Yesterday the board of directors of TMX Group approuved the purchase of TMX market by a group of canadian banks named “Maple”. This official bid is at 50$ a share while current price is around 42. Urbana Corporation is owner of 160000 shares of TMX so this purchase would give back over 8million dollar in cash available for investment or share buyback to URB management.
Just the profit on this transaction could be added to previous week net asset value for up to 1.5 million dollars or 2¢ per share on the current market price. But has discussed here, share count could be significantly reduced over the course of weeks.
Disclosure : Author is Long URB and URB.A