Aktiva buys Yaco: A case study of market manipulation with options
On September 6, 2008, Aktiva Corporation (“Aktiva”) announced that it would make a tender offer to acquire 100% of the shares of Yaco Inc (“Yaco”). The bid price offered was $330 per share of Yaco. Both Aktiva and Yako were medium-size, publicly-traded companies, operating in the services sector.The announcement was made after Aktiva had bought a 24.1 percent stake in the firm in the open market. Additionally, both before and after the announcement, Aktiva bought call options representing an additional 26.12 percent of the equity of Yaco. The options had times to maturity varying between 229 and 558 days, and with exercise prices (“strikes”) ranging between $300 and $390. In three cases, the options were bull spreads (a combined position of a long call and a short call with different strikes). Except for the bull spreads, all options were American.
Option Markets, Fair Price Statutes, Market Manipulation
Cranfield University
Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
Email [email protected]
Harvard Business School Publishing
60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
Email [email protected]
NUCB Business School
1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]
IMD retains all proprietary interests in its case studies and notes. Without prior written permission, IMD cases and notes may not be reproduced, used, translated, included in books or other publications, distributed in any form or by any means, stored in a database or in other retrieval systems. For additional copyright information related to case studies, please contact Case Services.
Research Information & Knowledge Hub for additional information on IMD publications
US President Donald Trump’s full embrace of digital assets has sent shock waves through the cryptocurrency market, driving a price surge while creating both new opportunities and heightened risks for investors and corporations. Last week, Mr Trump...
The case examines the entrepreneur-led carve out and buyout of dss+, DuPont’s safety and sustainability consulting division, by Gyrus Capital and dss+ management team. dss+ (formerly “DuPont Sustainable Solutions”) played a pivotal role in high-ri...
Ten years from now, we’ll know which companies best navigated geopolitics. And the hunt will be on for enduring lessons. Which firms made the smartest adjustments to their global commercial footprint by exiting certain markets, doubling down on ot...
Brookfield’s Catalytic Transition Fund is a case study in how the financial industry can spearhead sustainable development. Brookfield Asset Management announced an initial closing of $2.4 billion for the Catalytic Transition Fund, marking a signi...
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Case reference: IMD-7-2639 ©2025
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications