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.
- Shares of Mylan NV (NASDAQ: MYL) surged higher by 10 percent early Friday morning while shares of Perrigo Company plc Ordinary Shares (NYSE: PRGO) lost more than 11 percent.
- Mylan's acquisition of Perrigo was contingent on at least 50 percent of Perrigo's shareholders tendering their stock.
- The offer expired Friday morning, but The Wall Street Journal reported that Mylan is set to lose in its $26 billion hostile takeover.
Mylan has spent the better part of the past seven months convincing Perrigo investors to tender their stock as part of a $26 billion hostile takeover, as at least 50 percent of Perrigo shareholders were needed to tender their stock for an acquisition to proceed.
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The Wall Street Journal, citing "people familiar with the matter," reported that Mylan's efforts have fallen short.
The tender offer expired Friday at 8:00 a.m. ET, but most institutional investors needed to complete the tender by Thursday evening to be counted by the national stock clearinghouse.
Shares of Perrigo plunged more than 11 percent during Friday's pre-market session, while Mylan's stock traded higher by more than 10 percent.
WSJ added that the outcome is most certainly "rare" in what has proven to be "one of the bitterest takeover battles in decades." The publication also stated that the past seven months has been characterized as nearly a year of "fevered, at times contentious" deal-making.
Now that Perrigo has apparently fought off a hostile takeover, it will continue operating as a stand-alone entity. Last month the company introduced a series of cost cutting measures and a stock buyback program that should appease investors.
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.