Major Automotive Companies Deal Completed
On January 25, 2006, I purchased 999 shares of Major Automotive Companies (MAJR) at $1.60 per share. The company had announced that they were going private, so I was interested in adding this stock to the Special Situations Real Money Portfolio.Â
Major Automotive indicated that they would cash out shareholders holding less than 1,000 shares for $1.90 per share. This is a classic reverse/forward stock split with a cashing out of fractional shareholders, my favorite type of deal. It looked like a good deal to me, so I purchased the maximum number of shares that would qualify for the deal.
Today, Major Automotive Companies announced that shareholders approved the going private transaction. In a few weeks, I plan on receiving a total of $1,898.10 in cash for this stock. This would generate a profit of $292.75. That’s an 18 percent return in just over 40 days.
If you are interested in these types of transactions, you might want to consider joining Fat Pitch Financials Contributor’s Corner. I maintain a detailed database that is updated daily with the latest going private transactions. The Contributor’s Corner community actively discusses these opportunities and even shares other types of special situation opportunities with members. It’s a very profitable little corner of the web that I really enjoy being involved with.
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Major Automotive Companies Cash Received - Fat Pitch Financials[…] Another successful going private transaction deal has been completed. I received cash yesterday for the 999 shares of Major Automotive Companies (MJRC.PK) that I purchased for the Special Situations Real Money Portfolio back on January 25, 2006. […]
