Ideas Lab: Real Estate Corporation

In December we highlighted a small stock following an interesting strategy in the real estate business. Now the nature of the opportunity has changed dramatically. Greg Hoffman explains.

Real Estate Corp was one of three small stock picks in our December special report. The penultimate line in that analysis was ‘A takeover offer is not out of the question, either.’ And so it has proved in short order with a bid for the company being lobbed this week by Little Group, owned by former Toll Holdings boss Paul Little and his wife.

But this analysis isn’t about self-congratulation (at least, not entirely—Ed). It’s about a new opportunity. What seasoned value investors refer to as a ‘takeover arbitrage’.

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