Seaspan Corporation (NYSE: SSW) ("Seaspan") announced today the commencement of a tender offer to purchase up to 10,000,000 of its Class A common shares at a price of $15.00 per share, representing a 43.5% premium to the December 12, 2011 closing price of $10.45 per share for Seaspan's shares on the New York Stock Exchange. The tender offer is expected to expire at 12:00 midnight, New York City time, on Wednesday, January 11, 2012, unless extended. In accordance with the rules of the Securities and Exchange Commission, Seaspan may increase the number of shares accepted in the offer by no more than two percent of the outstanding shares without amending or extending the tender offer.
Dec 12, 2011 Closing price: 10.45
January 11,2012 Closing Price 14.07
January 18th, 2013 price at time of writing 17.75
If a PE group is willing to pay $4 a share they must see opportunity in the Company to escalate their price to go above that price as SSW seen in its own company.
The Tender offer is supposed to happen within the first calender quarter of this year and normally spans out 1 month so the latest date they could announce it is Feb 28th and earliest is next Tuesday.
No, it does not help. More BS from the same dope using a different ID.
Cerebrus' puppet group Symphony is only buying shares in SVU as part of the condition to steal (I mean buy) the remainder of the Albertson acquired holdings from 2006. The modest $250 million equity investment in the remainder of SVU was the only bone they could throw shareholders to make the deal seem worthwhile. And Cereberus still got the last laugh by putting their guys in charge and took over the board in exchange for the tender.
The final laugh will come when they issue shares to get to the 19.9% and dilute the remaining outstanding shares.
The level of incompetence on this MB is astounding.
Short squeese. Turnaround. Buyouts. Return of the dividend. It's all BUNK.