Attention, those of you who own The Michaels Companies (MIK): MIK has been acquired by Apollo Global Management LLC (APO). The acquisition includes a payment of $22 per share for every outstanding share of MIK. In the future, you will receive a cash payment for your shares of MIK equal to your quantity of shares owned of MIK multiplied by $22.
Because of this acquisition, you should transmogrify your MIK position in Lattco if necessary. If the average cost of your shares of MIK was at or below $22, there is no need to transmogrify.
We’re here to help! Here is a link to the Transmogrification document that will tell you step-by-step what to do.
Lattco PRO clients: Please use this link to access the transmogrification document for your accounts. Also, please give us a call after you have purchased shares for your new position and before you sell your options; we will need to make some adjustments to your account to properly reflect the transmogrification.
Lattco AutoPilot clients: At this time, trading screens for Transmogrification are not included in the AutoPilot system. You will need to log into Ally to place two orders to complete the Transmogrification process:
- Buy the same amount of shares for your new stock that you previously owned in MIK.
- Sell to Open a put at the top of the lower band to replace the purchase for the current month if you don’t own 10x your Level
Once this is complete please notify us and we will adjust your AutoPilot account so that it can suggest the appropriate call option orders.
If you have any questions, please don’t hesitate to contact us at support@snideradvisors.com or 1-888-6-SNIDER. We’ll be happy to walk you through the process.
