Attempting to alleviate any shareholder concern over accelerated debt repayments, Corvex and Related pledge to offer to buy 51% of CommonWealth REIT's (CWH -0.7%) outstanding debt should they win the ouster of the company's entire board. [View news story]
Good. But the balance of shareholder concerns are with the current management.
CommonWealth REIT (CWH) shareholders get another letter from Corvex and Related urging them to vote the board out. "We believe this continued value destruction is by design ... without immediate change we believe the Portnoys will continue on their path." The dissidents note ISS has recommended voting for dismissal of the entire board. [View news story]
This appears to be the most clear cut shareholder activist case ever.
My bid for Berkshire (BRK.A, BRK.B) would be about 20% lower than the current price, says Michael Price in an outstanding presentation on the process of value investing. GE has 1K tax lawyers figuring out taxes in 100 different countries, says Price, but Berkshire (also operating in 100 countries) has 20 people in the entire home office ... "I don't know how that works?" Unlike a lot of large companies, Berkshire gives little light on its pension liabilities. "There are lots of questions that will come up in the next 5 years there." The video also sheds a good deal more color on two Price longs: Hospira (HSP) and Hess (HES). [View news story]
Terrific presentation; Mr. Price is one of the greats.
CEO Kazuo Hirai says Sony's (SNE -5.2%) film and device units are better together. (Nikkei) [View news story]
So far, my experience with following Dan Loeb has been that he is good at valuation, good at activism, but no good at walking away quietly from a fight. Hirai and management vs. Loeb and owners.
Royalty Pharma responds to Elan's (ELN +8.4%) announcement that it intends to explore a sale, saying it's a clearly frustrating tactic that offers shareholders no certainty that a deal will ever be reached. Royalty calls on shareholders to vote today against all four resolutions up for consideration, in order to preserve its formal offer for ELN. [View news story]
This probably ends up somewhere in the $16ish range.
Sanofi (SNY +0.1%) hopes the European Medicines Agency will give the green light to the company's Lemtrada treatment for multiple sclerosis this month. Lemtrada has been in development for 25 years and has had several different owners. It's already used for B-cell chronic lymphocytic leukaemia, but its patents are due to run out over the next few years. However, if Sanofi can get the IP protection extended and overcome safety concerns, it could make $700M-$1B a year from Lemtrada. [View news story]
Sanofi (SNY +0.1%) hopes the European Medicines Agency will give the green light to the company's Lemtrada treatment for multiple sclerosis this month. Lemtrada has been in development for 25 years and has had several different owners. It's already used for B-cell chronic lymphocytic leukaemia, but its patents are due to run out over the next few years. However, if Sanofi can get the IP protection extended and overcome safety concerns, it could make $700M-$1B a year from Lemtrada. [View news story]
Here is one way to potentially exploit this development for profit:
Today's massive Yen rally: no particular thoughts (in part because I was speaking at a conference and just got back to my desk for the first time since a week ago). This is not something that I trade actively. It is a huge nominal exposure, but not an actively traded one. So, for someone with a long-term outlook, a chance to add more.
I don't think that Yen mortgages are that easily attainable unless one has a lot of business with a given bank.
Dole Food (DOLE) Chairman David Murdock is putting together a bid to buy the business for approximately $1.07B, according to the AP. The board will meet over the next few days to consider the offer. DOLE +16.2% premarket. [View news story]
I think that DOLE should be private and the price will end up between $14-15.
I Got 99 Problems But A Proration Ain't One: Exploiting A Loophole In The PPG-GGC Exchange Offer For Fun And Profit [View article]
Attempting to alleviate any shareholder concern over accelerated debt repayments, Corvex and Related pledge to offer to buy 51% of CommonWealth REIT's (CWH -0.7%) outstanding debt should they win the ouster of the company's entire board. [View news story]
InterOil (IOC) Produces [View instapost]
Buy $1 For $0.50 And Own The Bombay Stock Exchange For Free With Urbana Corp. [View article]
Sinkable, But Also Bankable [View instapost]
Wine Arbitrage [View instapost]
Buy $1 For $0.50 And Own The Bombay Stock Exchange For Free With Urbana Corp. [View article]
http://reut.rs/11jsC9s
CommonWealth REIT (CWH) shareholders get another letter from Corvex and Related urging them to vote the board out. "We believe this continued value destruction is by design ... without immediate change we believe the Portnoys will continue on their path." The dissidents note ISS has recommended voting for dismissal of the entire board. [View news story]
My bid for Berkshire (BRK.A, BRK.B) would be about 20% lower than the current price, says Michael Price in an outstanding presentation on the process of value investing. GE has 1K tax lawyers figuring out taxes in 100 different countries, says Price, but Berkshire (also operating in 100 countries) has 20 people in the entire home office ... "I don't know how that works?" Unlike a lot of large companies, Berkshire gives little light on its pension liabilities. "There are lots of questions that will come up in the next 5 years there." The video also sheds a good deal more color on two Price longs: Hospira (HSP) and Hess (HES). [View news story]
CEO Kazuo Hirai says Sony's (SNE -5.2%) film and device units are better together. (Nikkei) [View news story]
Royalty Pharma responds to Elan's (ELN +8.4%) announcement that it intends to explore a sale, saying it's a clearly frustrating tactic that offers shareholders no certainty that a deal will ever be reached. Royalty calls on shareholders to vote today against all four resolutions up for consideration, in order to preserve its formal offer for ELN. [View news story]
Sanofi (SNY +0.1%) hopes the European Medicines Agency will give the green light to the company's Lemtrada treatment for multiple sclerosis this month. Lemtrada has been in development for 25 years and has had several different owners. It's already used for B-cell chronic lymphocytic leukaemia, but its patents are due to run out over the next few years. However, if Sanofi can get the IP protection extended and overcome safety concerns, it could make $700M-$1B a year from Lemtrada. [View news story]
Sanofi (SNY +0.1%) hopes the European Medicines Agency will give the green light to the company's Lemtrada treatment for multiple sclerosis this month. Lemtrada has been in development for 25 years and has had several different owners. It's already used for B-cell chronic lymphocytic leukaemia, but its patents are due to run out over the next few years. However, if Sanofi can get the IP protection extended and overcome safety concerns, it could make $700M-$1B a year from Lemtrada. [View news story]
http://seekingalpha.co...
Look, It's Gold Calls In Yen, Tanto [View instapost]
I don't think that Yen mortgages are that easily attainable unless one has a lot of business with a given bank.
Dole Food (DOLE) Chairman David Murdock is putting together a bid to buy the business for approximately $1.07B, according to the AP. The board will meet over the next few days to consider the offer. DOLE +16.2% premarket. [View news story]