27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
Staples, Inc. (NASDAQ: SPLS)'s activist shareholder Starboard Value pushed Wednesday for changes to the company's board in a letter lauding its planned $6.3 billion acquisition of Office Depot Inc. (NASDAQ: ODP).
Staples changed hands recently at $16.67, down $0.14.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Starboard's letter didn't threaten a proxy battle and comes following a regulatory deadline for nominating board members for election at Staple's June annual meeting.
Starboard Value, headed by Jeffrey Smith, holds a 4.5 percent stake in Staples and had advocated a merger with Office Depot in January.
Starboard said Wednesday it would be "beneficial to improve the composition of the board" to help ensure the merger with Office Depot and its integration.
The letter also noted a meeting with Staples management held earlier this week and said the company's estimated synergies resulting form the proposed merger are too low.
Starboard, a $3 billion hedge fund that last year successfully campaigned to replace the board of Darden Restaurants (NYSE: DRI), estimated the value of Staples following a merger with Office Depot at between $32 and $37 a share.
The deal is under antitrust review by the Federal Trade Commission although analysts have said approval is likely.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.