Nature delivers some spectacular special situations from time to time. These provide experiences rarely encountered. We are enriched by finding them. Special situation investing is a class of opportunities that arises from a departure of the normal course of business and trading. Mergers, acquisitions, activist investors, turnarounds, and some financing launches are examples of a departure from the natural day-to-day world. These present us with targeted ways to profit from their development and presence over a limited time.
The Situation
On January 3, 2019, Bristol-Myers Squibb (BMY) tendered a bid for Celgene Corporation (CELG). The