gj0201 I have read the spiel on the Leighton website and it...

gj0201

I have read the spiel on the Leighton website and it concurs with what you wrote earlier. Unfortunately for me, I accepted the offer and re-bought the same qty on market before reading the offer detail. I assumed I would be roughly $2 per share better off doing that as I bought the LEI at about $20.50. So I was replacing my 3/8 holding at $20.50 after selling it at $22.50.

From my understanding, any LEI shares bought before the offer close are also entitled to accept the offer, so I should be able to sell 3/8 of what I bought today at $22.50 to Hochtief. The difference between LEI and LEIE is that the former is cum the offer and the other isn't. So by buying LEI ( It was before I read your note so was unaware there was also a LEIE) I got new shares that are also entitled to the offer (3/8 can be sold at $22.50).

It would seem to me and I hope others can confirm I am right is that if you believe that LEI can get back to or exceed the $22.50 mark after the offer closes then if you are contemplating doing nothing you would be better off instead accepting the offer and rebuying the equivalent qty sold as LEIE (assuming they are trading in the $15-$17 range). That way you will replace 3/8 of your LEI holding that you sell to Hochtief for $22.50 at about $5 less that you sold them for. Those that you buy and those left over after the offer are LEIE, but once the offer is over, everything reverts back to LEI. If you do nothing, you still will end up holding the same number of LEI after the offer closes, but will have missed out of "releasing" about $5 per share on the 3/8s you could have sold.

If you think LEI will never get back near $22.50 then obviously selling all of your holding seem appropriate while you still can get $20+ for them.

I'm not offering advice, but that is what the math seems to indicate to me.