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Written by Sara Appino for The Motley Fool->
Sold 2,064,021 shares of Select Medical Holdings; estimated transaction value of $32.30 million based on quarterly average pricing.
Quarter-end position value decreased by $30.65 million, reflecting both trading activity and stock price movement.
Change represented 16.98% of 13F reportable assets under management.
Post-trade, Western Standard LLC holds zero shares, valued at $0.
The position previously accounted for 14.1% of the fund's AUM as of the prior quarter.
On May 5, 2026, Western Standard LLC reported selling out of Select Medical Holdings (NYSE:SEM), with an estimated $32.30 million transaction value based on quarterly average pricing.
According to its SEC filing dated May 5, 2026, Western Standard LLC exited its position in Select Medical Holdings by selling 2,064,021 shares. The estimated value of these trades was $32.30 million, calculated using the average closing price during the first quarter of 2026. The quarter-end value of the Select Medical Holdings stake decreased by $30.65 million, reflecting both the sale and stock price changes.
Select Medical Holdings operates a national network of hospitals, clinics, and occupational health centers.
Western Standard is a hedge fund focused on small-cap stocks that only accepts qualified high-net-worth investors. This quarter they completely exited their Select Medical position, selling over 2 million shares worth an estimated $32 million.
The exit makes sense once you understand how buyouts work. In March, Select Medical agreed to go private at $16.50 per share in a management-led buyout. Once that deal was announced, the stock's upside got capped—no matter what happens, shareholders get exactly $16.50 when the deal closes mid-2026. Western Standard likely sold because there's no reason to tie up capital in a stock that can't go higher. The company operates critical illness recovery hospitals and rehab clinics.
For regular investors, this illustrates an important principle: When a buyout is announced at a fixed price, the stock becomes a waiting game with limited upside. Your money sits there earning nothing until the deal closes, which is why many investors sell and redeploy elsewhere.
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Sara Appino has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Teleflex. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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