Dark Side of the Street (Edition #60)
$BBBY is DEAD, $MSGE Spin off Completion, Top Movers and More!
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“It ain't over till it's over.”
-Yogi Berra
Thought of the Week
That’s it folks! BBBY is officially DEAD. Bed, Bath, and Beyond has company has filed for chapter 11 bankruptcy.
I’ve followed this company somewhat closely mainly because the story is so wild. For a number of years, BBBY appeared to be struggling and on the verge of bankruptcy. But always managed to survive. And then post even worse results than the year before. And when all seemed lost, the meme’s would roll in and appear to save the company. But only for a moment and the stock would tank like an old pump and dump scheme.
But now, the story appears over. Roll the curtains, as BBBY moves into the beyond.
Completed Spinoff
Madison Square Garden Entertainment ( MSGE ) - Spinoff
MSGE has completed their spinoff creating the newly publically traded company Sphere Entertainment Co. (NYSE: SPHR). Multiple sources are also stating that MSGE has agreed to sell their Tao Group Hospitality division to Mohari Hospitality for $550M.
Recent Insider Buying
Large Micro Cap Purchases
Top News of the Week
“Deals Are Delayed, Not Dead, Bankers Hope” - By Carleton English of Barron’s
“Bed Bath & Beyond Files for Bankruptcy” - By Suzanne Kapner and Soma Biswas of WSJ
Top Micro Cap Movers this Week
Top 10 Gainers
Top 10 Losers
Special Situation Watchlist
Activision Blizzard ( ATVI -0.26%↓ ) - Risk Arbitrage
The spread between the buyout price ($95/share) and ATVI’s current trading price is now ~11%.
News: No Updates
111, Inc. ( YI -0.72%↓ ) - Going Private Transaction
The non-binding offer has been upgraded from $3.61 to $3.66/share (see link for SEC filing)
The spread between the offer price and the current stock price is 35%
Albertsons Companies, Inc ( ACI -0.86%↓ ) - Merger Arbitrage
The spread between the buyout price ($27.25/share) and the current trading price is now ~31%.
News Articles:
No new updates
TravelCenters of America ( TA 0.32%↑ ) - Risk Arbitrage
The spread between the buyout price ($86/share) and the current trading price is now -2%.
*See links for the situation summary from prior editions
Solid focus music. Here’s the song of the week.
See you next week!
- Dark Side of the Street