Sunday, April 02, 2017

March 2017 Performance

March turned out to be another decent month with a net gain of +5.1%. There wasn’t a single position that accounted for the gains, but it was rather small incremental increases from the various holdings. I increased my position in Syngenta (Ticker: SYT) to ~ 15% of my portfolio and initiated a position in Time Inc. (Ticker: TIME) (~ 6% position). My only other arb play is Actelion (Ticker: ALIOY), which is on track to close in Q2. I continue to play things conservatively for the time being as I patiently wait to pounce on a favorable risk reward merger arb / special situation play.

March update was brief as there was really not much to report on my part. Hopefully, I can report on some new ideas / positions in April…

2017 Performance Year to Date = +10.59% with the running monthly returns as follows:

January -4.50%
February +10.18%
March +5.1%

21 Comments:

At April 03, 2017, Anonymous mergerpie.com said...

the $TIME auction is taking a longer time than expected...i hope it doesn't end up like $KATE..

 
At April 03, 2017, Blogger Eric L said...

kate is ok....will just take more time

 
At April 04, 2017, Anonymous mergerpie.com said...

$SYT merger just took another step forward. FTC approval today.

 
At April 05, 2017, Anonymous Anonymous said...

Has anyone seen any news on ALR? It's making a big move up today.

 
At April 05, 2017, Anonymous Anonymous said...


Found this:

https://www.streetinsider.com/Corporate+News/Alere+(ALR)+Climbs+Amid+Circulation+of+Court+Filing+in+Abbot+(ABT)+Case+-+Bloomberg/12749151.html

(Updated - April 5, 2017 12:11 PM EDT)

Alere (NYSE: ALR) climbed Wednesday as traders circulated a court filing in its Abbott (NYSE: ABT) merger case.

According to Bloomberg, Alere asked a Delaware judge to uphold a special master’s report recommending Abbott produce handwritten notes and summaries from its due diligence meetings and calls. Alere claims Abbott knew of legal and regulatory issues during the course of due diligence.


Does anyone have an opinion on this merger?

Thanks

 
At April 06, 2017, Anonymous Anonymous said...

SYT got EU and US approval.. is the spread wide because the deal will close by end of second quarter?

 
At April 06, 2017, Anonymous mergerpie.com said...

the spread is wide bcos they still lack Chinese approval (MOFCOM & SAFE), India and Mexico (should be approved soon as committee meet on 6th Apr to discuss merger) and lastly the details of the financing. Deals involving China buyers usually have bigger spreads than others. There is still a good 4.5% spread within 2 months which is unusually good risk/return

 
At April 06, 2017, Anonymous mergerpie.com said...

regarding Alere, i didn't read the proxy in detail... even if Abbott had known the risks beforehand, if the proxy does not exclude the clause, there is no reason for the judge to side with Alere. I believe the lawsuits and performance issues are materially adverse events. I m not a lawyer so i may be wrong..personal analysis only.

 
At April 07, 2017, Blogger Money Turtle said...

I actually think ALR has a chance of winning this case. Very difficult to get out of a deal win the MAE card.

I also like the risk reward on SYT. Looking to add to it...

 
At April 07, 2017, Anonymous Anonymous said...

AKRX is on the market. any ideas or thoughts for next week to buy if a deal does not go through?

 
At April 10, 2017, Anonymous Anonymous said...

MBLY tender offer expire in june, do you really think the deal will close by june?

 
At April 10, 2017, Blogger Money Turtle said...

MBLY: Tender will be extended. Company has guided for a year end close with the completion of the deal within 9 months.

AKRX: Took a small position in AKRX. This deal makes sense...

 
At April 11, 2017, Blogger Eric L said...

MT-excellent site! I have started writing a daily M&A column for Seeking Alpha....Everyone is welcome


https://seekingalpha.com/article/4061744-risk-arbitrage-today-bidding-war-bread

 
At April 12, 2017, Anonymous mergerpie.com said...

Some news/progress in $TIME from Bloomberg.. also $SYT where mofcom review progressing...

 
At April 12, 2017, Blogger Money Turtle said...

Eric, Thanks for the link! Very well written...

Just surprised it's taking this long for $TIME, but things looks like it's slowly falling into place.

SYT: Nice to see MOFCOM approved so soon even though this was just a rubber stamp approval.

 
At April 12, 2017, Anonymous Anonymous said...

Now TIME drops..

 
At April 12, 2017, Anonymous mergerpie said...

First bad news abt $TIME..i decided to reduce my position due to the adverse news...but more than compensated by mofcom approval of $SYT

 
At April 12, 2017, Blogger Money Turtle said...

I exited my $TIME position on that Reuters news...

 
At April 12, 2017, Anonymous Anonymous said...

Is it working adding ALIOY? Also what is the final deal value of SYT?
Thanks

 
At April 12, 2017, Anonymous Anonymous said...

Is it worth adding ALIOY?

 
At April 12, 2017, Blogger Money Turtle said...

Probably not with ALIOY at this point.

Take out price for SYT is $93 and a $1 dividend payout when it closes (total $94).

 

Post a Comment

<< Home