InsideArbitrage
Billionaire investor Bill Ackman's Pershing Square said it has offered to buy the remaining stake it does not already own in real estate developer Howard Hughes Holdings $HHH for $85 per share.
Pershing Square and its affiliates would roll over their shares, aiming for a majority ownership while maintaining a public float of at least 13.6 million shares.
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Billionaire investor Bill Ackman's Pershing Square said it has offered to buy the remaining stake it does not already own in real estate developer Howard Hughes Holdings $HHH for $85 per share.
Pershing Square and its affiliates would roll over their shares, aiming for a majority ownership while maintaining a public float of at least 13.6 million shares.
The lawyers have been a bit slow so my apologies to Howard Hughes Holdings $HHH shareholders and employees for the delay. But thanks to @X, I don’t need the lawyers to distribute our proposal letter.
Here you go:
https://t.co/8CNvYMdo7L
I welcome your feedback. tweet
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InsideArbitrage
Clearwater Analytics $CWAN Acquires Enfusion $ENFN for $1.5 Billion:
💻Under the terms of the merger agreement, Enfusion shareholders will receive $11.25 per share, split into $5.85 in cash and $5.40 per share in Clearwater Common Stock; representing a 13.18% premium over Enfusion’s last close as of January 10, 2025.
💻Clearwater expects to save around $20 million in general and administrative costs, with these savings expected to be achieved within the first two and a half years after the deal closes, which is expected in the second quarter of 2025.
💻In September last year, @Reuters reported that Enfusion was in talks and consulting with investment bankers to explore strategic options, including the possibility of a sale. The stock was trading at $8.55 before the announcement.
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Clearwater Analytics $CWAN Acquires Enfusion $ENFN for $1.5 Billion:
💻Under the terms of the merger agreement, Enfusion shareholders will receive $11.25 per share, split into $5.85 in cash and $5.40 per share in Clearwater Common Stock; representing a 13.18% premium over Enfusion’s last close as of January 10, 2025.
💻Clearwater expects to save around $20 million in general and administrative costs, with these savings expected to be achieved within the first two and a half years after the deal closes, which is expected in the second quarter of 2025.
💻In September last year, @Reuters reported that Enfusion was in talks and consulting with investment bankers to explore strategic options, including the possibility of a sale. The stock was trading at $8.55 before the announcement.
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InsideArbitrage
RT @faststocknewss: CLEVELAND-CLIFFS PARTNERS WITH NUCOR IN A POTENTIAL BID FOR US STEEL - CNBC $X $NUE $CLF
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RT @faststocknewss: CLEVELAND-CLIFFS PARTNERS WITH NUCOR IN A POTENTIAL BID FOR US STEEL - CNBC $X $NUE $CLF
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Stock Analysis Compilation
Baron Global Advantage Fund on PDD Holdings $PDD US
Thesis: PDD Holdings Inc. is a unique player in the global e-commerce market with a strong growth outlook, driven by its innovative Consumer-to-Manufacturer model and efficient operations, positioning it for substantial long-term value creation despite geopolitical concerns.
(Extract from their Q3 letter)
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Baron Global Advantage Fund on PDD Holdings $PDD US
Thesis: PDD Holdings Inc. is a unique player in the global e-commerce market with a strong growth outlook, driven by its innovative Consumer-to-Manufacturer model and efficient operations, positioning it for substantial long-term value creation despite geopolitical concerns.
(Extract from their Q3 letter)
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Quiver Quantitative
RT @InsiderRadar: 3 weeks ago, we reported on a massive insider purchase at $PGNY.
The stock has now risen over 35% since this trade was reported, with a 7% gain this morning. https://t.co/a6PXKSnZRl
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RT @InsiderRadar: 3 weeks ago, we reported on a massive insider purchase at $PGNY.
The stock has now risen over 35% since this trade was reported, with a 7% gain this morning. https://t.co/a6PXKSnZRl
🚨Breaking: Insider Purchases at $PGNY
The CEO of $PGNY has reported the purchase of ~$3M of the company's stock, increasing his ownership stake by 90%.
The Board Chairman also just reported purchasing $2.2M in shares.
The stock has dropped by over 60% this year, but these are the first insider purchases in over 4 years. tweet
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Quiver Quantitative
RT @QuiverCongress: JUST IN: Rep. @AndyOgles just introduced the "Make Greenland Great Again Act".
It would authorize the President to negotiate for the acquisition of Greenland by the United States.
Follow here for updates. https://t.co/XhanDBWkRG
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RT @QuiverCongress: JUST IN: Rep. @AndyOgles just introduced the "Make Greenland Great Again Act".
It would authorize the President to negotiate for the acquisition of Greenland by the United States.
