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.
Terex Corporation (NYSE: TEX), a lifting and material handling solutions company, announced Monday it has reached an agreement to mutually terminate a business combination agreement with Konecranes.
The companies agreed back in August 2015 to combine in an all-stock deal with Konecranes. Terex shareholders would have received 0.80 Konecranes shares for each existing Terex share they own.
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Shares of Konecranes trade on the Helsinki stock market and surged higher by more than 20 percent to 24.76 euro Monday morning.
However, Terex has agreed to sell its Material Handling and Port Solutions business to Konecranes for a total consideration of approximately $1.3 billion. As part of the deal, Terex will receive $820 million in cash with the remainder in outstanding shares of Konecranes.
Terex will own approximately 25 percent of Konecranes when the transaction closes in January 2017.
"The sale of the MHPS business to Konecranes is good for our customers, team members and shareholders," said John L. Garrison, Terex President and Chief Executive Officer. "This transaction is expected to be accretive to Terex earnings per share and preserves the strategic logic for the original merger of equals. In addition, it will significantly reduce Terex's debt levels, improves our balance sheet and gives us longer term financial flexibility to invest in our business and buy back shares. As a 25% shareholder of Konecranes, Terex will also be able to share in the dividends, synergies and economic upside of the combined business."
Garrison emphasized, "This new transaction structure offers other substantial benefits to Terex shareholders as well. Importantly, the transaction locks in the benefits of the MHPS sale while preserving the ability for Terex to continue discussions with Zoomlion on a potential sale of the company at $31 per share with the MHPS business or, alternatively, for the sale of Terex without the MHPS business."
Meanwhile, Terex is still in talks with China's Zoomlion Heavy Industry Sciences & Technology Co to be acquired. Reuters reported in March that Zoomlion offered to pay $30 per share in cash plus a special divined of $1 per share. However, Terex is looking for a deal that would provide shareholders with $32.75 per share.
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.