Well that was one of the more obvious takeover arbitrages. As we said in Suitors Eye Vision and our most recent monthly report, $3bn Chinese company Jangho wasn’t going to settle on a 20% stake in Vision Eye Institute.
After the market closed yesterday, Vision announced a cash bid from Jangho at $1.10 per share, a nice healthy premium to the previous closing price and very healthy premium to the ‘undisturbed’ price of less than $0.70 a few months ago.
There is some chance of a higher bid but this one has the unanimous backing of the Vision board so will likely go through otherwise.
That would see the sun set on what has been one of Forager’s most successful investments. Our initial interest was sparked thanks to a little piece Matthew Kidman wrote in the Sydney Morning Herald when the share price was $0.27 and the price-to-earnings ratio less than 3. Nice work Matt, I hope you made plenty yourself.
Functional cookies Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.