There was an interesting development with my arbitrage position in ASA International (ASAA). In a suspicious press release this morning while all the world was waiting to learn the results of the presidential election, ASA International announced that some third party approached them last week with an offer to purchase all shares for $6 per share in cash. The price of ASAA was up almost 6% today with over ten times average volume. Even though the market was distracted today, this news was enough to spark profit seeking interest. It might be possible that I will end up getting more than $5 per share. I will keep you up date with how this turns out.
- Carnival of the Capitalists
- ASA International’s Suitor Is Revealed