RE:Oh no, is FSZ going to drop tomorrow to $9.80 or lower?See how the market reacts tomorrow. FSZ is buying back and canceling 3.5M shares for $35M which should push the stock higher but it depends how much the block of 7.1M go for. Market cap is just over $1B so this represents roughly 10% of the shares of FSZ. It looks to me that RBC probably already has a block buyer, maybe a mutual fund, ETF or whatever. We might see a drop tomorrow followed by an upswing just because its a bit confusing. A drop into the $9 region may represent a buying opportunity let's see.
The deal is Natixis will sell 10.6 million shares in two blocks, 3.56M shares will be repurchased by FSZ for $35M and cancelled. 7.1M block will be sold thru RBC.
Cheers Charlie