{"id":203015,"date":"2024-03-04T10:45:00","date_gmt":"2024-03-04T15:45:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=203015"},"modified":"2024-03-05T15:07:28","modified_gmt":"2024-03-05T20:07:28","slug":"exchange-offer-in-atmu-increases-shares-on-loan","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/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<h2 class=\"wp-block-heading\" id=\"h-cummins-inc-cmi-recently-launched-an-exchange-offer-for-the-separation-of-atmus-filtration-technologies-inc-atmu\">Cummins Inc (CMI) recently launched an exchange offer for the separation of Atmus Filtration Technologies Inc (ATMU).<\/h2>\n\n\n\n<p>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&#8217; common stock.<\/p>\n\n\n\n<p>According to the Cummins investor website<a href=\"https:\/\/www.spglobal.com\/marketintelligence\/en\/mi\/research-analysis\/exchange-offer-in-atmu-increases-shares-on-loan.html?utm_source=traders-insight#_ftn1\">[1]<\/a>, &#8220;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&#8221;.<\/p>\n\n\n\n<p>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 class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"570\" height=\"445\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/atmu_010320241215174.jpg\" alt=\"% Shares outstanding on loan - ATMU\" class=\"wp-image-203016 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/atmu_010320241215174.jpg 570w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/03\/atmu_010320241215174-300x234.jpg 300w\" data-sizes=\"(max-width: 570px) 100vw, 570px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 570px; aspect-ratio: 570\/445;\" \/><\/figure>\n\n\n\n<p>S&amp;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>&#8212;<\/p>\n\n\n\n<p>Originally Posted March 1, 2024 &#8211; <a href=\"https:\/\/www.spglobal.com\/marketintelligence\/en\/mi\/research-analysis\/exchange-offer-in-atmu-increases-shares-on-loan.html?utm_source=traders-insight\">Exchange offer in ATMU increases shares on loan.<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.spglobal.com\/marketintelligence\/en\/mi\/research-analysis\/exchange-offer-in-atmu-increases-shares-on-loan.html?utm_source=traders-insight#_ftnref1\">[1]<\/a><a href=\"https:\/\/investor.cummins.com\/news\/detail\/638\/cummins-launches-exchange-offer-for-separation-of-atmus\">&nbsp;Cummins Launches Exchange Offer for Separation of Atmus Filtration Technologies Inc. :: Cummins Inc. (CMI)<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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":203016,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[6,8,9,22,26,3],"tags":[16781,16779,16782,16778,16786,16780,16785,2542,16784,16783],"contributors-categories":[16671],"class_list":{"0":"post-203015","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":"tag-arbitrage-opportunity","14":"tag-atmus-filtration-technologies-inc-atmu","15":"tag-borrowing-activity","16":"tag-cummins-inc-cmi","17":"tag-cummins-investor-website","18":"tag-exchange-offer","19":"tag-investor-opportunity","20":"tag-market-impact","21":"tag-outstanding-shares","22":"tag-securities-finance","23":"contributors-categories-s-and-p-global-market-intelligence"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- 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