I sold 28% of my position right in the morning at exactly €18.50 following those news
My reason was to
- Take some profits, reduce risk and have further liquidity for other investments and
- Short term price risks after the tender is concluded. I think there is a risk that more shareholders will tender their shares than United Internet is willing to buy leading to quotas and pressure on pricing afterwards.
Given that I was even surprised to see share prices higher than €18.50 for a short period of time.
Overall I still see 1&1 as attractive even at the current valuation.