Tuesday, November 12, 2013

Columbia Untethered

Columbia Property Trust's (CXP) $300 million modified Dutch Auction tender offer ended last Friday.  Columbia's stock, which ended the week around the auction's $22.50 floor price, has jumped early this week, and as I write this post is trading over $24.00 per share.  Who again supposedly benefits from these tender offers?

7 comments:

Anonymous said...

My family - I tendered 99 shares each in my kid's accounts and they made almost $300 each. Who knew there would be no pro-rationing and they could have done all they wanted.

But seriously - if the stock is "worth" $25 - then all shareholders benefit by the buyback. If not - what is the board doing?

Anonymous said...

The volume, or lack there of, is interesting here. Relative to peers, this stock should / could be trading in low to mid thirties. Very strange... could it be lack of volume is scaring away institutional buyers???

Anonymous said...

Or could it be the portfolio is worth $22.50/share, and Leo Wells and Friends stole the rest?

Anonymous said...

M&A anyone?

Anonymous said...

plan B, as in "bride".

Anonymous said...

And away we go...

Anonymous said...

Up, up and away!