Merger Arbitrage Mondays – August 30, 2010
Benzinga 16 years ago
Trading Ideas
Merger activity decreased significantly last week with just one new deal being announced, one deal modified and four deals closing. A deal that was long rumored was also announced on Sunday when French drug maker Sanofi-Aventis disclosed its $18.5 billion bid for Genzyme for $69 in cash.
Based on feedback received, we have modified the format of these posts and we hope that you find this new format useful.
Deal Statistics:
| Total Number of Deals Closed in 2010 | 60 |
| Total Number of Deals That Did Not Complete in 2010 | 2 |
| Total Number of Pending Deals | |
| Cash Deals | 47 |
| Stock Deals | 9 |
| Stock & Cash Deals | 12 |
| Total Number of Pending Deals | 68 |
New Deals:
The acquisition of Diamond Management & Technology Consultants (DTPI) by PricewaterhouseCoopers for a closing value of $378 million at $12.50 per share in cash
Closed Deals:
1. The acquisition of TTI Telecom (TTIL) by TEOCO Corporation on August 23, 2010
2. The acquisition of Eclipsys Corporation (ECLP) by Allscripts – Misys Healthcare (MDRX) on August 25, 2010
3. The acquisition of RCN Corporation (RCNI) by ABRY Partners on August 26, 2010
4. The acquisition of Smith International (SII) by Schlumberger on August 27, 2010
Modified Deals:
The acquisition of 3PAR (PAR) by Hewlett-Packard Company (HPQ) for a closing value of $2 billion at $30 per share in cash. After a whole week of bidding war, 3PAR accepted HP’s superior bid. Dell now has three days to come back with a counter offer.
A Short History of the Dell-HP-3PAR Saga:
August 28, 2010: 3Par accepts HP’s ’superior’ $2B offer
August 27, 2010: Donatelli seen driving HP bidding war for 3Par
August 27, 2010: HP raises 3Par bid to $2B, now it’s Dell’s turn
August 27, 2010: HP tops Dell again with $2B 3Par bid
August 26, 2010: HP again boosts offer for 3Par, this time to $1.8B
August 26, 2010: Dell boosts offer for 3Par
August 26, 2010: HP again boosts offer for 3Par, this time to $1.8B
August 25, 2010: 3Par open to new Dell offer
August 25, 2010: 3Par to talk with HP, open to new Dell bid
August 24, 2010: 3Par up again as Dell mulls higher offer
August 24, 2010: Dell could sweeten offer for 3Par
August 23, 2010: Text of HP offer to buy 3Par
August 23, 2010: 3Par shares surge on HP’s $1.6B offer
August 23, 2010: HP’s $1.6B offer for 3Par tops Dell
August 16, 2010: Dell to buy 3Par for $1.15B
Top 10 Deals With the Largest Spreads:
| Symbol | Acquiring Company | Closing Price | Last Price | Closing Date | Profit | Annu. Profit |
| TLCR | Grifols (GRF.MC) | $26.59 | $22.22 | 12/31/2010 | 19.64% | 58.30% |
| SSE | Naugatuck Valley Financial Corp (NVSL) | $7.25 | $6.09 | 09/30/2010 | 19.05% | 224.27% |
| EMMS | JS Acquisition and Alden Global Capital (N/A) | $2.40 | $2.0206 | 09/30/2010 | 18.78% | 221.08% |
| NAL | First Niagara Financial Group (FNFG) | $14.09 | $12.79 | 05/15/2011 | 10.16% | 14.38% |
| ALY | SeaDrill (N/A) | $4.25 | $3.87 | 12/31/2010 | 9.82% | 29.14% |
| AYE | FirstEnergy (FE) | $24.45 | $22.56 | 03/31/2011 | 8.39% | 14.37% |
| ATBC | Jacksonville Bancorp (JAXB) | $2.32 | $2.15 | 09/30/2010 | 7.91% | 93.10% |
| Q | Century Link (CTL) | $6.01 | $5.64 | 04/21/2011 | 6.57% | 10.24% |
| NRGP | Inergy (NRGY) | $29.59 | $28.16 | 12/31/2010 | 5.08% | 15.08% |
| BGH | Buckeye Partners LP (BPL) | $44.17 | $42.10 | 12/31/2010 | 4.91% | 14.58% |
List of All Pending Deals:
| Symbol | Announced Date | Acquiring Company | Closing Value | Closing Price | Last Price | Closing Date | Profit | Annu.
Profit | |
|---|---|---|---|---|---|---|---|---|---|
| + | TLCR | 06/07/2010 | Grifols (GRF.MC) | $3.4 billion | $26.59 | $22.22 | 12/31/2010 | 19.66% | 58.34% |
| Details of Talecris Expected to close by the end of the year for a closing value of $3.4 billion. On the completion of the merger Grifols will pay $19 in cash and 0.641 newly issued, nonvoting shares for each share of Talecris. | |||||||||
| + | SSE | 02/23/2010 | Naugatuck Valley Financial Corp (NVSL) | $19.5 million | $7.25 | $6.09 | 09/30/2010 | 19.05% | 224.27% |
| Details of Southern Connecticut Bancorp In Expected to close by the third calendar quarter of 2010, for a closing value of $19.5mn @ $7.25/share. The Cash/stock election is subject to proration | |||||||||
| + | EMMS | 05/25/2010 | JS Acquisition and Alden Global Capital (N/A) | $3 billion | $2.40 | $2.0206 | 09/30/2010 | 18.78% | 221.08% |
| Details of Emmis Communications Corporatio Expected to close in the third quarter of 2010 for a closing value of over $3bn. On the completion of the merger, Emmis Communications shareholders will receive $2.40 per share in cash. | |||||||||
| + | NAL | 08/19/2010 | First Niagara Financial Group (FNFG) | $1.5 billion | $14.09 | $12.79 | 05/15/2011 | 10.16% | 14.38% |
| Details of New Alliance Bancshares Expected to close in early second quarter of 2011 for a closing value of $1.5 billion. On the completion of the merger, New Alliance shareholders will receive $14.09 per share in cash. | |||||||||
| + | ALY | 08/12/2010 | SeaDrill (N/A) | $890 million | $4.25 | $3.87 | 12/31/2010 | 9.82% | 29.14% |
| Details of Allis-Chalmers Energy, Inc. Expected to close by the end of the year 2010 for a closing value of $890 million. On the completion of the merger, Allis-Chalmers shareholders will get $4.25 in cash or 1.15 Seawell shares for each shares of Allis-Chalmers, subject to proration if more than 35% of the shares elect to receive cash. | |||||||||
| + | AYE | 02/11/2010 | FirstEnergy (FE) | $8.5 billion | $24.45 | $22.56 | 03/31/2011 | 8.39% | 14.37% |
| Details of Allegheny Energy, Inc. Common S Expected to close by March 31, 2011 for a closing value $8.5bn. It is a stock based transaction @ 0.667 share of FE | |||||||||
| + | ATBC | 05/10/2010 | Jacksonville Bancorp (JAXB) | N/A | $2.32 | $2.15 | 09/30/2010 | 7.91% | 93.10% |
| Details of Atlantic BancGroup Inc Expected to close in the third quarter of 2010. If the merger is completed, Atlantic BancGroup shareholders will receive 0.2 shares of Jacksonville Bancorp common stock for each share of Atlantic BancGroup common stock held, plus up to approximately $0.65 per share in cash, subject to the qualifying sale of certain Atlantic BancGroup assets. | |||||||||
| + | Q | 04/22/2010 | Century Link (CTL) | $10.6 billion | $6.01 | $5.64 | 04/21/2011 | 6.57% | 10.24% |
| Details of Qwest Communications Internatio Expected to close in the first half of 2011for a value of $10.6bn. Under the terms of the agreement, Qwest shareholders will receive 0.1664 CenturyLink shares for each share of Qwest common stock they own at closing. | |||||||||
| + | NRGP | 08/09/2010 | Inergy (NRGY) | $2.07 billion | $29.59 | $28.16 | 12/31/2010 | 5.08% | 15.08% |
| Details of Inergy Holdings Expected to close in the fourth quarter of 2010 for a closing value of $2.07 billion in an all-stock deal. On the completion of the merger Inergy Holdings shareholders will receive 0.77 NRGY common units in exchange for each NRGP common unit they own. | |||||||||
