Chambers Street Properties (CSG)

CSG is an odd lot tender idea courtesy of Whopper Investments. Here's the offer to purchase. The tender is for 5% of CSG's outstanding stock at a price between $10.10 - $10.60, at $0.10 increments. The offer expires June 19, 2013. Odd lots (less than 100 shares) are given priority if tendered lower than the Purchase Price.

With the stock trading around $9.60, the returns look like this before commissions:

Purchase Price	Return	Annualized
$10.60	10.42%	228.4%
$10.50	9.37%	193.1%
$10.40	8.33%	161.3%
$10.30	7.29%	132.7%
$10.20	6.25%	107.0%
$10.10	5.21%	83.9%

The strategy would be to tender at the last possible moment (in case a better price is offered by the market) at the lowest possible price of $10.10 (to guarantee participation).

This appears to be a good way to put a small amount of money to work, especially if one can spread around multiple accounts. Now if only I could find 850 of these a year.

Disclosure: Long CSG