Wednesday, February 11, 2009

American Land Lease Arb Play

Ok, my break from this arb stuff is over. I just picked up some American Land Lease (Ticker: ANL) at $13.58. There’s a tender offer for $14.20 from Greene Courte Partners. Approximately 93% of the shares have already been tendered, which qualifies Greene Courte Partners to complete this deal under a short form merger. This will get the deal done quicker than a traditional merger. Hopefully, this deal will close by the end of this month.


At February 12, 2009, Anonymous Anonymous said...

What would be the point in holding onto your shares through the 17th instead of calling Innisfree M&A Incorporated tomorrow and tendering your current shares now for the $14.20.

And, if there is a reason to avoid tender, how do you protect yourself? For example, I purchased some Feb $22.5 put opitons for $.05 in order to provide some downside protection during the last days of the Puget deal.

You can call me stupid, but I have been wrong before and will - at some point in the future - be wrong again.


Appreciate all the insight.

At February 12, 2009, Blogger Money Turtle said...

You're absolutely right... There's no advantage of holding past the tender deadline.

At February 12, 2009, Anonymous Anonymous said...

Thanks Turtle,

Tendered with Schwab today. They actually had an internal deadline of 4 p.m. PST because of the holiday Monday and the fact that they allow(desire)an extra day to process. More "rule of thumb" than "hard and fast" because they also said they would do their best to process shares submitted Friday in a timely manner. The 3-day settlement if you bought and submitted today did not seem to be an issue. Don't know about tomorrow morning though??? I had no interest in holding through tender expiration.

Thanks again,


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