Tuesday, March 28, 2006

Hit #87

Transmontaigne (TMG) today agreed to be acquired by SemGroup in a $9.75/share cash deal. This is a 53% premium over my average cost of $6.37/share.

Transmontaigne had earlier received a $8.5/share cash offer from Morgan Stanley which already owns some 10% of the company. I had mentioned this offer here, while also pointing out that the market was anticipating a higher bid.

The shares are again trading slightly above the newest offer, and I think this is not over yet. Transmontaigne looked undervalued to begin with, and the current offers can still be bettered.

Previous hit - Andrx (#86)


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