The second largest and also a new stake in Glazer Capital’s portfolio at the end of the fourth quarter of 2018, was in Pandora Media, Inc (previously NYSE:P), which is a company that offers a variety of music streaming services. The fund held 6.545 million Pandora’s shares, which carried a value of $52.95 million. On February 1st, the company was acquired by Sirius XM Holdings Inc (NASDAQ:SIRI) which, in that manner, became the largest audio entertainment company in the world. Sirius acquired Pandora for roughly $3.5 billion.
Among Glazer Capital’s fourth quarter positions that weren’t sold out in the meantime were:
GTY Technology Holdings Inc (NASDAQ:GTYH), which is a special purpose acquisition company, that is oriented towards companies from the technology sector (counting services and software). It has a market cap of $390.51 million, and it is trading at a price-to-earnings ratio of 143.90. Year-to-date, the company’s stock lost 20.06%, and on March 12th it was trading at $8.05. Glazer Capital reported a position in the company that counted 3.8 million shares, which carried a value of $38.19 million, accounting for 5.27% of its equity portfolio.
Vantage Energy Acquisition Corp Class A (NASDAQ:VEAC) – another special purpose acquisition company, which was formed with the intention of creating a premier pure-play operator. Over the last six months, its stock gained 2%, having its closing price on March 12th of $10.20. It is trading at a price-to-earnings ratio of 377.50 and has a market cap of $1.42 billion. The fund held $29.3 million worth a position in the company, on the account of 2.91 million shares outstanding.
Verizon Communications Inc. (NYSE:VZ), a multinational telecommunications conglomerate, which is based in the Big Apple, but is incorporated in Delaware. The company with a market cap of $237.10 billion is a corporate part of the Dow Jones Industrial Average. It is trading at a price to earnings ratio of 15.26, and over the last 12 months, its stock went up by 18.04%, having a closing price on March 12th of $57.43. In its last financial report for the fourth quarter of 2018, Verizon disclosed consolidated EPS of $0.47, versus EPS of $4.56 in 4Q 2017, and adjusted EPS, excluding special items, of $1.12, versus adjusted EPS of $0.86 in the corresponding period of 2017. For the full year 2018, Verizon reported EPS of $3.76 and adjusted EPS of $4.71, compared to EPS of $7.36 and adjusted EPS of $3.74 for the full year 2017. Its operating cash flow for the full year 2018 was of $34.3 billion, which represents an increase of $10 billion on a year to year basis. The fund initiated a position in Verizon during the fourth quarter, purchasing 125,000 shares outstanding, with a value of $7.03 million.
Disclosure: None
This article was originally published at Insider Monkey.
