Tuesday, November 14, 2017 4:19:30 PM
I’m not sure why people believe ALDW materially diverges from 0.49 exchange factor. The press release I read called it a definitive agreement and it passed DK’s Conflicts Committee (whatever that is exactly I’m not sure but it sure sounds official). The fact a number of people are selling today and stock is holding up shows that Arbs are probably picking up slack, ie spread is only 7 cents wide. While ALDW may cease to exist it remains a synthetic financial instrument tied to DK price and to that degree I’m pleased to see DK up nicely today. I’m open to idea I missed something but that’s how I interpret it.
I would fully agree that no further distribution should be expected by unit holders, or at least that’s a conservative assumption.
Looks like it’s time to start exploring some of the other companies being discussed - interesting times!
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