B van Velzen

@janeo1934 "No alternative arrangements will be made to pay you". Maybe if we ask nicely, but not sure they really have any incentive to comply.

@Avaritia2011 Just gotten the email from ibkr too. I'm still reading up on this. Is that the only option we have as overseas shareholders?

IB told me I am owed a settlement for owning $709.HK in 2022. Sounds like a nightmare to cash (certification of ownership, getting a HK cheque no bank here will cash). Still a somewhat sizable amount; I think this was a big name on FinTwit back then; anybody actually doing this?

@CallsPuts1 They've got 49.2%. This will be done by Monday.

$APLT wonder why they can't get the votes ? The tender offer by Cycle Group Holdings Limited to acquire . . . . . Applied Therapeutics, Inc. (APLT) has been extended . . . . to expire one minute after 11:59 p.m. ET, on February 2, 2026, unless extended or terminated.

@hillfronter83 You'd imagine they would have know nbeforehand though. Also not sure why it took them over a month to close this deal after shareholder approval. We'll never know I guess (which probably explains the incentive to spend it all).

@Avaritia2011 Could there be any hidden cost for Irish company m&a? How can they spend more in 2 month than all Q3?

$MURA has apparently managed to spend quite a bit before being acquired by $XOMA. The "Additional Price Per Share" is zero. Nice farewell gift to its shareholders. Deal closes early December at the $2.035 minimum.

$ZYNE.CVR pays $0.27 on completion of Ph.3 trial by Harmony. The trial failed. Nice reminder how valuable 'completion' milestones (or 'NDA filing' or 'first dosing') sometimes are vs approval milestones (let alone sales related). Remaining CVR derisked but also likely worthless.

@AnotherBio Also, today is the last day you will be able to buy. Shares you buy tomorrow won't settle in time to be tendered.

$LVTX PSA: Tender your shares if you haven´t (and want the CVR). If you don´t tender, you will receive same cash + CVR as tendered shares, but you will be subject to weird dutch withholding tax.

“We plan to file for approval before the end of this year, and we hope the regulators will agree with us,” Kosiborod said. The filing will trigger a contingent value right of $10 per share in cash" endpoints.news/esc25-astrazen…

$CINC CVR looks in good shape after $AZN said baxdrostat Phase 3 trial was succesful. The CVR will pay $10 if/when an NDA is submitted. astrazeneca.com/media-centre/p…

@AnotherBio I think this makes sense. The $IGMS CVR just paid $0.11 in excess cash. Shares traded at implied value of $0.02 before close, Tang said in the merger proxy he expected $0.00-$0.02.

With $KRON roughly paying ~38 Cents, I´d like to share a theory about the "excess net cash sweep" in liquidation CVRs (How to easily bore every possible reader in a single sentence!). Currently relevant for $HLVX $ITOS $LVTX $ELEV $EPIX (lol not touching this one though). I think all of these deals are structured "in the money". What do I mean? Let´s take $HLVX as an example. The cash portion of the offer is roughly 97.77 mln US$ with my sharecount, it´s probably effectively around 97.95 mln. Shareholders are getting the cash in excess of 102.95 mln. That means the acquirer is getting paid 5 mln$ to assume the liquidation risk and actually do the winding down. Now, it makes ZERO sense to choose these numbers when both parties would not expect net cash to be in excess of these 102.95. If they were expecting exactly this number or even a bit less, that would immediately eat into the 5 million US$ for the acquirer. But they just settled on that number? So to make sure the acquirer actually gets these 5 mln, you would expect them to structure the "strikes" in such a way, that the "excess net cash sweep" actually pays out - which is the thing that fixes the 5 mln US$! Now of course you don´t want to hold back too much cash, but it´s usually just 4-8 weeks so not a big deal. So we might be talking just 500k or 1 mln (no idea really) but I am quite sure that almost all of these will pay at least something. $LVTX not 100% sure, since there is already the "additional net cash"-feature, so this is probably a bit tricky. BUT with the CVR trading somewhere between 7 and 10 mln, the impact of even small sums is decent. If you crunch the numbers, there is definitely room for payment imo. $HLVX Articulated this already in my substack article biospecialsit.substack.com/p/hlvx-a-lease… same as LVTX, numbers show room for decent payment. $ITOS with the CVR trading at 4 mln$ and cash in total just being very high, we might be in for a surprise here. This is the most opaque one since there are lots of parts where I have no idea what´s happening (tax stuff mostly), but I think it´s a small gamble worth taking, closes very soon.

@Cash2AshBiotech @AnotherBio $0.387 according to my calculations. No withholding tax.

@AnotherBio $KRON Same here, no booking either. Payment somewhere around $0.38

$KRON anybody seeing a booking here? Have quite the NLV rise and think this just paid 34-35 cents from extrapolating? (Maybe I paid 15% us withdrawal tax, so might be even more gross). Would be a very great outcome already in a very short time + lots of potential left

Friendly reminder that $FGF started trading without the CVR this morning. In other words, you're buying $5 NAV of ETH for $25 right now.

(if I ever blow up my account it's probably because of one of these deals. Stupidly chasing a very-unlikely-to-ever-pay CVR that costs very little but exposes you to huge risks -which you can't hedge because no options- if the deal somehow not closes for some black swan reason)

$VIGL takeover by $SNY has closed. Had me a little bit worried for a second when $VIGL suddenly filed a 10-Q describing the merger in future tense and emphasizing the various risks involved, but fortunately the 8-K announcing the closing followed 30 mins later.

Vote passed. Not by much though.

Does anybody know what's going on with $HOOK? Liquidation play, will pay $1.28-$1.72, but no distribution for three years(!). Always seemed very overvalued when I looked, but now at $0.90 starting to get interesting. Potential shareholder vote problems maybe? Meeting on the 29th.

@hillfronter83 Where do you read the "three years after"? It seems to me they can file the certificate once the sale to Gilead closes and then go into winding-up mode for three years (or longer). I just don't get why they are unable to pay an initial distribution in the interim period.

@Avaritia2011 I'm confused about when they can file the certificate of dissolution. Is it "late 2025" or in three years after the Transfer Plan?

$VERV tender offer by $LLY a success with 56% tendered, deal will be completed tomorrow. investor.lilly.com/news-releases/…

@ljp0101 @107_taste @AnotherBio And/or little people like me that want exposure on the CVR but don't want to lose a night's sleep worrying about their account getting wiped out if they wake up to some sort of a black swan event (i.e. tender cancelled). That's esp relevant if cvr-part is small relative to cash.

@107_taste @Avaritia2011 @AnotherBio Puts were a market maker with a bad model that thinks this was underpriced vol getting tagged for ~25k, not serious money.

$BPMC lol I think that´s a new one for me. You can unvalidly tender, nice.

$BPMC tender by $SNY has been extended but will be done tomorrow. Only 46% tendered, but another 36% (!) came in late by guaranteed delivery. Weird, never seen that. sanofi.com/en/media-room/…