| + | BGH | 06/11/2010 | Buckeye Partners LP (BPL) | $1.14 billion | $44.17 | $42.10 | 12/31/2010 | 4.91% | 14.58% |
| Details of Buckeye GP Holdings Expected to close in the fourth quarter of 2010 for a closing value of $1.14 billion. Under the deal, for each Buckeye GP unit, holders will get 0.705 Buckeye Partners units. | |||||||||
| + | CCBP | 08/09/2010 | F.N.B. Corporation (FNB) | $70 million | $37.98 | $36.52 | 12/31/2010 | 4.00% | 11.88% |
| Details of Comm Bancorp Expected to close in the fourth quarter of 2010 for a closing value of $70 million. On the completion of the merger Comm Bancorp shareholders will receive 3.4545 shares of F.N.B. common stock and $10.00 in cash for each share of Comm Bancorp held. | |||||||||
| + | VETS | 06/02/2010 | VCA Antech Inc (WOOF) | $41.25 million | $0.34 | $0.3272 | 09/30/2010 | 3.91% | 46.06% |
| Details of PET DRx Corp Expected to close by the third quarter of 2010 for a closing value of $41.25mn. On the completion of the mergerPet DRx shareholders are expected to receive $0.34 – $0.36 per share in cash. | |||||||||
| + | ATAC | 07/19/2010 | Genco Distribution System Inc. (N/A) | $513 million | $25.00 | $24.15 | 12/31/2010 | 3.52% | 10.44% |
| Details of ATC Technology Expected to close by the fourth quarter of 2010 for a closing value of $513 million. On the completion of the merger, ATC shareholders will receive $25 per share in cash. | |||||||||
| + | PINN | 02/24/2010 | Investor Group lead by Scotia Waterous (USA) (N/A) | $11 million | $0.34 | $0.33 | 08/21/2010 | 3.03% | 0.00% |
| Details of Pinnacle Gas Resources, Inc. Expected to close by the second quarter of 2010 for a closing value of $11mn. It is a cash deal @ $0.34 per share | |||||||||
| + | PTV | 08/17/2010 | Reynolds Group Holdings (N/A) | $6 billion | $33.25 | $32.30 | 12/31/2010 | 2.94% | 8.73% |
| Details of Pactiv Corporation Expected to close by the end of the year for a closing value of $6 billion. On the completion of the merger, shareholders of Pactiv Corporation will receive $33.25 per share in cash. | |||||||||
| + | BNE | 02/24/2010 | RR Donnelley (RRD) | $481 million | $11.50 | $11.18 | 09/30/2010 | 2.86% | 33.70% |
| Details of Bowne & Co., Inc. Common Stock Expected to close by the second half of 2010 for a closing value of $481mn. It is a cash deal @ $11.50 per share | |||||||||
| + | BXC | 07/22/2010 | Cerberus Capital Management (N/A) | $111.1 million | $3.40 | $3.31 | 12/31/2010 | 2.72% | 8.07% |
| Details of BlueLinx Holdings Inc. Expected to close in the fourth quarter of 2010 for a closing value of $111.1 million. On the completion of the merger, BXC shareholders will receive $3.40 per share in cash. | |||||||||
| + | ALOY | 06/24/2010 | ZelnickMedia (N/A) | $126.5 million | $9.80 | $9.57 | 12/31/2010 | 2.40% | 7.13% |
| Details of Alloy Expected to close in the fourth quarter of 2010 for a closing value of $126.5 million. On the completion of the merger, shareholders of Alloy Inc. will receive $9.80 per share in cash. | |||||||||
| + | SMTB | 07/15/2010 | People's United Financial Inc. (PBCT) | $60 million | $3.83 | $3.74 | 12/31/2010 | 2.38% | 7.06% |
| Details of Smithtown Bancorp Inc Expected to close in the fourth quarter of 2010, for a closing value of $60 million. On the completion of the merger, Smithtown Bancorp shareholders will receive 0.1430 shares of People's United common stock and $2.00 in cash. | |||||||||
