{"id":10875,"date":"2024-03-04T10:45:00","date_gmt":"2024-03-04T15:45:00","guid":{"rendered":"https:\/\/ibkrcampus.eu\/uncategorized\/exchange-offer-in-atmu-increases-shares-on-loan\/"},"modified":"2024-03-05T10:03:43","modified_gmt":"2024-03-05T10:03:43","slug":"exchange-offer-in-atmu-increases-shares-on-loan","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/securities\/stocks\/exchange-offer-in-atmu-increases-shares-on-loan\/","title":{"rendered":"Exchange offer in ATMU increases shares on loan"},"content":{"rendered":"\n

Cummins Inc (CMI) recently launched an exchange offer for the separation of Atmus Filtration Technologies Inc (ATMU).<\/h2>\n\n\n\n

On February 14th 2024, Cummins Inc (CMI) announced it would commence an exchange offer to split off its remaining interest in Atmus Filtration Technologies Inc (ATMU). In May 2023, 19.5% of Atmus shares were sold via an initial public offering, with Cummins Inc retaining 80.5% of Atmus’ common stock.<\/p>\n\n\n\n

According to the Cummins investor website[1]<\/a>, “the exchange offer is expected to permit Cummins shareholders to exchange all or a portion of their shares of Cummins common stock for shares of Atmus common stock at a 7% discount”.<\/p>\n\n\n\n

Since this announcement, borrowing activity has increased significantly in ATMU stock, reaching 23% of outstanding shares. The discount permitted by the exchange offer produces an arbitrage opportunity for investors.<\/p>\n\n\n\n

\"%<\/figure>\n\n\n\n

Past performance is not indicative of future results<\/strong><\/p>\n\n\n\n

S&P Global Market Intelligence Securities Finance data also shows that borrowing fees have spiked as a result of this strong increase in demand. Inventory in ATMU stock is dominated by a small number of lenders. The borrowing fee and the availability of supply is therefore likely to have a growing impact on investors ability to participate in this opportunity.<\/p>\n\n\n\n

—<\/p>\n\n\n\n

Originally Posted March 1, 2024 – Exchange offer in ATMU increases shares on loan.<\/a><\/p>\n\n\n\n

[1]<\/a> Cummins Launches Exchange Offer for Separation of Atmus Filtration Technologies Inc. :: Cummins Inc. (CMI)<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

On February 14th 2024, Cummins Inc (CMI) announced it would commence an exchange offer to split off its remaining interest in Atmus Filtration Technologies Inc (ATMU). <\/p>\n","protected":false},"author":1310,"featured_media":10876,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[147,8,12,153,148,7],"tags":[],"contributors-categories":[1056],"class_list":{"0":"post-10875","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-north-america","8":"category-region","9":"category-securities","10":"category-stocks","11":"category-text-articles","12":"category-traders-insight","13":"contributors-categories-s-and-p-global-market-intelligence"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nExchange offer in ATMU increases shares on loan<\/title>\n<meta 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