Pretty peculiar price behavior given the $15.00/sh cash buyout. It looked like about 2M shares were short, but over 6M shares traded today. A higher offer seems unlikely given the public nature of the bidding process. But it seems that the shorts could have covered by now. Anybody know what's going on?
Bridgestone outbid Pirelli to acquire Firestone in 1988. I don't know about any potential name changes for PBY. Yes, $15 is about what was expected (although I would have taken more!).
Bridgestone wins the bidding at $15.00/share. The deal took longer than I expected - but Gabelli got a deal done and finishes with a good return. Any ideas on what to roll a PBY position into?
Well, the deal didn't close in Q2. It seems that D.C. is taking their time. Interesting how D.C., with one tenth the population of MD is able to hold up the deal. Does anyone have any insight into what's happening?
It was extended again, till tonight. They finally got their approvals this week. Likely to close either tomorrow or early next week. Where are people reinvesting their proceeds from the sale?
I didn't tender my shares (they were in my brokerage account). Has anyone else who didn't tender receive cash for their shares yet? I asked my broker but they said they didn't have a payout date yet. Does anyone have a date? Thanks.
Agreed, I thought they should have sold for more. They sold for (enterprise value/revenue) of about 1X. The buyer, Sonus sells for about 2X. A good transaction would have been at $5 to $7/share - if they were able to show any sales momentum, even higher.
It depends. Do you have a gain or a loss? Do you want to realize (for tax purposes) that gain or loss in 2013 or 2014. Will waiting till Jan or Feb 2014 convert a short-term gain to a long-term gain? The next issue is the price - you can sell now and get 3.70 or so - if you wait a month or two you'll get $3.75. Risk - there's a slight probability the deal will fall apart and the price will drop back to around $3.00 (or maybe even lower). There's also a slight chance that another buyer will come along and offer more than $3.75. Unless there are tax reasons, I think that most shareholders will sell their shares now rather than wait.