November Special Situations Research Forum (Members Only, Limited Space) (Ended)
Special situations are corporate actions which could reveal an undervalued security and hence an investment opportunity. Some examples of Special Situations are spinoffs, liquidations, tender offers, restructurings, bankruptcy exits etc. In the Special Situations Research Forum we will discuss an investment situation decided 3 weeks in advance. Every participant in the Forum is expected to research the topic before attending the meeting.
Yahoo! (YHOO) recently announced plans to move forward with the spinoff of their 15% ownership interest in Alibaba Group (BABA) into Aabaco Holdings (AABA) despite not receiving a private letter ruling from the IRS regarding the tax free nature of the transaction. After backing out Yahoo's Asian assets (Alibaba Group and Yahoo Japan) and net cash, the market is valuing the core search business at roughly zero despite generating approximately $1B in EBITDA in 2015. Alibaba's shares have been volatile mirroring concerns with the Chinese consumer and many are doubtful of Yahoo's CEO Marissa Mayer's ability to turnaround the struggling core business that's been losing market share for years. The hedge fund Starboard Value's Jeff Smith says, "we think it is a great opportunity right now".
This meeting is a collaborative effort so please be sure to research the topic before the meeting and be prepared to contribute to the discussion.
Attendance will be limited to 15 members - first-come, first-served.
Vishal Mishra; Mishra Capital Partners LLC
Nick Redmond; Oculus Asset Management
Members - Free
Attire: Business Casual
Registration: Limited to 15 members
A dial-in option will be available. Phone number and passcode will be distributed the day prior to discussion.
6:00pm - 7:30pm - Discussion
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