We are taking partial profits on Silgan Holdings (SLGN) right here at $41.38 in the pre market. Silgan Holdings had run up on proposed acquisition of Graham Packaging Company (GRM). Our average short price on Silgan Holdings is near the top of the swing.
A few minutes ago Graham Packaging Company received a competing buyout offer. Theoretically, it should be a win, win situation for us if Silgan Holdings raises its bid, the stock should go down. If Silgan Holdings fails in the acquisition because it does not raise its bid the stock should go down.
In the interest of defensive trading, we are taking partial profits right here, but will maintain the rest of our position for better targets.
Those not in the stock may consider short selling it only if it spikes up over $43. to $44.
Updates are available on this position in real-time on the Real Time Feed of the ZYX Short Sell Change Alert.
