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"It's not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it - who look and sift the world for a misplaced bet - that they can occasionally find one." - Charlie Munger I look... More
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  • Check The Arbs 64 comments
    Aug 28, 2013 10:27 PM | about stocks: IN, NYX, OMC, BMC, RUE, CTB, SXRZF

    What are the arbs saying?

    Here are the current merger arbitrage opportunities with wide spreads:

    Target / Acquirer

    Tickers

    Parity

    Spread

    Return

    Intermec, Inc / Honeywell

    IN/HON

    $10.00

    $0.09

    10%

    NYSE / Intercontinental Exchange

    NYX/ICE

    $41.91

    $0.44

    11%

    Omnicom Group / Publicis Groupe

    OMC/PUB

    $61.99

    $2.58

    11%

    BMC Software / Bain Capital

    BMC

    $46.30

    $0.31

    13%

    rue21, inc / Apax Partners

    RUE

    $42.00

    $1.56

    41%

    Cooper Tire / Apollo Tyres

    CTB

    $35.00

    $4.19

    51%

    Uranium One / JSC

    UUU_CN

    $2.86

    $0.09

    66%

    Stocks: IN, NYX, OMC, BMC, RUE, CTB, SXRZF
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Comments (64)
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  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    Just about to ask...what is going on with the Rue 21 deal? I was not able to find any news but the shares began to drop a few days ago.
    29 Aug 2013, 12:27 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » Financing worry, I think. I plan to focus on that one in the morning post- sun up.
    29 Aug 2013, 12:43 AM Reply Like
  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    look forward to it! Also, I don't understand why the spread in SPRD is so large. I would be very surprised if that deal falls through.
    29 Aug 2013, 01:18 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » I would be extremely interested in any insights that you might have on that deal. What is your view of the buyer and their intent/ability to close their deal?
    29 Aug 2013, 07:08 AM Reply Like
  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    The buyer is an affiliate of tsing-hua university, a top 2 university in the country. I believe a subsidiary of the buyer has been a public-listed company in Shenzhen since 1999 and it has always been identified as a PE firm investing in all kinds of tech-related companies or, a technology conglomerate. This is one of the few Chinese going-private cases where I actually have heard of the buyer(from the time when I went to elementary school). Given the background of the parent, I think the parent has the ability to close the deal. Many investors that follow the industry criticize that the buyout is stealing the company from shareholders, so I believe this must be a good deal for the buyer.
    29 Aug 2013, 11:09 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » Thanks for your thoughts on this one; very helpful.
    29 Aug 2013, 11:11 AM Reply Like
  • Special Situations and Arbs
    , contributor
    Comments (545) | Send Message
     
    Agree with your analysis Yuanxi and am long SPRD. Also long ASIA, another Chinese going-private. Are you also long ASIA?
    29 Aug 2013, 11:14 AM Reply Like
  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    I am not yet. I see some better opportunities at other places than ASIA. My belief is that ASIA deal will close, though.
    30 Aug 2013, 12:33 PM Reply Like
  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    I thought the buyer has already secured the debt financing and equity financing for the deal, doesn't it? Would they choose to walk away if the operating performances does not live up to their expectation? I heard the teen clothing industry is having a hard time.
    30 Aug 2013, 12:36 PM Reply Like
  • Special Situations and Arbs
    , contributor
    Comments (545) | Send Message
     
    If ASIA closes in Q3 the AR would be quite high. Of course some of these Chinese deals seem to close later than expected
    30 Aug 2013, 02:02 PM Reply Like
  • Special Situations and Arbs
    , contributor
    Comments (545) | Send Message
     
    My take on RUE is that the teen clothing stocks are the worst performing in the market. causing macro selling. ANF, ARO, ect have really tanked. But RUE sells cheap teenage clothing so may not be as affected by the recent industry downturn. Vote in a couple of weeks hard to imagine it not going through After trading down to 40.09 Wednesday RUE is now back to 41
    30 Aug 2013, 02:34 PM Reply Like
  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    that's what I thought. But I was confused by the large volume on RUE. Why would anyone sell at a much lower price?

     

    ASIA: Q3 is impossible--they have not scheduled the vote. End of year is pretty likely, given the end date of Feb 12, 2014.
    30 Aug 2013, 02:45 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » Good question on RUE. Someone just needed liquidity? Why sell?
    30 Aug 2013, 02:47 PM Reply Like
  • Squeeky Wheel
    , contributor
    Comments (310) | Send Message
     
    On ASIA - iirc Tamasek Holdings is an investor. They hire smart folks, and they generally don't put their fingers in unless they plan to execute. So I think ASIA is likely to close. I've no opinion on timing however. (long ASIA)
    31 Aug 2013, 10:52 AM Reply Like
  • arbtrader
    , contributor
    Comments (175) | Send Message
     
    IR told me that earnings were due v v soon mid-last week. I expected them by now.

