Glazer Capital Adds Pacer International (PACR) to Its Equity Portfolio

Paul Glazer‘s New-York based hedge fund, Glazer Capital has reported a new 7% passive stake in Pacer International, Inc. (NASDAQ:PACR) in a SEC filing. The stake amounts to some 2.7 million shares valued at approximately $23.5 million.

Pacer International, Inc. (NASDAQ:PACR)

Pacer International, Inc. (NASDAQ:PACR) is a major North American transportation and logistics services provider based in Dublin, Ohio. Its share price exhibited steady growth in the past 12 months, ranging from a low $4.29 to a high $9.23 and closing at $9.02 on Friday, March 7th. Analysts expect Pacer’s EPS to double with respect to last year’s earnings of $0.12 per share, the mean recommendation for the stock being ‘Hold’. The company trades at a P/E of 38.63 versus the industry average P/E of 19.30.

At the beginning of the year, XPO Logistics Inc (NYSE:XPO) agreed to buy Pacer International, Inc. (NASDAQ:PACR) for about $335 million in cash and stock. The deal is to be closed in the second quarter of 2014, its value offering an 8% premium over Pacer’s market value at the time of announcement, but only 1% given the company’s market value today.

Matthew Drapkin and Steven R. Becker‘s Becker Drapkin Management holds a 6.1% stake in Pacer International. Other significant shareholders of Pacer International are Peter Schliemann‘s Rutabaga Capital Management and Ric Dillon‘s Diamond Hill Capital holding 1.7 million shares and 1.3 million shares respectively.

Investments in the Healthcare industry represent the largest share (approximately 50%) of Glazer Capital’s equity portfolio. The largest stake is represented by Life Technologies Corp (NASDAQ:LIFE), in which the fund reported a $51 million stake (22% of the portfolio). It is followed by LSI Corp (NASDAQ:LSI), with 1.6 million shares and an aggregate value of around $17.9 million. Moreover, the fund recently revealed a stake of 1.56 million shares in Boulevard Acquisition Corp (NASDAQ:BLVDU), a couple of days after the company’s IPO.

Disclosure: none.

Recommended reading:

Crispin Odey Increases Holding of The Ryland Group, Inc. (RYL) Shares

Luxor Capital Reports New Passive Stake in CONN’s Inc (CONN)

Baker Bros. Advisors’ Latest Moves Involve ACADIA Pharmaceuticals Inc. (ACAD) & Synageva Biopharma Corp (TRMS)

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

The 10 Most Peaceful Countries in the World

5 Big Reasons Communism Failed

The 15 Most Famous Carl Icahn Quotes

10 Scary Animals that are Actually Harmless

The 8 Most Famous Singer-Actors in Entertainment

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!