After having a limit order in for over a week, I was able to buy 300 shares of Mercury Air Group (MAX) today for my son’s Coverdell Education Saving Account (ESA). My original order was for 375 shares with a limit of $3.40. I could have bought up to 500 shares to qualify for this going private transaction cash tender offer of $4.00 per share, but I don’t currently have enough cash in this account.
After waiting a week, I adjusted my order to $3.45. Today the stock dropped down to $3.42 but my order still didn’t get filled. I couldn’t figure out why at first, but then I realized it might be because of my odd lot order of 375 shares. I adjusted my order to only 300 shares and that did the trick. My stock order was executed for 300 shares of Mercury Air Group at $3.45 a share.
As you can see on the current going private transactions list, the vote date for this proposed offer is on September 16, 2005. I was able to purchase MAX for just under 16% of cash out price of $4.00. If all goes well, I plan on making about $155 on this transaction.