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
By the way, I remember reading about a yahoo club
someone set up... Anyone try it? Tks.
So no idea on VR, but thanks for mentioning
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
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
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
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
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...
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
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
-thanks for the WDN deal
-EDE could take
as long as this year - the entire year, if SAJ is
-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.