Friday, July 30, 2010

Sold Portec Rail Systems

I closed out my Portec Rail Systems (Ticker: PRPX) risk arb play today at ~ $11.54 generating a 1.67% return (annualized gain of 24%). L.B. Foster (Ticker: FSTR) extended the tender offer for another 2 weeks, which was not a big surprise to those following the deal. This deal will likely close since L.B. Foster pretty much has the number of shares tendered to close (need 65% tendered and 64.41% has tendered) and will probably divest a unit to satisfy the anticompetitive concerns from the Department of Justice. I wanted to free up some cash to potentially play the Genzyme (Ticker: GENZ) + Sanofi Aventis (Ticker: SNY) deal.


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