Cadus(KDUS)- Sometimes, The Value Never Comes

One of the earliest stocks we wrote about here, eleven years ago, was Cadus(KDUS).  We spoke about it as an “eighty cent dollar”, trading below cash. Sometimes that works out very well, and sometimes, not so much. This would appear to be a case of the latter. Cadus stock, which was trading at $1.50 back then, is now at $1.23. Carl Icahn, who controls 67.8% of the stock, has offered to buy the remaining shares for $1.30, albeit with two conditions.

·	First, the transaction must be approved by a special committee of independent directors of Cadus that has been empowered to freely select its own advisors and to reject the transaction definitively should that be its business judgment; and

·	Second, the transaction must be approved by an informed vote of, or tender by, the holders of a majority of the shares of common stock of Cadus held by shareholders who are not affiliated with us.