Virtual Value Portfolio holding Heidrick & Struggles (HSII) surged on Private Equity Bids
At least two private equity firms have submitted non-binding proposals to acquire Heidrick & Struggles.
One unidentified party planned to offer a price of $17-$19 per share.
Blackstone (BX) may be prepared to offer $18.50-$20. HSII was trading for $17.56 after hours - up 21.88% from last week's closing quote.
We purchased 250 HSII shares @ $12.02 on October 26, 2012. It was one of the original components of our Virtual Value Portfolio.
We also own shares of Korn Ferry (KFY), another publicly traded company in the same basic industry group. KFY is up by 31.6% from our purchase price.
Lesson: Buy well and show some patience.