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Suspect Trading Just Before Kraft Heinz Announced Offer to Buy Unilever
February 17, 2017
On Friday, 2/17, Kraft Heinz confirmed that it had approached Unilever about a $143 billion merger in what would be one of the largest M&A deals ever. Kraft offered $50 a share for Unilever, and Unilever shares were up 10% near $47 on Friday. Both companies confirmed that Unilever rejected the offer.
Recent options trading in Unilever, however, has raised some eyebrows as a spike in upside bets started a few days before the deal was announced.
- 10,909 call options were traded on Wednesday, the most in any day since 2011.
- 232 put options traded.
- On Wednesday, most of the calls bought were for $40 and $45 strike prices with the expiration date of March 17, so they’re already ‘in the money’.
- On Thursday, the pattern continued: 5,186 call options traded, vs. just 31 put options.
- Unilever closed at $42.57 a share on Thursday.
