B van Velzen

Investor & sports-bettor. Blogging on special situations arbitrage at I like to tweet on obscure M&A involving companies I know nothing about.

[B van Velzen @Avaritia2011]

@janeo1934 "No alternative arrangements will be made to pay you". Maybe if we ask nicely, but not sure they really have any incentive to comply.

[B van Velzen @Avaritia2011]

IB told me I am owed a settlement for owning $709.HK in 2022. Sounds like a nightmare to cash (certification of ownership, getting a HK cheque no bank here will cash). Still a somewhat sizable amount; I think this was a big name on FinTwit back then; anybody actually doing this?

[B van Velzen @Avaritia2011]

@CallsPuts1 They've got 49.2%. This will be done by Monday.

[B van Velzen @Avaritia2011]

@hillfronter83 You'd imagine they would have know nbeforehand though. Also not sure why it took them over a month to close this deal after shareholder approval. We'll never know I guess (which probably explains the incentive to spend it all).

[B van Velzen @Avaritia2011]

$MURA has apparently managed to spend quite a bit before being acquired by $XOMA. The "Additional Price Per Share" is zero. Nice farewell gift to its shareholders. Deal closes early December at the $2.035 minimum.

[B van Velzen @Avaritia2011]

$ZYNE.CVR pays $0.27 on completion of Ph.3 trial by Harmony. The trial failed. Nice reminder how valuable 'completion' milestones (or 'NDA filing' or 'first dosing') sometimes are vs approval milestones (let alone sales related). Remaining CVR derisked but also likely worthless.

[B van Velzen @Avaritia2011]

@AnotherBio Also, today is the last day you will be able to buy. Shares you buy tomorrow won't settle in time to be tendered.

[B van Velzen @Avaritia2011]

“We plan to file for approval before the end of this year, and we hope the regulators will agree with us,” Kosiborod said.

The filing will trigger a contingent value right of $10 per share in cash" https://t.co/XW3tVbZXdT

[B van Velzen @Avaritia2011]

$CINC CVR looks in good shape after $AZN said baxdrostat Phase 3 trial was succesful. The CVR will pay $10 if/when an NDA is submitted. https://t.co/HTTIKOAUnU

[B van Velzen @Avaritia2011]

@AnotherBio I think this makes sense. The $IGMS CVR just paid $0.11 in excess cash. Shares traded at implied value of $0.02 before close, Tang said in the merger proxy he expected $0.00-$0.02.

[B van Velzen @Avaritia2011]

@Cash2AshBiotech @AnotherBio $0.387 according to my calculations. No withholding tax.

[B van Velzen @Avaritia2011]

Friendly reminder that $FGF started trading without the CVR this morning. In other words, you're buying $5 NAV of ETH for $25 right now.

[B van Velzen @Avaritia2011]

(if I ever blow up my account it's probably because of one of these deals. Stupidly chasing a very-unlikely-to-ever-pay CVR that costs very little but exposes you to huge risks -which you can't hedge because no options- if the deal somehow not closes for some black swan reason)

[B van Velzen @Avaritia2011]

$VIGL takeover by $SNY has closed. Had me a little bit worried for a second when $VIGL suddenly filed a 10-Q describing the merger in future tense and emphasizing the various risks involved, but fortunately the 8-K announcing the closing followed 30 mins later.

[B van Velzen @Avaritia2011]

Vote passed. Not by much though.

[B van Velzen @Avaritia2011]

Does anybody know what's going on with $HOOK? Liquidation play, will pay $1.28-$1.72, but no distribution for three years(!). Always seemed very overvalued when I looked, but now at $0.90 starting to get interesting. Potential shareholder vote problems maybe? Meeting on the 29th.

[B van Velzen @Avaritia2011]

@hillfronter83 Where do you read the "three years after"? It seems to me they can file the certificate once the sale to Gilead closes and then go into winding-up mode for three years (or longer). I just don't get why they are unable to pay an initial distribution in the interim period.

[B van Velzen @Avaritia2011]

$VERV tender offer by $LLY a success with 56% tendered, deal will be completed tomorrow. https://t.co/w6QctecbRB

[B van Velzen @Avaritia2011]

@ljp0101 @107_taste @AnotherBio And/or little people like me that want exposure on the CVR but don't want to lose a night's sleep worrying about their account getting wiped out if they wake up to some sort of a black swan event (i.e. tender cancelled). That's esp relevant if cvr-part is small relative to cash.

[B van Velzen @Avaritia2011]

$BPMC tender by $SNY has been extended but will be done tomorrow. Only 46% tendered, but another 36% (!) came in late by guaranteed delivery. Weird, never seen that. https://t.co/CkRdT4EcpA