| + | DIVX | 06/02/2010 | Sonic Solutions (SNIC) | $323 million | $7.85 | $7.69 | 09/30/2010 | 2.04% | 23.97% |
| Details of DivX Expected to close by the third quarter of 2010 for a cosing value of $323mn. On the completion of the merger, DivX shareholders will receive $3.75 in cash and 0.514 shares of Sonic Solutions common stock for each share of DivX they hold. | |||||||||
| + | PMACA | 06/10/2010 | Old Republic International (ORI) | $228 million | $7.02 | $6.88 | 09/30/2010 | 2.01% | 23.62% |
| Details of PMA Capital Expected to close in the third quarter of 2010 for a closing value of $228 million. As part of the agreement, Old Republic will issue 0.55 shares of its common stock in exchange for each outstanding common share of PMA. | |||||||||
| + | MFE | 08/19/2010 | Intel Corporation (INTC) | $7.68 billion | $48.00 | $47.10 | 12/31/2010 | 1.91% | 5.67% |
| Details of McAfee Expected to close once McAfee shareholder approval and regulatory clearance is gained for a closing value of $7.68 billion. On the completion of the merger, McAfee shareholders will receive $48 per share in cash. | |||||||||
| + | PTEC | 08/17/2010 | Marlin Equity Partners (N/A) | $139 million | $3.85 | $3.78 | 12/31/2010 | 1.85% | 5.50% |
| Details of Phoenix Technologies Ltd. Expected to close by the end of the year for a closing value of $139 million. On the completion of the merger, shareholders of Phoenix Technologies will receive $3.85 per share in cash. | |||||||||
| + | PTEC | 08/17/2010 | Marlin Equity Partners (N/A) | $139 million | $3.85 | $3.78 | 12/31/2010 | 1.85% | 5.50% |
| Details of Phoenix Technologies Ltd. Expected to close by the end of the year for a closing value of $139 million. On the completion of the merger, shareholders of Phoenix Technologies will receive $3.85 per share in cash. | |||||||||
| + | PRPX | 02/17/2010 | L.B. Foster Co. (FSTR) | $112 million | $11.71 | $11.50 | 08/31/2010 | 1.83% | 666.52% |
| Details of Portec Rail Products, Inc. Expected to close by August 31, 2010 for a closing value of $112mn. The cash deal is @ $11.71 per share | |||||||||
| + | TSFG | 05/17/2010 | TD Bank Financial Group (N/A) | $61 million | $0.28 | $0.2752 | 09/30/2010 | 1.74% | 20.54% |
| Details of The South Financial Group Inc. Expected to close by the third quarter of 2010 for a closing value of $61mn. On the completion of the merger, The South Financial Group shareholders will receive either $0.28 in cash or 0.004 shares of TD Bank Financial Group common stock per The South Financial Group common share held. | |||||||||
| + | OSTE | 08/17/2010 | Medtronic (MDT) | $123 million | $6.50 | $6.395 | 12/31/2069 | 1.64% | 0.03% |
| Details of Osteotech Expected to close for a closing value of $123 million. On the completion of the merger, shareholders of Osteotech will receive $6.50 per share in cash. The transaction is subject to customary closing conditions, including approval by Osteotech's stockholders and U.S. and foreign regulatory clearances. | |||||||||
| + | WAIN | 06/29/2010 | Eastern Bank (N/A) | $163 million | $19.00 | $18.71 | 12/31/2010 | 1.55% | 4.60% |
| Details of Wainwright Bank & Trust Expected to close in the fourth quarter of 2010 for a closing value of $163 million. On the completion of the merger, Eastern Bank will pay $19 in cash for each share of Wainwright Bank.
