SA News • Thu, Nov. 6
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Steel Excel - Shell Company Turning Into Profitable Business
- Steel Excel (SXCL) is a holding company / acquisition vehicle owned and managed by an activist value investor with a good track record - Warren Lichtenstein.
- Following Black Hawk acquisition in Dec 2013, operating cashflows are due to increase by 70-80% during 2014. This improvement will be reflected already in Q1 2014 results due in May.
- Conservative sum of parts valuation indicates 25% upside. With earnings boost from Black Hawk operations and ongoing share buybacks, gap between market price and intrinsic value is likely to narrow.
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Thu, Nov. 6, 6:34 PM
Aug. 23, 2013, 5:44 PM
- Steel Excel (SXCL.OB) completes its tender offer for shares of iGO (IGOI) with 2.075M shares tendered by yesterday's 5 p.m. ET deadline - exceeding SXCL.OB's offer for 1.32 million shares at $3.95.
- Overall, nearly 69.3% of IGOI shares were tendered.
- Because the offer was oversubscribed, SXCL.OB says the number of shares it will will accept will be pro-rated with SXCL.OB owning about 44% of IGOI once the $5.2M deal is completed.
Jul. 11, 2013, 5:23 PMMicrocap iGo (IGOI) +52.8% AH to $3.50 after Steel Excel (SXCL.OB) agrees to buy 44% of the company for $3.95/share, courtesy of a cash tender offer. SXCL's offer depends on at least 30% of iGo shares being tendered. If/when the offer is successfully completed, SXCL will appoint 2 of iGo's 4 directors, and a new CEO will be named to replace current CEO Michael Heil. (PR) | Comment!
SXCL vs. ETF Alternatives
ADPT Corporation has historically provided innovative data center I/O solutions that protect, accelerate, optimize, and condition data in todays most demanding data center environments. Going forward, the Companys business is expected to consist primarily of capital redeployment and... More
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