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   Non-TechAttractive opportunities in already announced mergers


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To: Paul Senior who wrote (32)8/16/2010 3:12:29 PM
From: tuck
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Another interesting one (haven't dug deep as cash is tied up for a few weeks) is the AYE/FE deal. It's a stock swap, so the short the acquirer long the acquiree strategy is the way. Supposed to close in a month. Premium seems very high (~100% annualized before transaction costs), but I haven't seen the reason for it. Ah, a brief search shows the expected closing date is way off; Dj apparently based it on the date of the shareholders meeting. But various agencies have to approve of it in various sates, and management seems to be talking first quarter of next year at the earliest.

Currently in GLG, which closes in about a month. I see no issues with that one, but return is correspondingly small, ~8% in six or seven weeks.

Cheers, Tuck

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From: D. K. G.9/7/2010 10:47:35 AM
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BNE 10.74 - SH approved cash buyout @ 11.50 expected to close second half of year.

I'm not seeing any red flags. Anything I'm missing?

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To: D. K. G. who wrote (34)9/21/2010 5:52:33 PM
From: Paul Senior
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BNE 11.08 - At the higher price now, it still seems good to me as I look. (jmo)

I wasn't alert enough to act when you first mentioned it, but I'll make a buy now in a bet that the deal closes as stated.

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To: Paul Senior who wrote (35)9/22/2010 8:57:31 AM
From: D. K. G.
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RE:BNE - Thanks, I took advantage of that dip.
I still see no reason for deal not to go through.

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To: D. K. G. who wrote (36)11/22/2010 8:08:03 PM
From: Paul Senior
1 Recommendation   of 64
 
BNE. It's seldom that I've seen a stock trade at the take-over price before the deal closure date has been announced. Maybe only where people expected a higher offering price to come.

No rumors/suggestions that I see though of a higher price for BNE.
Closing date has not been announced. Apparently, imminently though.

With the stock at $12.50, i.e. at the buyout price, I've just paid the small broker commission and sold all the shares I've held in one of my accounts. Bird-in-the-hand kind of thing.

My buy price in this account averaged 12.08, and that turns out to be a 3.7% gain in exactly 90 days. From my perspective, that's very satisfactory. Plus we got the $.055/sh dividend for the quarter. Brokerage expenses for me were minor.

So my thanks for mentioning BNE here! I was fortunate to have seen it and to have acted on it.

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To: Paul Senior who wrote (37)11/24/2010 3:34:35 PM
From: Paul Senior
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Buyout completion for BNE today. Worked out nicely for me.

Thanks again, D.K.G.

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To: Paul Senior who wrote (37)11/26/2010 7:07:07 PM
From: D. K. G.
   of 64
 
Yo're, welcome. I enjoy scouting out arbs like this.

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To: D. K. G. who wrote (39)11/26/2010 8:00:11 PM
From: Paul Senior
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Fwiw, I'm in for a few shares of XCO to see how the ceo's offer turns out.

finance.yahoo.com

And also holding a few shares of FSIN, with its ceo's offer:

fushicopperweld.com

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To: tuck who wrote (31)12/15/2010 11:24:51 AM
From: Paul Senior
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Looks like the CYPB deal is now finalized. Thanks for the CYPB mention and report here.

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From: Paul Senior12/21/2010 12:57:08 PM
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I'll bet a few bucks that the TCM merger deal gets completed.

TCM at $4.28; deal at $4.50 cash.

finance.yahoo.com

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