Dear Diary,
Today, Huntsman's (HUN) ended its effort to be bought out by an Apollo subsidiary for $28 a share, and the stock is now trading at about $3 a share, down from the roughly $6 a share of recent days. The Current Ratio is listed at 1.36, below my desirable numbers, but HUN is to receive a $1 Billion amount for termination costs, so I expect HUN will be ok. I plan to hang on to get my $8.78 purchase price back, and it may be that another suitor is in the wings wanting to buy. (Mr. Buffett did warn us to stay away from these 100% deals.)
I just picked up shares of ALO in Arbitrage #10 for $34.76 a share with an expected closing date of December 31, 2008. This is a projected 6% gain over a 16 day holding period, based on a stated sale price of $37 a share. This also represents a 136.88% annualized gain.
It makes one wonder, with all the banks Mr. Buffett is buying (i. e. Wells Fargo) and attempting to transform into banks (i. e. American Express, Goldman Sachs), whether he is attempting to take over the Federal Reserve Banks; thus, the entire system.
Gene
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2005, In Front of IRS Building, Washington, D.C.
Diary of a Business Investor
Gene Chapman
2005, In Front of IRS Building, Washington, D.C.
About Me
- Gene Chapman, Author
- P. O. Box 295545, Lewisville, Texas 75029
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