Some news on one of my holdings, Outdoor Channel (NASDAQ:OUTD).
This was an investment in a special situation where a cash offer had been made for the shares at $8.75. There were rival bids on the table but due to the cash nature of this offer it was accepted by the board.
I have been holding in the hope of a higher rival bid coming in, safe in the knowledge that the $8.75 bid is likely to complete if one doesn’t come, giving limited downside.
Today several Form 4’s where filed with the SEC, you can find these on the company website here http://outdoorchannel.com/contentnorail.aspx?id=2742
Both the COO and CEO have sold shares at a price of $8.92, just a 2% premium over the takeover bid. The shares sold represent roughly 1% of their holding. Such a sale is hardly worth mentioning although I do find the fact that three board members have all sold to be a little more noteworthy.
This isn’t enough for me to sell, but I’m a little less hopeful for the higher bid.