Yesterday, my limit order for Max & Erma’s Restaurants (MAXE) was fulfilled. After Max & Erma’s announced that they were not going private, I placed a limit order for $14.50 to sell my shares. The reason I had bought the shares in the first place was to take advantage of their “going private” tender offer. Since the tender offer was cancelled, my original reason for owning MAXE was no longer valid, and that’s why I decided to sell.
I originally purchased 199 shares of Max & Erma’s for $14.45 a share, and yesterday I sold those shares for $14.50 per share. However, this transaction resulted in a net loss of $10.18 due to the transaction costs associated with commissions. Thankfully, I didn’t loose much on this failed deal. It could have been worse.