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Re: strange action in stock and behind the scenesGrampa21’s response below ... doesn’t seem to be any there there. =================/===================================================================== While the transaction appears large for the size of Magnetar they clearly state the transaction was a passive risk arbitrage investment. They must feel pretty confident about collecting the difference between their purchase price and the closing of the ultimate buyout. "ITEM 4. PURPOSE OF TRANSACTION The Reporting Persons acquired the 4,106,528 Shares reported herein on behalf of the Funds after the public announcement of the Merger Agreement (as defined below) for purposes of receiving the merger consideration described below upon consummation of the Merger (as described below). The Reporting Persons acquired the 1,714 Shares reported herein on behalf of Systematic Master Fund to cover a pre-existing short position in a strategy unrelated to the passive risk arbitrage strategy. Each of the Reporting Persons reserves the right to acquire additional securities of the Company in the open market, in privately negotiated transactions, or otherwise, to dispose of all or a portion of the Shares and/or other securities reported in this Statement, or to change their intention with respect to any or all of the matters referred to in this Item 4. Other than as described above in this Item 4, the Reporting Persons do not have any plans or proposals that relate to, or would result in, any actions or events specified in clauses (a) through (j) of Item 4 to Schedule 13D." I have been retired too long to know/remember all the passive risk arbitrage players but this appears pretty normal type transaction albeit pretty large for the type of business Magnetar's website indicates they typically invest in. Feel free to pass on to whoever may be interested. Just my observation |
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Msg # | Subject | Author | Recs | Date Posted |
6907 | Re: strange action in stock and behind the scenes | ulingt | 3 | 5/11/2020 7:12:07 AM |