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The Empire District Electric Company Message Board

  • j_a_quinlan j_a_quinlan Dec 22, 1999 11:08 PM Flag

    OTEX - lunch money

    Open Text is offering to buy back shares at
    $US20...up to 16.9%...but odd lots will not be prorated.
    Offer expires Jan 14. It closed at 18.25 today. I
    checked the filing and didn't find any tricky record
    dates or anything. Good for some lunch money if you buy
    99, but at least there doesn't seem to be much
    risk.

    By the way, I remember reading about a yahoo club
    someone set up... Anyone try it? Tks.

    JQ

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    • So no idea on VR, but thanks for mentioning
      it.

      No other bright ideas right now I'm afraid, though
      EDE DOES trade for a 36.5% discount if UCU could see
      its way permanently above 22.

      I will of course
      mention any I find...

    • or always selling just because the discount is
      small.
      Only wanted to show a rational approach involves
      looking at rate of return, risk, and opportunities
      available. I have most holdings up for sale with limit
      orders from the day I buy them. This means I won't
      benefit from higher offers, but I haven't found that to
      be a problem recently. If someone will pay enough so
      the rate of return remaining would be below my
      target, I sell. I have bought some stocks to tender for
      less than a 1/16 gain, and made an attractive
      annualized rate of return (ARR). When I sell early, I
      usually put in a limit order to buy back in at a price
      that would meet my ARR target, and sometimes profit
      from the same deal several times.
      If double digit
      discounts are what you like, how about VR? Takeover at $25
      cash,now at $21 7/8, pays $.75/yr dividend.(I have some
      I'll sell you for what I paid for it.) If you have
      anything definite on when it is likely to complete, let us
      know.

    • That's me! Your turn to come up with a winner!

    • What I meant but didn't say...I was holding VIAS
      for the bitter end, but - bitter it turned out to be.
      I ended up selling shortly after problems became
      apparent at a 12% loss. So to pick up 1 to 2% I lost
      12%...

    • But those I did I used heavy leverage. Usually I
      simply don't know exactly WHEN completion will occur, so
      if I see something in double digits on the discount
      I'll move. Besides, one of the few times I didn't
      follow this rule - VIAS - I ended up selling it early,
      luckily for only a 12% loss. That merger fell
      through.

      But if it matters, I'd prefer we used the actual
      discount here on this board to keep things simple. I can
      get the expected completion date myself and compute
      an annualized return that way if I need to.
      Otherwise, things get too confusing here...

      Oh, and
      THANKS to all! Who here had the VDIM idea? I need to
      send someone a present for that one...!

      :-]

    • Sorry for not stating it as such. When comparing
      deals with different expected completion dates, more
      than discount from buyout or tender offer price is
      needed. You will be better off with 12 transactions each
      lasting a month and each returning 3% than with two
      trades that last 6 months and return 15% each. Actually,
      with compounding considered, you will make almost 68%
      per year if you can complete even a 1% trade each
      week.
      I don't understand the logic of people who sell out
      positions because "there is only 1% left" when getting that
      1% in a week or less is almost a certainty. I do
      understand the logic of those who will sell a stock they own
      at $15 after a one month tender offer for $16 is
      announced, because "there is only one point left in the
      stock".( If you are the type who mortgages his house and
      maxes out all his credit cards and uses all the money
      to buy one hot stock on maximum margin, then an
      expected growth rate of over 115% per year may just not be
      good enough.)

    • And thanks to you, az tchr, and arb_this for sharing your ideas!!!

    • Don't understand as WDN is above $22. Would you explain. Thanks

    • -thanks for the WDN deal

      -EDE could take
      as long as this year - the entire year, if SAJ is
      any indication

      -I DO own TSII. Almost a done
      deal, and still a 5% discount even after a jump today
      with another 2 months or so to go. I bot more of it
      today, along with WDN.

    • View More Messages
 
EDE
25.11+0.28(+1.13%)Sep 16 4:02 PMEDT

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