$OGN 20260618 7.5 CALL$ As the comment suggests, yup, it's not every week or day that we need to trade to make something out of it. 

$Organon & Co(OGN)$ , if you remember my post some time ago, has a takeover offer from Sun Pharmaceutical Industries (Sun Pharma), an Indian firm at $14/share. The board has agreed to the offer, pending shareholders and regulatory approvals. 

At $14/share, it's a 50 cents gap from current conversion price if I do nothing and simply exercise the option when its due. Then, it's a waiting game from then on. The transaction is expected to be closed in early 2027. From now till closing, it's probably slightly less than 1 year, so if I do nothing, I will earn around 3.7%/annual. It's ok, like a conventional bond, but slightly less than a US 1-year Treasury yield, which stands at around 3.8-3.9% currently.

If you want something like a 3.7% interest in a year, this is it... However, if you think that you could do better (which you might in the current melt-up situation), you might want to cash out.

I have been doing nothing to this for some time now, but I have also sold its principal shares. I do not the idea of cash tying up. Having said that, it might not be a bad idea too. With the melt-up and current volatile economic - war - fiscal debt situation, typing up in a relatively safe bond-like investment makes feeling lazy feels like heavenly move!

I might move this position to cash eventually... Just not today. Having cash feels safer obviously but at the same time, I might just spent it all in another trade! That is itself a bigger risk compared to the lazy route now...

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