     

    The debt package was sold a couple weeks ago and buyers got a sneak peek at prelim EPS. Unless they blew that, hard to imagine it really gets pulled.

     

    Having arb'd for 10+ years for my own account I have seen nutty behavior just prior to close many times. Sometimes a quick panic down and sometimes a multi-day selloff like here.

     

    I'd guess the large seller is a shop that decided they wanted to de-risk their retail book quickly. The only way to think of it is from the perspective of career risk vs the pennies in profit left - forget annualized return. Likely they had a profit vs their basis and hit the bid, and kept hitting it.
    Best, AT.
    3 Sep 2013, 10:26 PM Reply Like
  • merger arb trader
    , contributor
    Comments (3) | Send Message
     
    AT-which stock are you talking about? RUE? SPRD?CTB? I couldnt tell

     

    thanks
    4 Sep 2013, 03:16 AM Reply Like
  • arbtrader
    , contributor
    Comments (175) | Send Message
     
    Sorry - those comments were exclusively about RUE and its behavior.
    4 Sep 2013, 10:08 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » Good guess. I love selling career risk insurance in the form of setting up wide and widening spreads that don't appear to have commensurate risks.
    4 Sep 2013, 10:39 AM Reply Like
  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    my bad about SPRD. I thought the buyer would file to obtain all the regulatory approvals at once. However, the procedure for Chinese companies being acquired is different from the procedure for foreign companies: the MOFCOM does not accept the filings before the deal gets approval from SDPC.
    11 Oct 2013, 11:20 AM Reply Like
  • arbtrader
    , contributor
    Comments (175) | Send Message
     
    Yuanxi, is there any way to tell if the MOFCOM has accepted the filing yet? I have not contacted the co in several weeks seeking an update and sometimes they tell you and sometimes they ignore you.
    (This morning ASIA told me that the buyers were doing all the filings and they had no idea where they were in terms of advancing to a Def- that's my summary, not exact words.)

     

    Does this push a closing estimate to v late this year or next? I had penciled in 45-60d to close but sequential approvals- yuk. Thanks for the update.

     

    PS- to clarify- when is a china buyer considered a china buyer? Here you have the University buying a Cayman shell. Other cases you have say CITIC buying an offshore shell of a China co. Is that also a china buyer? Thanks for bringing this to my attention. Always something to learn and remind us not to get lazy!
    11 Oct 2013, 02:46 PM Reply Like
  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    Since SPRD refuses to tell me any info (including "what other regulatory approvals are required") I called the buyer to find out the answer. In fact, the buyer handles all the filings. The buyer told me MOFCOM has not started reviewing it but will do so very soon since it just got the approval from SDPC. There is no way to tell if MOFCOM has accepted it from online sources since MOFCOM will orally inform the buyer about the acceptance or ask for more info.

     

    A good guess is 30-90 days for MOFCOM. Then there's SAFE approval needed. My guess would be early next year.

     

    My understanding is that it depends on where the buyer is registered. If the buyer is registered outside China then it is not a China buyer. Whether the target in within China or not does not make a difference.
    11 Oct 2013, 03:27 PM Reply Like
  • R.S. Analytics
    , contributor
    Comments (353) | Send Message
     
    Wilton Bank (WIBW) currently $13.37 being acquired by BNFI.

     

    "Under the terms of the merger agreement, stockholders of The Wilton Bank will have the right to receive $13.50 in cash (subject to adjustment under certain conditions) in exchange for each share of The Wilton Bank held by them."

     

    I guess not much of a spread...

     

    Any ideas on who the next small regional bank BNFI is going to take out could be? Wilton was $10 in June before the deal was announced.

     

    As always I enjoy all of your writings.

     

    RS
    29 Aug 2013, 12:34 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » They had looked at SSE, which we owned at the beginning of the year before Liberty came in with a high bid. They will buy up all of the small banks in the area. BNFI's CEO is a friend and a rock star. She will do great things with the bank and will grow it significantly. Their offices are on my walk to work, half way between my home and office. I think that she should buy OSHC, but it is a bit bigger and further than she is thinking at the moment.
    29 Aug 2013, 12:46 AM Reply Like
  • Special Situations and Arbs
    , contributor
    Comments (545) | Send Message
     
    Chris,

     

    Is that annual return?
    29 Aug 2013, 01:03 AM Reply Like
  • Squeeky Wheel
    , contributor
    Comments (310) | Send Message
     
    Central bank issue on Apollo is probably meaningful (but still uncertain in my opinion).