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| + | XJT | 08/04/2010 | SkyWest (SKYW) | $133 million | $6.75 | $6.65 | 12/31/2010 | 1.50% | 4.46% |
| Details of Expressjet Holdings Expected to close in the fourth quarter of 2010, for a closing value of $133 million. On the completion of the merger, Expressjet shareholders will receive $6.75 per share in cash. | |||||||||
| + | OMNI | 06/04/2010 | Wellspring Capital Management (N/A) | $122 million | $2.75 | $2.71 | 11/15/2010 | 1.48% | 7.00% |
| Details of OMNI Energy Services Corp. Expected to close in the second half of 2010 for a closing value of $122mn. On the completion of the merger OMNI Energy Services shareholders will receive $2.75 per share in cash. | |||||||||
| + | PSYS | 05/17/2010 | Universal Health (N/A) | $3.1 billion | $33.75 | $33.29 | 12/31/2010 | 1.38% | 4.10% |
| Details of Psychiatric Solutions, Inc. Expected to close by the fourth quarter of 2010 for a closing value of $3.1bn. On the completion of the merger, Psychiatric Solutions shareholders will receive $33.75 per share in cash. | |||||||||
| + | MIR | 04/12/2010 | RRI Energy In. (RRI) | $1.6 billion | $9.84 | $9.71 | 12/31/2010 | 1.31% | 3.90% |
| Details of Mirant Corp Common Stock Expected to close by the end of the year 2010 for a value of $1.6bn. Mirant Corp. will combine with RRI Energy Inc. in a stock-deal to form GenOn Energy. Mirant stockholders will get about 2.84 RRI common shares for each Mirant share they own.
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| + | NTY | 07/15/2010 | The Carlyle Group (N/A) | $3.8 billion | $55.00 | $54.38 | 12/31/2010 | 1.14% | 3.38% |
| Details of NBTY Inc. Expected to close by the end of 2010 for a closing value of $3.8 billion. On the completion of the merger, NBTY shareholders will receive $55 per share in cash. | |||||||||
| + | ACF | 07/22/2010 | General Motors Co. (N/A) | $3.5 billion | $24.50 | $24.25 | 12/31/2010 | 1.03% | 3.06% |
| Details of AmeriCredit Corp. Expected to close in the fourth quarter of 2010, for a closing value of $3.5 billion. On the completion of the merger, ACF shareholders will receive $24.50 per share in cash. | |||||||||
| + | NYM | 07/15/2010 | ProSight (N/A) | $230 million | $25.75 | $25.51 | 12/31/2010 | 0.94% | 2.79% |
| Details of NYMagic Expected to close in the fourth quarter of 2010 for a closing value of $230 million. On the completion of the merger, NYMagic shareholders will receive $25.75 per share in cash. | |||||||||
| + | GLG | 05/17/2010 | Man Group (N/A) | $1.6 billion | $4.50 | $4.46 | 09/30/2010 | 0.90% | 10.56% |
| Details of GLG Partners Inc Common Stock Expected to close by the third quarter of 2010 for a closing value of approximately $1.6bn. On the completion of the merger, GLG Partners shareholders will receive $4.50 per share in cash. | |||||||||
| + | MAM | 03/12/2010 | Emera Inc (N/A) | $75.7 million | $45.00 | $44.60 | 12/31/2010 | 0.90% | 2.66% |
| Details of Maine & Maritimes Corporation C Expected to close by the end of 2010 for a closing value of $75.7 million. The cash deal is @ $45 per share | |||||||||
| + | ME | 04/15/2010 | Apache (APA) | $2.7 billion | $23.13 | $22.95 | 09/30/2010 | 0.80% | 9.42% |
| Details of Mariner Energy, Inc. Mariner En Expected to close by the third quarter of 2010 for a value of $2.7bn. Under the cash and stock deal, Mariner stockholders will receive cash of $7.80 and 0.17043 of a share of Apache common stock in exchange for each share of Mariner common stock. | |||||||||
