Sold Zhongpin, Inc
I sold my position in Zhongpin, Inc. (Ticker: HOGS) today at $12.95 generating a net gain of 0.72% over a 15 day period (17.28% annualized). I’m just reducing my risk just a bit. You tend to see a lot of volatility as you head into the final stretch for many of these China management buy out plays. This one will probably be completed sometime in June at a takeout price of $13.50. I was initially thinking this could be completed in May, but still waiting for the SEC to approve the proxy statement.
2 Comments:
What was your primary reason for seling here?
Are you nervous that the buyout might not go through, or do you feel it just might be delayed?
Thanks
Just want to minimize my risk just a tad. I'm fairly confident that this deal will go through sometime in June. Definitive proxy should be approved shortly. They will be announcing earnings next Friday. I just don't want any unexpected surprises. Will most likely get back in again...
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