Some of our holdings posted solid gains for the quarter. Chainsaw chain-maker Blount Intl, Inc. (NYSE:BLT) leapt +76.12% on news of its upcoming acquisition. On December 10th it entered a definitive agreement to be acquired by American Securities LLC and P2 Capital Partners, LLC for $ 10 cash per share—an 86% premium to its closing price the day before. While we think the company may be worth even more than its sale price, we view the buyout as a very efficient way to quickly capture much of its value. In fact, we wrote extensively about this stock in our third quarter letter as one of the most undervalued industrial stocks in the portfolio.
From John Rogers (Trades, Portfolio)' fourth quarter 2015 Ariel Fund Commentary.