     

    BMC had a spike the other day and I sold out above parity. Every once in a while it seems like someone gets a fat finger.
    29 Aug 2013, 08:31 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » We own a lot of BMC; I expect one more dividend before the deal closes.

     

    I have an upcoming article on CTB. What do you think about the RBI review? Conspiracy theory time: is this review designed to kill this deal or is it as surmountable as the Apollo management claims? I would be curious to hear your thoughts.
    29 Aug 2013, 08:50 AM Reply Like
  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    Has there been any cases in the past where a strike from workers stopped a merger?
    29 Aug 2013, 11:15 AM Reply Like
  • Squeeky Wheel
    , contributor
    Comments (310) | Send Message
     
    My opinion is that it's neither a conspiracy to kill the deal nor just talk. RBI will probably do an honesty evaluation (not sure of competency) based on: 1) impact on rupee of a large sell to usd, 2) impact on RBI foreign reserve position, 3) overall debt created by Apollo.

     

    I think it's surmountable, but I also suspect it's more than just idle talk. Probably worth looking at the deal in RBI's context (expected trade and capital flows over the next say 6 months).

     

    Sorry if that's not a clear direction - I'm really not sure. Definitely the uncertainty has increased.
    29 Aug 2013, 10:35 PM Reply Like
  • Squeeky Wheel
    , contributor
    Comments (310) | Send Message
     
    To clarify ... "I sold out above parity"... includes the expected one more dividend. This sort of thing has happened a couple times to me with merger arbs - I put in a sell well above the price and it gets filled, but the official high for the day doesn't show it.
    29 Aug 2013, 11:08 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » That is very interesting. Great trade. Strange that it had counterparty. If you ever meet him, please ask if he likes to play cards.
    30 Aug 2013, 04:56 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » That makes sense. Thanks.
    30 Aug 2013, 04:57 AM Reply Like
  • Squeeky Wheel
    , contributor
    Comments (310) | Send Message
     
    I noticed from your article that the financing is effectively US based. I can imagine that having a big impact on RBI's decision.
    2 Sep 2013, 08:33 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » I'd be interested to understand more about your thought. How will that impact the decision? I could imagine it being a positive or a negative.
    2 Sep 2013, 08:38 AM Reply Like
  • Squeeky Wheel
    , contributor
    Comments (310) | Send Message
     
    Think of it from RBI perspective. RBI is low on forex holdings and does not want the rupee to drop any further. Financing from India would require a rupee/usd conversion. That would reduce RBI forex holdings and drop the rupee - bad.

     

    But if the lending comes from US based bank branches, it means that the financing does not involve a forex change. Apollo will be indebted, but it's unlikely Apollo ever pays for the debt with India based revenues. So I don't see this impacting the currency situation for India.

     

    Granted there are other reasons to be concerned about corporate debt, but I given the timing of the new rules, the revenues are likely to focus on the forex and India based debt situation.
    3 Sep 2013, 08:58 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » Pretty rational way of looking at this. Pretty auspicious for RBI approval. Thanks.
    3 Sep 2013, 09:09 AM Reply Like
  • Squeeky Wheel
    , contributor
    Comments (310) | Send Message
     
    Welcome; rational is usually one of my good points (gf doesn't always agree that it's a good point). A quick look at Krugman's blog from a few days back reminds me of the specifics of foreign debt worry: imagine Indian company ABC borrowed 60 billion rupees 6 months ago, but they borrow in USD to get a good rate. Now they have a debt of 69 billion rupees - they are in danger of bankruptcy.

     

    This issue could make Apollo's rupee denominated balance sheet look horrible, but it will have no impact on the USD denominated balance sheet. Since the USD debt will be paid with USD and Yuan from CTB it should be less concern - as compared to Apollo trying to buy out a large Indian firm.

     

    The distinction is well known to central banks. Three months back MAS 'officially' recorded a loss on foreign reserve holdings. But they are unconcerned because the foreign denominated value of the holdings was profitable. The holdings increased, just that SGD increase more. I'm sure RBI is familiar with the difference too.
    3 Sep 2013, 01:36 PM Reply Like
  • arbtrader
    , contributor
    Comments (175) | Send Message
     
    RBI review:
    Ideas: Likely a political move. Have to make an effort to look like they are doing something when clearly the deal predates the regulatory deadline. How often does our congress demand an 'investigation' of something they clearly cannot alter?

