I think you might technically have the right to keep your shares in the new private company but you probably don’t want that. You’ll probably get a premium on your position. I’m not sure how that would be taxed though, it could kind of suck to be forced to pay capital gains tax.
There are usually drag along rights where you have to sell and get a check at closing.
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They closed at $50 on Friday and were in the mid 40s earlier last week so yeah the $66 per is nice. Bet some people who had a heads up about the deal got real rich.
The target will very likely merge into a subsidiary of the acquirer and your shares will be converted into the right to get a cash payout. You might need to fill out some paperwork (W-9, stuff like that) to get the cash, or maybe your broker will do it for you. There probably will have to be a shareholder vote, so you should get a proxy statement with a bunch of information about how it will all work.
Isn’t the vote kind of academic? Usually they wouldn’t make the big to take the company private without aligning themselves to the majority of shareholders first.
the inflation is too damn high!
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I don’t really understand why this is happening. Fannie and Freddie still package and sell these mortgages as effectively government guaranteed bonds so I don’t understand why mortgage rates are blowing up like this. Even if the fed isn’t buying the bonds anymore, someone should at 200 basis points above the risk free rate?
People sitting on sub 3% mortgages would be insane to sell if this continues, housing market is going to get pretty weird.
https://twitter.com/calculatedrisk/status/1506029384775311364?s=21
Couldn’t this make housing prices crash, which means you might want to sell? (assuming you have some plan other than just buying another house)
In theory, but housing is wildly under supplied right now and there are so many cash buyers, including and especially institutional investors.
god fucking dammit i don’t have an actual close date and i’m still likely 3 months away
Yes, but they still have to do it, which means they have to do a proxy.
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I’ve basically accepted this week that I will ~never be a homeowner, and if that ever changes, yay for me. Sucks to be a millennial who started off in a career making no money for the first 6-8 years after college.
Due to taking time off to avoid covid and then inflation fucking me pretty good, my financial situation is weakening and the listings I’m being sent and the monthly payments that correspond are LOL fuck you levels of absurd.
So far this week I’ve seen like two houses I can afford. One has literally a layer of trash across the whole first floor, God knows what’s under it. The other has all the cabinets in the kitchen missing, and it looks like someone literally grabbed onto the dishwasher and yanked it out without disconnecting anything, leaving just hoses and cords ripped apart all over.
Things can positively snowball quicker than originally thought. My suggestion with buying a new house is to buy where you want and a house that encapsulates what you’d want to live in and work with as if you were to live to be 1,000 years old. Buying a house that “looks” to be 10% under fair price doesn’t make up for how it may affect your personal needs and goals.
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Let me guess. California?
Our mortgage was $550 a month before we refinanced. Now it’s $706. There are plenty of adequate cities to live in in flyover country that have poker and telecommute necessities.
Hopefully, the inflation thing is a 1-4 month setback depending on how good/bad I run at the tables. But basically its costing me having enough money saved to net out a winner on rates going up and prices coming down. But the pattern for a few years now has been that every time I think I’m close to buying a house, there’s a setback, then the prices run away from me. In this case the rate is driving the monthly payments up too much.
Nah, east coast, Philly suburbs.
Super jealous of the mortgage, but that’s not an option for me at least for a few years. My girlfriend’s in school here, so it’s off the table til then. Also wouldn’t want to leave while my parents are still around, want to spend as much time with them as possible.
Then it’d be a matter of game availability, and whether big enough games were available in a given location.
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Futures straight up again last two hours. From -.3 to +.3 Back to the old days of 15 straight green days
60 minutes did a segment on the housing shortage last night. Millennials taking the L as usual.
A good story to illustrate what’s happening. The implication is that this is all a Bad Thing, but there aren’t really any solutions offered and what they kind of hinted at (we should have built 4 million more 2,000 square foot homes in the Sun Belt in the 2010s) sounds like lunacy if you accept that climate change is real.
Having ruthless corporations control the housing situation of millions of people is admittedly dangerous. I’m not sure what kind of regulation would help manage that. Should the Federal government ban investment corporations from owning single family homes? Should the state and local governments impose strict rent controls? These seem fraught with unintended consequences as well. Some good old fashioned SOCIALISM might be in order, I wonder if the root cause is just a terrible underinvestment in public housing because Americans demand home ownership because of American Dream mythology, where they would actually all be much better off living in government run apartments.
My 2c is that the lack of housing is essentially a coordination problem caused by states delegating housing supply regulation to local governments where the incentives always point to restricting development.
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