| + | AEZ | 07/28/2010 | Hess Corp (HES) | $450 million | $7.07 | $7.01 | 12/31/2010 | 0.79% | 2.35% |
| Details of American Oil & Gas Inc. Expected to close in the fourth quarter of 2010 for a closing value of $450 million. On the completion of the merger, Hess will issue 0.1373 shares of its stock for each outstanding share of American Oil & Gas. | |||||||||
| + | HEW | 07/12/2010 | Aon Corp (AON) | $4.9 billion | $49.26 | $48.91 | 11/15/2010 | 0.71% | 3.37% |
| Details of Hewitt Associates Expected to close by mid-November 2010, Aon Corp plans to acquire Hewitt Associates for $4.9 billion. The deal is a cash plus stock deal worth $50 at the time of announcement. Hewitt shareholders will receive $25.61 in cash and 0.6362 shares of AON. | |||||||||
| + | WEL | 04/09/2010 | Halliburton Company (HAL) | $240 million | $3.00 | $2.98 | 09/30/2010 | 0.67% | 7.90% |
| Details of Boots and Coots, Inc. Common St Expected to close in the summer of 2010 for a value of $240mn. The $3 cash & stock deal consists of $1.73 in cash and $1.27 in Halliburton stock. | |||||||||
| + | ACAP | 07/08/2010 | The Doctors Company (N/A) | $386 million | $41.50 | $41.26 | 12/31/2010 | 0.58% | 1.73% |
| Details of American Physicians Capital Inc. Expected to close in the fourth quarter of 2010 for a closing value of $386 million. On the completion of the merger, American Physicians Capital shareholders will receive $41.50 per share in cash. | |||||||||
| + | LSBX | 07/15/2010 | People's United Financial Inc. (PBCT) | $96 million | $21.00 | $20.90 | 12/31/2010 | 0.48% | 1.42% |
| Details of LSB Corporation Expected to close in the fourth quarter of 2010 for a closing value of $96 million. On the completion of the merger, LSBX shareholders will receive $21 per share in cash. | |||||||||
| + | BSMD | 05/13/2010 | Merit Medical Systems (MMSI) | $96 million | $4.38 | $4.36 | 09/30/2010 | 0.46% | 5.40% |
| Details of BioSphere Medical, Inc. Expected to close in the third quarter of 2010 for a closing value of $96mn.If the merger is completed, BioSphere Medical shareholders will receive $4.38 per share in cash. | |||||||||
| + | SWWC | 03/03/2010 | Institutional Investors (N/A) | $275 million | $11.00 | $10.97 | 03/31/2011 | 0.27% | 0.47% |
| Details of Southwest Water Company Expected to close by 3/31/2011 for a closing value of $275 million. It is a cash deal @ $11.00 per share | |||||||||
| + | HGRD | 07/28/2010 | an affiliate of the private equity firm Vestar Capital (N/A) | $294 million | $8.20 | $8.18 | 09/30/2010 | 0.24% | 2.88% |
| Details of Health Grades Inc. Expected to close by the third quarter of 2010 for a closing value of $294 million. On the completion of the merger, HGRD shareholders will receive $8.20 per share in cash. Closing the transaction is subject to conditions that include regulatory approval. | |||||||||
| + | PPCO | 08/09/2010 | Endo Pharmaceuticals (ENDP) | $144 million | $5.00 | $4.99 | 12/31/2010 | 0.20% | 0.59% |
| Details of Penwest Pharmaceuticals Expected to close in the fourth quarter of 2010 for a closing value of $144 million. On the completion of the merger, Penwest Pharmaceuticals shareholders will receive $5.00 per share in cash. | |||||||||
| + | ADCT | 07/13/2010 | Tyco Electronics (TEL) | $1.24 billion | $12.75 | $12.725 | 12/31/2010 | 0.20% | 0.58% |
