West Marine Gets Acquired; Don't Miss the Boat on These Other Double-Nets

Yesterday, unsurprisingly, shareholders of boating retailer West Marine (WMAR) officially approved the acquisition by Monomoy Capital Partners, which takes the 250-store chain private at $12.97 a share. Frankly, I was disappointed with the price, which equates to 1.38x net current asset value (NCAV) and 1.01x tangible book value per share, but it would be useless at this point to get into any more detail about why this name is worth more than $13.

Beggars (sellers in this case) apparently can't be choosers -- especially when it comes to retail these days, and all of the challenges presented by this changing landscape. I'll also admit that I've seldom been thrilled with the payoff when other names I've owned have been acquired, most recently Krispy Kreme, and previously auto repair name Midas, and defense name Force Protection (FPVD) ....406 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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