BLOX going private...

So there goes another one to add to my list of 2016 take outs (LNKD, Ruckus, ARM, PN, ARCAM, LOGM, Qihoo 360, Youku) … this one at a disappointingly low ball offer - I’m surprised they didn’t hold out for a higher bid as I think their prospects were bright as a listed independent.…


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Wow! You should have gone into the acquisition business given your eye for tech value.

While I know you would have liked to see those businesses grow long term, I’m sure your portfolio isn’t hurting although one’s cost basis can certainly influence his outlook on a specific situation.

You mention a low ball offer. However, the premium was 33%. That doesn’t sound like a horrible offer though I know nothing about the business and the history so that is simply an outside opinion with little bias.


HI AJ - on a day’s rise not too bad but they announced a strategic review of alternatives including a sale at the rock bottom of the 5 year chart. The SP had been 45 in 2013 and 27+ in 2015. This was poorly timed by BLOX and opportunistic by the PE fund.

I’d like to say I have an eye for M&A although that wasn’t my intention with any of these holdings. I wanted to see them through to their fruition.

Unfortunately my overall portfolio doesn’t match the acquired performance. I have a tendency of holding too long leaving a lot of once profitable holdings under water - well after Saul for instance would have exited and re-allocated. Something for me to work on.

It also means I have to look for fresh opportunities which may not have been my first choices although it does free up capital for some interesting plays.


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oh and that reminds me - EMC as well and looks like Community Health Systems is the next domino to fall.

Blue horseshoe certainly does love anacott steel right now.

Busy times!


Just how many stocks are in your portfolio? It sounds like you have a relatively large number.

Also, I just saw the last 60 Minutes show and they did a piece on the movie industry in China. I was shocked to hear that going to the movies has become so popular that they are opening 22 movie theatres A DAY! do you know if IMAX theatres are there? They said the Chinese market size is currently on part with the American market size. Movies are now being created to feed both markets and Chinese producers are now attempting to compete with Hollywood. Seems like hyper growth.


Yeh - you nailed it. Too many - probably near 100 in the US market which means I’m bound to experience some degree of M&A but even so this year feels very high.

re China - yes entertainment is massive growth industry there as the consumer economy starts to switch on. (Cinemas also provide heating and aircon which is pretty important in these parts as well as protection from air pollution). The movie industry there is very very protectionist. China only used to allow up to 30 foreign movies a year or something like that and used the leverage to force a level of cultural and political influence. (In Holywood movies in China, Chinese are only ever the good guys and never the villains, China is never criticized and often there are alternative versions with deleted scenes - even in bond films). They have also been known to blatantly rip of western movies - but since Holywood have done that to everyone else you can’t criticize them for that too much.

Kung Fu Panda 3 no doubt represents their Cine Craze best of all.

ps F1Fun - in case it is of any interest - just spent the last 3 days at the SG GP. Was a good one and the bands were excellent.

ps F1Fun - in case it is of any interest - just spent the last 3 days at the SG GP. Was a good one and the bands were excellent.

That’s great! I’ll be at the USA GP in Oct.