Value Situations

Value Situations

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Value Situations
Value Situations
A Wooden Spoon?

A Wooden Spoon?

From live takeover target to busted arb situation.

Conor Maguire's avatar
Conor Maguire
May 19, 2023
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Value Situations
Value Situations
A Wooden Spoon?
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Disclaimer

Value Situations is NOT investment advice and the author is not an investment advisor.

All content on this website and in the newsletter, and all other communication and correspondence from its author, is for informational and educational purposes only and should not in any circumstances, whether express or implied, be considered to be advice of an investment, legal or any other nature.  Please carry out your own research and due diligence.


I recently added a smaller “Quick Sit” position to the Model Portfolio, on the grounds that there were sufficient “clues” in place to suggest it would be acquired by a PE buyer at an attractive premium to the then-share price, making it an attractive event-driven value play against a volatile and uncertain equity market backdrop.

Somewhat disappointingly, news broke on Monday that the deal had fallen over, with the PE bidder walking away from the deal for undisclosed reasons. The target’s stock dropped significantly following this news, and while the immediate read of this situation now might be that I got it wrong, on proper reflection I believe the stock continues to represent an attractive value situation.

Firstly, lets recap on the situation…

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