| Details of ADC Telecommunications Inc Expected to close in the fourth quarter of 2010, for a closing value of $1.24 billion. On the completion of the merger, ADC Telecommunications shareholders will receive $12.75 per share in cash | |||||||||
| + | WMZ | 05/24/2010 | Williams Partners L.P. (WPZ) | $32.36 | $32.30 | 09/30/2010 | 0.19% | 2.22% | |
| Details of Williams Pipeline Partners LP C Expected to close in the third quarter of 2010. On the completion of the merger, Williams Pipeline Partners shareholders will receive 0.7584 shares of Williams Partners common stock per share held. | |||||||||
| + | RUBO | 05/10/2010 | Mill Road Capital (N/A) | $91 million | $8.70 | $8.69 | 08/23/2010 | 0.12% | 0.00% |
| Details of Rubio's Restaurants Expected to close on August 23, 2010 for a closing value of $91 million. On the completion of the merger, Rubio's Restaurants shareholders will receive $8.70 per share in cash. | |||||||||
| + | GNA | 06/02/2010 | Gerdau (GGB) | $1.7 billion | $11.00 | $10.99 | 08/31/2010 | 0.09% | 33.21% |
| Details of Gerdau Ameristeel Corporation Expected to close by August 31, 2010 for a closing value of $1.7 billion. On the completion of the merger Gerdau Ameristeel shareholders will receive $11.00 per share in cash. | |||||||||
| + | SWSI | 08/09/2010 | Nabors Industries (NBR) | $900 million | $22.12 | $22.11 | 09/30/2010 | 0.05% | 0.53% |
| Details of Superior Well Services Expected to close by the end of the third quarter of 2010 for a closing value of $900 million. On the completion of the merger Superior Well shareholders will receive $22.12 per share in cash. | |||||||||
| + | DTPI | 08/24/2010 | PricewaterhouseCoopers (N/A) | $378 million | $12.50 | $12.50 | 12/31/2010 | 0.00% | 0.00% |
| Details of Diamond Management & Technology Consultants, Inc. Expected to close in the fourth quarter of 2010 for a closing value of $378 million. On the completion of the merger, shareholders of Diamond Management & Technology Consultants will receive $12.50 per share in cash. | |||||||||
| + | VIRL | 06/10/2010 | Synopsys (SNPS) | $315 million | $12.00 | $12.00 | 12/31/2010 | 0.00% | 0.00% |
| Details of Virage Logic Corp Expected to close in the fourth quarter of 2010 for a closing value of $315 million. The deal values Virage at $12 per share. | |||||||||
| + | MEND | 07/12/2010 | Johnson & Johnson (JNJ) | $480 million | $23.40 | $23.41 | 09/30/2010 | -0.04% | -0.50% |
| Details of Micrus Endovascular Expected to close in the second half of 2010, JNJ plans to acquire MEND in an all cash deal valued at $480 million. MEND shareholders will receive $23.40 in cash should the deal complete. | |||||||||
| + | UNCA | 08/13/2010 | IBM (IBM) | $480 million | $21.00 | $21.02 | 12/31/2010 | -0.10% | -0.28% |
| Details of Unica Corporation Expected to close by the end of 2010 for a closing value of $480 million. On the completion of the merger Unica Corporation shareholders will receive $21 per share in cash. | |||||||||
| + | VRX | 06/21/2010 | Biovail Corporation (BVF) | $3.3 billion | $58.07 | $58.33 | 12/31/2010 | -0.45% | -1.33% |
| Details of Valeant Pharmaceuticals Expected to close by the end of 2010 for a closing value of roughly $3.3 billion. Valeant stockholders will get a one-time special cash dividend of $16.77 per share and 1.7809 shares of Biovail common stock. The combined company will pay an additional $1/share dividend to all stockholders of the new entity. | |||||||||
| + | ICXT | 08/16/2010 | FLIR Systems (FLIR) | $274 million | $7.55 | $7.64 | 12/31/2010 | -1.18% | -3.50% |