Follow here for updates. https://t.co/XhanDBWkRG
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Startup Archive
Jack Dorsey explains how recognizing fortunate situations led to the founding of Twitter and Square
As Jack explains, one of the strongest skills you can cultivate as an entrepreneur is the ability to recognize fortunate situations when they’re occurring.
When Jack was working at the failed podcasting startup Odeo, he could’ve kept the idea for Twitter to himself:
“I could’ve taken that idea, not told Ev [Williams], not told Biz [Stone], not told Noah [Glass] and all my other coworkers at Odeo and tried to start my own company with that idea. But the fortunate situation was that I was working with some really amazing people, and we had a great team. So of course it makes sense to start there.”
The fortunate situation that led to Square was when Jack’s old boss Jim McKelvey called Jack about a sale he lost for his glass-blowing business because he couldn’t accept credit cards:
“Here he was talking on his iPhone—this general purpose computer, and he couldn’t accept $2,000 from someone who wanted to pay him. Why is that? So we decided to answer that question. We did a bunch of research, and I started writing some server code. We hired a guy to write some iPhone code, Jim built some hardware, and in a month we had a device that plugged into the audio jack of your phone that could swipe a card and take a payment… It really just comes down to recognizing that fortunate situation and recognizing the people around you that could help.”
Most people have a hard time getting past the idea stage, but Jack recommends making that idea tangible as soon as you can:
“The hardest thing is to get started, and I think the most important thing that I’ve learned is that you have to get the idea out of your head as soon as you have it. Get it on paper and then take it one step further and just show someone… There’s two really good outcomes from that moment: you decide I’m either going to put more resources into this thing, or I’m going to put it on the shelf for a later day—and that’s perfectly admirable. Build a thousand things and then put them on a shelf—you’ll use them.”
For example, Jack first had the idea for Twitter in 2000, but it wasn’t until 2006 that he found himself in the fortunate situation of being part of a talented team at Odeo that could help him build it.
Video source: @kevinrose (2010)
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Jack Dorsey explains how recognizing fortunate situations led to the founding of Twitter and Square
As Jack explains, one of the strongest skills you can cultivate as an entrepreneur is the ability to recognize fortunate situations when they’re occurring.
When Jack was working at the failed podcasting startup Odeo, he could’ve kept the idea for Twitter to himself:
“I could’ve taken that idea, not told Ev [Williams], not told Biz [Stone], not told Noah [Glass] and all my other coworkers at Odeo and tried to start my own company with that idea. But the fortunate situation was that I was working with some really amazing people, and we had a great team. So of course it makes sense to start there.”
The fortunate situation that led to Square was when Jack’s old boss Jim McKelvey called Jack about a sale he lost for his glass-blowing business because he couldn’t accept credit cards:
“Here he was talking on his iPhone—this general purpose computer, and he couldn’t accept $2,000 from someone who wanted to pay him. Why is that? So we decided to answer that question. We did a bunch of research, and I started writing some server code. We hired a guy to write some iPhone code, Jim built some hardware, and in a month we had a device that plugged into the audio jack of your phone that could swipe a card and take a payment… It really just comes down to recognizing that fortunate situation and recognizing the people around you that could help.”
Most people have a hard time getting past the idea stage, but Jack recommends making that idea tangible as soon as you can:
“The hardest thing is to get started, and I think the most important thing that I’ve learned is that you have to get the idea out of your head as soon as you have it. Get it on paper and then take it one step further and just show someone… There’s two really good outcomes from that moment: you decide I’m either going to put more resources into this thing, or I’m going to put it on the shelf for a later day—and that’s perfectly admirable. Build a thousand things and then put them on a shelf—you’ll use them.”
For example, Jack first had the idea for Twitter in 2000, but it wasn’t until 2006 that he found himself in the fortunate situation of being part of a talented team at Odeo that could help him build it.
Video source: @kevinrose (2010)
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Stock Analysis Compilation
Baron Opportunity Fund on PAR Technology $PAR US
Thesis: PAR Technology Corporation is poised for significant growth and profitability by providing a comprehensive software platform for the underinvested restaurant industry, with expectations of over 20% annual software revenue growth and first adjusted EBITDA profitability by Q3 2024.
(Extract from their Q3 letter)
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Baron Opportunity Fund on PAR Technology $PAR US
Thesis: PAR Technology Corporation is poised for significant growth and profitability by providing a comprehensive software platform for the underinvested restaurant industry, with expectations of over 20% annual software revenue growth and first adjusted EBITDA profitability by Q3 2024.
(Extract from their Q3 letter)
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Quiver Quantitative
Donald Trump's net worth has risen by $596M so far today, per our estimates.
Trump Media stock, $DJT, has risen 15%.
That is over two Pelosis of net worth: https://t.co/tSApUogYiF
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Donald Trump's net worth has risen by $596M so far today, per our estimates.
Trump Media stock, $DJT, has risen 15%.
That is over two Pelosis of net worth: https://t.co/tSApUogYiF
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