Daks

Global merger arbitrage - give a man a fish and you will feed him for a day. Teach a man to arbitrage and you will feed him forever.

[Daks @ArbitrageDaks]

$LSTA - so what to do? Feels like this gets extended (at least once) but ultimately they price cut again (somewhat offsetting it with increased CVR payouts as they will be self funding) to whatever level they have actual financing for at that point.

[Daks @ArbitrageDaks]

$LSTA - Clear buyer intent as Kuva have been making the operating expense payments, albeit late. Clear issue with financing as 6 months down the track and still not fully secured - hard to see that get cured now. Clear target in distress agreeing to ever more unfavorable terms.

[Daks @ArbitrageDaks]

$LSTA - Mona Lisata "they just lie there, and they die there" - surely this tender starts today and we don't get "such other date as may be agreed to between the Company and Parent"

[Daks @ArbitrageDaks]

$SDF.AX - I promised myself I would be "steadfast" in avoiding Ozzie pre event but here I am thinking this time its different......

[Daks @ArbitrageDaks]

$LSTA - do you smile to tempt a lover, Mona Lisata, Or is this your way to hide a broken heart - diplomatic read of recent events is that Kuva can soon finalise financing now that new terms are agreed. Clearly didn't have the $5 a share in hand.

[Daks @ArbitrageDaks]

@CarswellWilliam No paperwork but if it helps, got 22.93c per CVR paid 18/5

[Daks @ArbitrageDaks]

$RPTX - first (of many????) CVR payment rec'd today to help "repare" the P&L in this name

[Daks @ArbitrageDaks]

$EHAB - don't want to get "enhabit" of asking for help but why is this trading above the takeout px - too early for the dissenters to be keeping it here, no obvious holder to agitate for a bump, haven't seen any counter talk.....????

[Daks @ArbitrageDaks]

Starting to feel CVR fatigue - feels like every pharma deal now has to have one and consequently, quality is dipping. Still waiting on payouts from supposedly short dated 2025 CVR's! Great when they are free ($HOLX anyone) but they rarely are.

[Daks @ArbitrageDaks]

@dt432123 Low cost way of being in on any s/h class action suit proceeds sometime post deal close - have gotten a few nice surprises over the last couple of years. Some of them payout to all holders.

[Daks @ArbitrageDaks]

$PPM.AX - in what is a "challenging" market, this deal was always a bit "salty" - Ozzie pre event strikes again

[Daks @ArbitrageDaks]

Not exactly bottom fishing in arb land but a few names look decent here - $SEMR, $HOLX, $GTLS, $EXAS and even $WBD (but no rush into that)

[Daks @ArbitrageDaks]

$9287.T - bumped and acceptance condition lowered to a reasonable 60% - why such a big spread? What am I missing?

[Daks @ArbitrageDaks]

$RNW - I clearly was missing something - credited Abu Dhabi as just being slow, whereas, their track (when in the driving seat) in closing this year has been poor - only really Covestro brought to the finish line. Got to discount them more heavily in future.

[Daks @ArbitrageDaks]

$PDI.AX - expect another tilt from $PRU.AX, even if to adjust maximum value for their near 18% stake. Having shown their hand, can't imagine it was their one and only hand.

[Daks @ArbitrageDaks]

$PDI.AX - https://t.co/wMGSXEnBVf did counter with a "matching" (you're having a laff) bid, apparently with the support of a number of PDI holders. Crazy situation (rules need fixing) that PDI holders would only get a vote on PRU but not RBX deal.

[Daks @ArbitrageDaks]

$STAA - my eye sight might need improving but current deal looks a bust given Glass Lewis decision - is price being supported by spec on another Alcon bump - after all, best and final language is meaningless?

[Daks @ArbitrageDaks]

$PDI.AX - by material action I mean disgruntled holders, bumps, counters, regulatory intervention/delays, stake building etc - hard to "Predict" and mostly nice to "Discover". Perseus means "destroyer" and they have form - can't see Robex competing with them here.

[Daks @ArbitrageDaks]

$PDI.AX - whilst we all know (but never learn) how little edge you have in Ozzie pre event arb, Ozzie merger arb more than makes up for it - got to be the most material action per investable deal in the developed market universe

[Daks @ArbitrageDaks]

$AUB.AX - Ozzie pre event strikes again!