Curreen Capital disclosed a profitable tender offer arbitrage in Optimum Communications during its second-quarter 2026 investor letter. The fund bought shares at an average of $1.131 after Optimum, formerly Altice USA, offered to repurchase about 40% of its stock at $2.50 per share. Curreen Capital viewed the tender as a move by Patrick Drahi to consolidate control ahead of a likely financial restructuring. The company ultimately accepted about 48.6% of the fund's shares at $2.50, and Curreen sold the remainder at $1.28, realizing overall proceeds of $1.873 per share. The position represented roughly 3% of the fund, which returned 22.26% for the quarter versus 15.20% for the S&P 500 Index.
Optimum Communications, Inc.Tender offer at $2.50 per share for 40% of stock, with fund realizing $1.873 per share overall.
Fund profited from tender offer arbitrage, contributing to 22.26% quarterly return.
