Tender offer 给的是nav的0.75到0.85之间，0.05差价报价，总共要约300m。
要约金额大概是市值的10%，过去一年psh的平均折价大概20%。
最终strike price是折价20.5%，低于报价区间的中值，20.5的报价中大概80%被接受了。
要约期间psh的nav有所增长，如果考虑4月27日的nav，差不多有1.8%的套利空间，比自己估计的要少一些。
继续观察这几天的折价情况。
LONDON--(BUSINESS WIRE)--Regulatory News:
Pershing Square Holdings, Ltd. (“PSH” or the “Company”) (LN:PSH) (NA:PSH) today announces that the tender offer (the "Tender Offer") for up to $300 million in value of the Company's public shares (the "Public Shares") closed at 1:00 p.m. BST on 10 May 2018. Terms used in this announcement have the meaning given in the circular regarding the Tender Offer issued by the Company on 25 April 2018 (the "Tender Document").
The Strike Price for the Tender Offer is $13.47 per Public Share. A total of 22,271,714 Public Shares will be acquired by the Company in the Tender Offer.
The Strike Price was determined on the basis of the Reference NAV per Public Share on 9 May 2018 of $16.94 per Public Share and the numbers of Public Shares validly tendered at each tender price, as described in the Tender Document. The Strike Price for the Tender Offer represents a 20.5% discount to the Reference NAV.
13,919,724 Public Shares were validly tendered below the Strike Price and have been accepted in full at the Strike Price. Valid tenders of 10,474,120 Public Shares were made at the Strike Price and have been scaled back pro rata, adjusted to avoid fractions. PSH will accept for purchase approximately 79.74% of Public Shares validly tendered at the Strike Price.
The purchase of Public Shares pursuant to the Tender Offer will be accretive to the Company’s NAV per Public Share. Using the 9 May 2018 Reference NAV, the NAV per Public Share would have increased from $16.94 to approximately $17.29, representing accretion of approximately 2.1%, (net of transaction costs) per Public Share had the Public Shares purchased in the Tender Offer been acquired on that date.
It is intended that settlement of the Tender Offer will occur on or around 18 May 2018. All Public Shares acquired by the Company will be cancelled, reducing the number of Public Shares outstanding by 22,271,714 shares. Prior to such cancellation, the Company had 234,654,373 Public Shares outstanding, and following the cancellation, the Company will have 212,382,659 Public Shares outstanding.
Public Shares tendered above the Strike Price, and therefore not acquired by the Company in the Tender Offer, will be returned to their holders.
Shareholders should refer to the Tender Document for the full terms of the Tender Offer.