     

    ....or its just a not so subtle solicitation for a bribe. Anyone who knows/does business in India would agree that is a reasonable statement.

     

    Finally, given the rupee third world status the co would be stupid to keep the dollar debt denominated in their currency (Think Thailand, 1997). The debt is secured by their Eurosub and another offshore non-Indian holdco. Entities that can recycle dollar earnings of CTB back to debt service. If they are lucky no rupees will leave India to service the debt.

     

    My concern. What if the RBI provides cover to MAC the deal and avoid the break fee? Then Apollo unwinds their swap for whatever they have locked in so far and scores a huge windfall on the ex rate. They look like heroes for bringing in hard currency, the banks not too upset for the excuse to walk. Having lived through 2007-2008 'stuff' like this is possible.

     

    The balance is the co has pursued CTB for years and closing it will make them global players; not small time locals. Financing looks solid as possible given the hair on the deal. Make your own call. Best, AT.
    3 Sep 2013, 10:45 PM Reply Like
  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    Have you looked into DE Master, by any chance? I am confused about under what circumstances the acquirer could lower the requirement to 80% of shares rather than 95% (what is "to obtain a waiver under its senior facilities agreement"? Is it about discussion with its creditor?)
    1 Sep 2013, 06:41 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » I have not looked at it. Is there an opportunity there?
    1 Sep 2013, 07:04 PM Reply Like
  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    The company has received a tender offer for EUR12.5/share, or $16.51 per share under current exchange rate. The stock last traded at $16.28. Originally the tender offer was set to expire on Aug 15, but it was extended for a month. As of Aug 15, 89% of shares were tendered. I think the company requires 95% of shares to be tendered, or 80% under some circumstances (that I do not fully understand yet) because it understands that many retail US shareholders are inactive. If the company gets the waiver, then the deal is probably going to close. The key will be to understand if it is likely to get the waiver and lower the requirement to 80%.
    1 Sep 2013, 07:18 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » Based upon that description, I would say that the likelihood is very high, especially if the deal is still in the economic interest of the buyers and the banks.
    1 Sep 2013, 07:22 PM Reply Like
  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    Thanks for your insights!
    1 Sep 2013, 07:51 PM Reply Like
  • steppppo
    , contributor
    Comments (216) | Send Message
     
    Chris -- I'll throw out one idea I picked up from the Special Opportunities Fund report you posted earlier. Not an arb but a tender offer -- the USA CEF will purchase shares at 96% of NAV on Sept. 23. Shares currently trade at -9.8% discount.

     

    Not sure what direction things will move over the next couple weeks but it would work out to about a 5% absolute return based on today's prices.
    4 Sep 2013, 11:52 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » Thanks. Great idea.
    4 Sep 2013, 11:54 AM Reply Like
  • steppppo
    , contributor
    Comments (216) | Send Message
     
    Sorry. Full name of the fund is the USA Liberty All-Star Equity Fund.
    4 Sep 2013, 11:53 AM Reply Like
  • Special Situations and Arbs
    , contributor
    Comments (545) | Send Message
     
    I looked at this one last week. FYI, there is no odd lot preference.

     

    BOSTON, August 23, 2013 — Liberty All-Star® Equity Fund (NYSE: USA) (the “Fund”) announced that it has commenced a
    tender offer. As previously announced, the Fund will purchase up to 7.5% of its outstanding shares of beneficial interest at
    a price equal to 96% of its net asset value per share determined on the date the tender offer expires. The tender offer will
    expire on September 23, 2013, at 5:00 p.m. EST, or on such later date to which the offer is extended.
    4 Sep 2013, 01:26 PM Reply Like
  • sofos
    , contributor
    Comments (63) | Send Message
     
    Can someone reasonably predict based on comparable situations what percent of the outstanding shares will be tendered?
    4 Sep 2013, 05:23 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » I think that it is reasonable to predict 7.5% based upon the price.
    4 Sep 2013, 05:28 PM Reply Like
  • sofos
    , contributor
    Comments (63) | Send Message
     
    In other words you expect that all shares tendered will be purchased by the fund, right?
    4 Sep 2013, 08:04 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » No, didn't answer that question properly. Sorry about that. You asked it right and I answered it wrong. What percent will be tendered (not accepted)? Hmmm. Everyone should tender I would think but not all will. I don't know. Anyone else? Thoughts?
    4 Sep 2013, 08:09 PM Reply Like
  • arbtrader
    , contributor
    Comments (175) | Send Message
     
    You have to expect v high % will participate. A Sh can tender 100% and buy back what is taken up the next morning to keep their asset allocation basically the same with a quick couple % profit.