| Details of ICx Technologies Expected to close in the fourth quarter of 2010 for a closing value of $274 million. On the completion of the merger, ICx Technologies' shareholders will receive $7.57 per share in cash. | |||||||||
| + | CAL | 05/03/2010 | United (UAUA) | $1.2 billion | $21.47 | $21.80 | 12/31/2010 | -1.50% | -4.46% |
| Details of Continental Airlines, Inc. Comm Expected to close by the end of 2010 for a closing value of approximately $1.2bn. In the merger, Continental shareholders will receive 1.05 shares of United common stock for each Continental common share they own. | |||||||||
| + | PZZ | 08/16/2010 | Leonard Green & Partners (N/A) | $363 million | $8.50 | $8.63 | 12/31/2010 | -1.51% | -4.47% |
| Details of Prospect Medical Holdings Expected to close by the end of the year 2010 for a closing value of $363 million. On the completion of the merger Prospect Medical Holdings shareholders will receive $8.50 per share in cash. | |||||||||
| + | ABII | 06/30/2010 | Celgene (CELG) | $2.9 billion | $71.57 | $74.20 | 12/31/2010 | -3.55% | -10.53% |
| Details of Abraxis Bioscience Inc. Expected to close in the fourth quarter of 2010 for a closing value of $2.9 billion. Under terms of the deal, shareholders of Abraxis will receive $58 and 0.2617 shares of Celgene for each Abraxis share they own. | |||||||||
| + | TRBN | 08/12/2010 | Emergent BioSolution (EBS) | $96.8 million | $4.22 | $4.45 | 12/31/2010 | -5.09% | -15.10% |
| Details of Trubion Pharmaceuticals Expected to close by the end of the year 2010 for a closing value of approximately $96.8 million. On the completion of the merger, Trubion Pharmaceuticals shareholders will receive $1.365 per share in cash and 0.1641 shares of Emergent BioSolutions common stock per share held, plus one Contingent Value Right (CVR) per share.
The total potential aggregate value of the CVRs is $38.7 million over a 36-month period, post-closing. The combination of the upfront consideration along with the potential value of the CVRs results in total consideration of up to $135.5 million for Trubion stockholders. The Milestone Events related to the CVRs can be found at the following link http://finance.yahoo.com/news/Trubion-Pharmaceuticals-prnews-758460745.html?x=0&.v=1 | |||||||||
| + | DYN | 08/13/2010 | Blackstone Group (BX) | $4.7 billion | $4.50 | $4.81 | 12/31/2010 | -6.44% | -19.13% |
| Details of Dynegy Expected to close by the end of the year for a closing value of $4.7 billion. On the completion of the merger, Dynegy shareholders will receive $4.50 per share in cash. | |||||||||
| + | CPII | 05/10/2010 | Comtech (CMTL) | $472.3 million | $13.69 | $14.72 | 09/30/2010 | -6.97% | -82.02% |
| Details of CPI International, Inc. Expected to close in the third quarter of 2010 for a closing alue of $472.3mn. If the merger is completed, CPI International shareholders will receive a combination of $9.00 in cash plus a fraction of Comtech common stock equal to $8.10 divided by the average closing price of Comtech common stock over a specified period of time prior to closing, provided that the fraction shall not be greater than 0.2382 nor less than 0.2132. | |||||||||
| + | PAR | 08/28/2010 | Hewlett-Packard Company (HPQ) | $2 billion | $30.00 | $32.46 | 12/31/2010 | -7.58% | -22.49% |
| Details of 3PAR Expected to close by the year end for a closing value of $1.15 billion. On the completion of the merger, 3PAR shareholders will receive $18 per share in cash. Revisi | |||||||||