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Tessera Technologies Inc. Message Board

foreverwhiteroses 26 posts  |  Last Activity: Sep 25, 2014 9:50 AM Member since: Jul 16, 2004
  • foreverwhiteroses by foreverwhiteroses Jul 29, 2014 6:22 PM Flag

    Does anyone have any idea how to get ANY information about Special Opportunities Fund???? It's a fascinating operation, but it sure seems impossible to find out what or how they're doing.... A semi annual letter to investors, an annual report and not much more than that in between it seems....oh let;s not forget the weekly update on the website for NAV. Talk about a leap of faith investment.... not disappointing, mind you, but surely one you have to believe in to invest because you're not going to be able to invest on due diligence........

  • Reply to

    A question?

    by bigbear.2010 Jul 24, 2014 10:34 AM
    foreverwhiteroses foreverwhiteroses Jul 24, 2014 11:51 AM Flag

    I tried posting before but it apparently didn't take... IRB - why would there be new offering to cover the cost of purchase when the acquisition is 100% shares? Yes, there'll be shares issued to QRE shareholders, but I don't think that will be "dilution." bigbear - one definite reason for the selloff is the arbitrage effect.... Arbitrageurs typically sell the acquirer and buy the acquired to take advantage of the spread between what will eventually be identical equities. I think (I could be wrong) arbitrageurs are even more likely to take this traditional stance when a deal is all shares, no cash, as this one is. For example, as I write, BBEP is at 22.31 and QRE is at 20.55, BUT, under the terms of the agreement, 1 share of QRE will be worth .9856% of a share of BBEP or 21.99. Arbitrageurs will try to lock in that spread of 32 cents by selling BBEP and buying QRE, locking in riskless profit over time assuming the deal goes thru. It's the arbitrageur's job to then have a good read on the likelihood of the deal to go through and the timing of it to figure out whether or not the yield spread is sufficient for them to jump on the trade.

  • foreverwhiteroses foreverwhiteroses Jul 24, 2014 10:51 AM Flag

    I do wonder the same thing, but having said that, they say in the merger announcement they are recommending an INCREASE in the dividend to 2.08 annualized based on it, so I guess mngmt's feeling OK with it.... Coverage ratio for QRE was something like 1.1x going in.

  • Reply to

    Can the Dividend go to $.25 per Quarter?

    by honestaccts Jul 23, 2014 7:58 AM
    foreverwhiteroses foreverwhiteroses Jul 23, 2014 9:24 AM Flag

    I wonder why TMO hasn't had a stock split since 1996? Based on historical prices it would seem to be way overdue....

  • foreverwhiteroses foreverwhiteroses Jul 15, 2014 9:56 AM Flag

    It's obvious you just don't get the concept. WLL did not agree to buy KOG for 13.90. They're buying it using a different medium than cash - their own shares. They're buying it for .177 shares of their own stock for each share of KOG. Assuming no change in terms and no emergence of another offer from any other company, just your thought that KOG could now go to 30 if WLL goes to 100 proves you don't understand the concept or the effects of arbitrage. If WLL goes to 100, KOG can only trade around 17.70 only, probably a little less until the deal is closed, because the two companies' shares are now essentially the same security.

  • Reply to

    Why did WLL rise 7.69% after buying KOG

    by nsleesman Jul 14, 2014 6:29 PM
    foreverwhiteroses foreverwhiteroses Jul 14, 2014 8:24 PM Flag

    Your comment implies that to you no all stock deal for any company has ever been done that was fair for investors because none of them can provide the shareholder with a dollar value.... Somehow, I think there's a whole lot of shareholders around the world who have been involved in all stock deals who would disagree with you... Yes, absolutely it seemed awfully strange to have a nominal "takeunder" in this case, but right now, I own .177 shares of WLL theoretically for each KOG I own. What's good for WLL is good for KOG. Do I think we got the best deal possible? nope... but still, your thesis doesn't hold water. It's not necessarily bad just because the structure doesn't allow you to produce a dollar amount per KOG to be able to value the deal.

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