- Filing date: 05 Mar 2026
- Price at last close: $89.91
- Lower limit price: $80.00
- Upper limit price: $92.00
- Maximum profit: $206.91
- Expiration date: 01 Apr 2026
- Filing: Link
Wix was trading above the top of the offer range at announcement date due to a strong move on earnings announced the prior day. Though still in the top end of the offer range this is one to watch as the falling price makes participation potentially more profitable, particularly should we see more downside market volatility from the evolving situation in the Middle East.
- Filing date: 10 Oct 2025
- Price at time of publishing: $127.35
- Indicative exchange value (based on current price): $135.48
- Indicative maximum profit (based on current price): $804.68
- Expiration date: 07 Nov 2025
- Filing: Link
Unusual offer structure. Holders of Lennar (LEN) shares will be able to exchange their holdings for Millrose (MRP) shares at a 6% discount to equivalent value, resulting in an approximately 6.4% return on the exchange. If oversubscribed participants will be pro rated, but there is an odd lot provision so holders of 99 shares or fewer of Lennar will not be pro rated. Indicative figures above are results if offer were to close with the current closing price of Lennar, actual results will vary depending on prices at offer expiry.
A couple of risks to flag:
- Exchange ratio of LEN to MRP shares will be based on the average prices of the shares in the three trading days preceding offer expiry. The earlier shares of LEN are bought before then the larger the risk that prices move against the position before expiry, potentially resulting in a lower value of MRP shares being received than the amount paid for the LEN shares at purchase date. Note shares of LEN will have to be purchased in time to settle the share purchase and meet brokers’ participation deadlines to participate in the offer.
- The exchange ratio is capped at 4.1367 shares of Millrose for each share of Lennar tendered, meaning if Lennar is trading at more than 4.1367x the price of Millrose at the expiry date the return on the offer will fall, possibly significantly enough for participation to be loss making. Ratio of current closing prices is 3.88. We will post an update closer to expiry on our X.
Read offer terms in the filing and ensure their implications are fully understood before participating.
The information provided here is for educational purposes only. It is not a solicitation to trade or financial advice. Investors must consider their own financial situation and conduct their own due diligence before deciding whether a trade or investment is appropriate for them. If in doubt, consult a financial advisor with knowledge of your personal circumstances.
Filing date: 27 Jan 2023
Price at time of publishing: $29.05
Lower limit price: $27.00
Upper limit price: $31.00
Maximum profit: $193.05
Expiration date: 24 Feb 2023
Filing: Link
Filing date: 07 Nov 2022
Price at close: $55.18
Lower limit price: $51.00
Upper limit price: $58.00
Maximum profit: $279.18
Expiration date: 06 Dec 2022
Filing: Link
