PICO Holdings Piques My Interest

"Better late than never" is a phrase that has application in the often slow-moving world of value investing. It's exactly what crossed my mind last week when long-suffering value name PICO Holdings (PICO) announced that its majority-owned subsidiary, UCP Inc. (UCP) , is merging with Century Communities (CCS) . Each share outstanding of UCP will be converted to $5.32 in cash, and 0.2309 shares of CCS. The value of the deal to UCP shareholders at Friday's closing price of CCS is $11.22 per share.

The pertinent thing here isn't the merger per se or the price that will be realized if the deal closes (the law firms already are putting out feelers for UCP shareholders who don't believe the price is fair. Rather it is that PICO is continuing the process of monetizing assets -- if you can call it that in this case....272 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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