Offer with Odd Lot Provision – $110 potential upside

Current Price – $21.39;

Offer Price – $19.6 – $22.5;

Upside – $110 or 5% (if the upper pricing limit is used)

Expiration date –  31 July 2015

SEC Filling

Summary:

National Bank Holdings Corporation, a Delaware corporation, hereby offers to purchase for cash up to $100.0 million of shares of its issued and outstanding Class A common stock, at a price not less than $19.60 and not more than $22.50 per share. Assuming that the conditions to the tender offer are satisfied