Tickers in this Article: JOE, TRC, CTO, BRNC, CHK
Recent notable activist filings have been few but detailed. With robust stock prices hiding the flaws of broken or mismanaged businesses, the opportunity for activism can decline. After all, investors judge a business by the underlying stock price; when it rises, they are happy.

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A Conclusion for Bronco
One such investment seems to have come to a conclusion. Oil rig operator Bronco Drilling (Nasdaq:BRNC) was the target of a buyout offer from natural gas giant Chesapeake Energy (NYSE:CHK). Bronco's two largest shareholders, Mexican billionaire Carlos Slim and value firm Third Avenue both agreed to tender their shares to Chesapeake. Together Mr. Slim and Third Avenue own over 40% of Bronco. Chesapeake is buying Bronco for $11 a share, 24% above the average 90-day closing price, but only a 6% premium over the closing price the day before the deal was announced. As the largest shareholders, Mr. Slim and Third Avenue likely paid well below $11 a share for their interests. Chesapeake intends to take Bronco's 22 oil rigs into a separate wholly owned subsidiary. (For more, see Oil And Gas Industry Primer.)

Tomoka Land's Ongoing Story
As the largest shareholder of real estate and land firm Consolidated Tomoka Land (NYSE:CTO), value fund Wintergreen Advisers is currently opposing CTO's intent to keep the company's retiring CEO on the Board. Wintergreen owns nearly 27% of the company and has been a shareholder for quite some time. Shares in CTO currently trade for $31 a share and a market cap of $178 million. CTO has an exceptional balance sheet for a real estate and land company: less than $20 million in net debt. In the vast sphere of similar businesses only two other names have an even better balance sheet. Tejon Ranch (NYSE:TRC) out in California sports a market cap of $685 million and $70 in net cash. The other, Florida based St. Joe (NYSE:JOE), is currently under the control of its largest shareholder, Fairholme Capital , as they attempt to unlock value at St. Joe. At the same time, famed investor David Einhorn has publicly disclosed a short position in St. Joe. (For more, see Reading The Balance Sheet.)

Bottom Line
There is never a lack of ideas when examining investor 13D filings. At the same time, there are no guarantees with respect to outcome or how long it will take for any outcome to be realized. Investors should consider these factors before attempting to piggyback. (For more, see Digging Into 13D Disclosures.)

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