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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (36246)12/21/2009 1:04:52 PM
From: MCsweet   of 78910
 
BMY,

I take it you didn't participate in the BMY tender into MJN. In my experience, those tenders usually work out pretty well. I have found that a 10% edge (although it ended up trading down to a 5% edge) usually works and is especially good if you are thinking about exiting the position anyway.

My BMY shares convert to $27 worth of MJN shares as of current market prices. Who knows where it will end up by the time I get my MJN shares, but I'll take my chances.

Sure, MJN is not a stock I'd normally own, but these tenders have pretty consistently made me money (basically an arbitrage type deal, but I go unhedged).

MC
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