Author Topic: SYT - Syngenta  (Read 4056 times)

Foreign Tuffett

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Re: SYT - Syngenta
« Reply #10 on: April 11, 2017, 10:50:37 AM »
465 USD is ~469 CHF and a 5 CHF special dividend (conditional upon closing) for a ~474 CHF total consideration.

That is the offer for the share traded on the Swiss exchange. Holders of the US SYT ADRs are receiving $93 in cash.


maybe4less

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Re: SYT - Syngenta
« Reply #11 on: April 11, 2017, 11:42:27 AM »
465 USD is ~469 CHF and a 5 CHF special dividend (conditional upon closing) for a ~474 CHF total consideration.

That is the offer for the share traded on the Swiss exchange. Holders of the US SYT ADRs are receiving $93 in cash.

 Plus a $1 /share dividend less 5 cents ADR fee
« Last Edit: April 11, 2017, 12:15:13 PM by maybe4less »

writser

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Re: SYT - Syngenta
« Reply #12 on: April 26, 2017, 12:32:35 AM »
Looks like everything is going according to the (multiple times revised) plan. Spread now down to ~1%. Decent return in two tweeks (still holding though). ChemChina press release:

Quote
In response to speculation in the market, ChemChina today reconfirmed on behalf of the Offeror that all regulatory approvals and conditions required for the closing of the offers have been obtained or satisfied. Subject to at least 67% of Syngentaís issued shares and ADSs being validly tendered into the offers and not withdrawn as of May 4, 2017, the Offeror will purchase and pay for all such shares and ADSs at the first settlement on May 18, 2017.
When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid.

rjstc

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Re: SYT - Syngenta
« Reply #13 on: April 27, 2017, 05:52:29 PM »
Question? Is there any withholding if you don"t tender shares? How might that affect things?

Hielko

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Re: SYT - Syngenta
« Reply #14 on: April 28, 2017, 02:15:34 AM »
Question? Is there any withholding if you don"t tender shares? How might that affect things?
Not tendering might have negative tax consequences, would be pretty stupid not to do it.

writser

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Re: SYT - Syngenta
« Reply #15 on: May 18, 2017, 02:56:28 AM »
My tendered shares have been cashed out. This was a nice opportunity after regulators approved the deal. Depending on what line you bought and whether you hedged currency movements had a big impact. When I bought EV of the deal package was ~474 CHF, now only ~460 CHF. In the long run I'm indifferent about that though.

For comparison, since I bought the ADR is up from $89.68 to $92.81. Holders also received a $1 dividend for a 4.6% return in five weeks. Not bad.

Maybe my position should have been a little larger. With these large deals I'm sometimes a bit skeptical about my 'edge' on the market but maybe I'm giving it too much credit.
« Last Edit: May 18, 2017, 03:06:26 AM by writser »
When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid.

Hielko

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Re: SYT - Syngenta
« Reply #16 on: May 18, 2017, 03:13:48 AM »
I bought the ADR (since I figured $0.05 in ADR fees would be a better deal than higher transaction costs in Switzerland), expect to receive the cash later today :) This one turned out quite nicely, although it's hard to say if it was a good bet or that the market was correctly recognizing and pricing some small tails risks that didn't materialize.
« Last Edit: May 18, 2017, 03:17:38 AM by Hielko »

AtlCDore

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Re: SYT - Syngenta
« Reply #17 on: May 19, 2017, 11:42:27 AM »
Any reason why the put options are priced where they are?  If this deal is going to get done, why would someone be a buyer of the puts?

Thanks,

AtlCDore