NEW YORK ( TheStreet) -- Part of value investing involves buying companies that few others are interested in at a given time; companies that may have run through a rough patch whose true worth is underestimated. Sometimes these situations come to an end via a takeover, which, as a shareholder, you might be hoping for, at least if the price is right. Sometimes the takeout prices are not quite what you'd been expecting.In the past year and a half, I've owned a few smaller names that were acquired, or are in the process. In all three cases, while the positions were profitable, the takeout prices were (or are) somewhat disappointing. Last March, Sumitomo's tire supply unit TBC Corp. acquired real estate- rich auto repair chain Midas for $11.50 per share, which represented a 27% premium to the previous closing price.
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