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Strategies & Market Trends : Value Investing
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To: Freedom Fighter who wrote (6112)2/26/1999 11:54:00 AM
From: Allen Furlan  Read Replies (1) of 78497
 
Wayne, back to your hedge idea on Sbarro. Today, vlsi received buyout bid from Phillips at 17. I bought vlsi at 15 7/16 and sold July 15 calls at 2 3/16 for net cost of 13 1/4 plus commissions. Annualized yield of approx 25% if deal goes through. Phillips has cash to support deal and I wouldnt mind holding vlsi at 13 1/4. If deal firms up prior to July most of the 1 3/4 spread will become available by backing out of the position. Wonder who bought 15 call with little upside expectation?
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