Onyx Just About Done
Today, Amgen (Ticker: AMGN) received antitrust approval for its acquisition of Onyx Pharmaceuticals, Inc (Ticker: ONXX). The tender offer expires on October 1st and this deal will close after the expiration of the tender offer. I’ve been selling the October 120 Puts and pocketing a decent premium. I’m surprised the spread remained this wide, but I guess some people were concerned about a potential delay in gaining the antitrust approval. I’ve already tendered my Onyx shares so in about two weeks I expect the cash to hit my account.