Stock jumps on U.S. private equity buyout agreement.
This is one investment opportunity that got away from Stockhouse investors. This author noted that Loring Ward International (TSX: T.LW, Stock Forum) received a trading halt notice from the IIROC (Investment Industry Regulatory Organization of Canada, the result of the merger of the IDA and Market Regulation Services). It was a halt “pending news,” effective as of 1:12pm EST.
News hit the wire that the company would be acquired by affiliates of U.S. private equity firm Friedman Fleischer & Lowe, LLC for C$16.96, which represents a premium of roughly 27% to yesterday’s close. The stock was trading at about $13.50 at the time of the halt, and now that the halt has been lifted, it is up to near $16.70.
The provider of back office and other support services for investment advisors is based in New York.
The Bullboard for Loring is silent – and now that the halt is lifted and the stock is trading at close to its acquisition price, there’s a good chance it will remain so. If you happened to be long Loring before the halt, say so on the LW Bullboard.
Stockhouse Conflict and Disclosure Policy:
Stockgroup Media Inc., owners and operators of Stockhouse.com, has established the following rules to ensure that there is no appearance of impropriety on the part of any Stockhouse Editorial writers ("Writers"). The content of Stockhouse Editorial articles (the "Articles") are the opinion of the Writer and any reliance on the content of these articles is at your sole risk. Our Writers are not registered investment advisors. You should not make any kind of investment decision in relation to Articles or stocks discussed in them without obtaining advice from a registered investment advisor.
Facts relied upon by our Writers are generally provided by the subject companies or gathered by our Writers from other public and/or private sources. These facts may be in error and if so, the opinions of our Writers may be materially different.
Writers may own, buy, or sell shares in public companies mentioned in their Articles, but in the Article they must prominently state their ownership position. Thus, a conflict may exist. Writers are not permitted to write Articles that attempt to benefit persons connected to the Writer, such as family or friends, except where disclosure is made in the same way as if the Writer him/herself owns stock.
Writers cannot solicit, accept, or agree to receive anything of value given or paid with the intent of influencing their Articles.
Stockhouse notifies each Writer about these rules, and we rely on the integrity of our Writers to ensure that our rules are followed.