     

    Some guys have this down to a science and are very good at estimating the odds (correctly). I'm not one of them. I prefer to hunt with a shotgun with much easier odds. AT.
    4 Sep 2013, 08:55 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » Me too. Literally and figuratively.
    4 Sep 2013, 10:46 PM Reply Like
  • Special Situations and Arbs
    , contributor
    Comments (545) | Send Message
     
    Usually in these types of closed end tenders I look at a previous tender the company had but in this case I couldn't find one. I agree with Chris that everyone should tender and not all will. Still these are all oversubscribed. Wild guess? 75 percent will tender
    4 Sep 2013, 09:58 PM Reply Like
  • sofos
    , contributor
    Comments (63) | Send Message
     
    There are some 185 million shares outstanding. If 75% are tendered the portion that will be accepted will be something like 7.5 / (185*.75) or about 5.4% of the number of the shares tendered. Assuming the NAV on 9/23/13 is the same as that on the purchase day (for people who are considering purchasing the shares) the profit per share will be around two pennies.
    4 Sep 2013, 10:47 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4098) | Send Message
     
    Author’s reply » Sounds reasonable.
    4 Sep 2013, 10:47 PM Reply Like
  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    it should be 7.5%/75%=10%...
    4 Sep 2013, 10:50 PM Reply Like
  • sofos
    , contributor
    Comments (63) | Send Message
     
    Thanks for the correction. Somehow my calculation assumed that the company would buy 7.5 million shares. The announcement clearly states 7.5% of the outstanding sharesor almost 14 million shares. This certainly changes things.
    4 Sep 2013, 11:08 PM Reply Like
  • Special Situations and Arbs
    , contributor
    Comments (545) | Send Message
     
    Great discussion here!

     

    Let me take a crack at it....Assuming one tendered today with the deadline tonight and the results announced tomorrow.....hypotheti...

     

    USA closed at 5.47 with a discount of NAV of 9.74%. NAV is 6.06.

     

    Company buys back at 96% of NAV....
    .96 x 6.06=5.8176

     

    Company buys back all 7.5% that is the max because it is oversubscribed.

     

    Based on many similar CEF tenders each person who tenders (assuming no odd lots) gets about 8% of his shares taken from him. I guessed 75 percent but lets be conservative and say 90 percent tender.

     

    So lets say one bought 1000 shares before the tender at 5.47 and 8 percent of them (80 shares) are taken at 5.8176 he would get $437.60 for them.

     

    The issue is what about the other 920 shares? If he could sell them at 5.47 that would be $5,032.40 plus the $437.60 for a total take of $5,470 or a gain of $470 minus commissions for every 1000 shares bought.

     

    Questions............

     

    With the tender expiring on Sept 23rd after the market when is the latest the shares can be bought? Don't at least some brokers require three days so the purchase will settle before allowing a tender?

     

    Will preliminary results likely be announced before the bell on Sept 24th?

     

    Did I calculate something wrong or miss something?
    4 Sep 2013, 11:20 PM Reply Like
  • Special Situations and Arbs
    , contributor
    Comments (545) | Send Message
     
    Wow. My calculations are way off. Guess that's what I get for doing this late at night. I am going to find my mistake unless someone else beats me to it
    4 Sep 2013, 11:49 PM Reply Like
  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    the 920 shares should trade at pre-announcement discount level, and you have the majority of shares subject to an uncertain discount risk.
    4 Sep 2013, 11:50 PM Reply Like
  • Special Situations and Arbs
    , contributor
    Comments (545) | Send Message
     
    So there's really no edge here is there
    4 Sep 2013, 11:58 PM Reply Like
  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    That's my thought.
    5 Sep 2013, 12:13 AM Reply Like
  • steppppo
    , contributor
    Comments (216) | Send Message
     
    Based on those calculations, there is no edge.

     

    But, if you have shares after the tender offer ends, the folks at the Special Opportunities Fund should continue to pressure the managers at the USA fund to do something about the discount to NAV. This buyback looks to be the first step in narrowing that gap.
    5 Sep 2013, 02:28 PM Reply Like
  • Yuanxi Zhang
    , contributor
    Comments (241) | Send Message
     
    Then where does your 5% absolute return come from?
    5 Sep 2013, 02:34 PM Reply Like
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