Altaba Inc (AABA)

[Cncyr726]

I think a deal will eventually get done, but not because management wants to see it happen. It looks like they're drawing out the process as long as possible by providing little information and conducting multiple bidding rounds. Right now I just don't see this as being a quick money maker like the in the VA scenario where you had motivated sellers representing a controlling stake and multiple motivated bidders with clear synergies.

A least owning the shares (versus call options) affords some downside protection because they're trading at a price that estimates the core business as worth nothing with the BABA and Yahoo Japan stakes backed out. I just think that with management's intransigence and the looming proxy fight, there's going to be much drama leading to any sale. It seems difficult to predict when a tangible deal will actually be struck.

Hopefully I'm completely wrong.