Spreads
su fusioni e / o acquisizioni | |
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Arbitrage Spreads On Pending Mergers & AcquisitionsThe
following provides information on selected merger and acquisition deals. All figures
are updated, with share prices as of 10 a.m. EST on Friday. Deals are listed alphabetically by acquirer, and spreads don't include dividend or interest payments. "Current discount" refers to the discount at which the target company's stock is trading compared with the acquirer's offer. If the target stock is trading higher than the offer, the amount is referred to as the "current premium." Deal values don't include the assumption of debt. 3Com Corp. (COMS), Bain Capital Partners LLC Premium offered: $0.78 or 17.26% Acquirer: Bain Capital Target: COMS Offer per share: $5.30 cash Value of outstanding common equity: $2,117,350,000 Target share price: $4.52 Expected closing: First quarter Annualized gain: N/A Alliance Data Systems Corp. (ADS), Blackstone Group Premium offered: $3.44 or 4.39% Acquirer: Blackstone Target: ADS Offer per share: $81.75 cash Value of outstanding common equity: $6,433,725,000 Target share price: $78.31 Expected closing: Fourth quarter Annualized gain: N/A American Financial Realty Trust (AFR), Gramercy Capital Corp. (GKK) Premium offered: $0.31 or 3.63% Acquirer: GKK Target: AFR Offer per share: 0.12096 share and $5.50 per share Value of offer per share: $8.75 Value of outstanding common equity securities: $1,135,304,319 Acquirer share price: $26.84 Target share price: $8.44 Expected closing: First quarter 2/15/2008 Annualized gain: 18.94% Andrew Corp. (ANDW), CommScope Inc. (CTV) Premium offered: $0.17 or 1.15% Acquirer: CTV Target: ANDW Offer per share: $15 cash Value of outstanding common equity: $2,335,500,000 Target share price: $14.83 Acquirer share price: $47.20 Expected closing: Late 2007 12/31/2007 Annualized gain: 17.43% Aspreva Pharmaceuticals Corp. (ASPV), Galenica Group Premium offered: $0.24 or 0.93% Acquirer: Galenica Target: ASPV Offer per share: $26 cash Value of outstanding common equity: $915,200,000 Target share price: $25.76 Expected closing: Jan. 3, 2008 1/3/2008 Annualized gain: 12.59% Axcan Pharma (AXCA), TPG Capital Premium offered: $0.69 or 3.02% Acquirer: TPG Capital Target: AXCA Offer per share: $23.50 cash Value of outstanding common equity: $1,306,600,000 Target share price: $22.81 Expected closing: First quarter 2/15/2008 Annualized gain: 15.77% Clear Channel Communications Inc. (CCU), Thomas H. Lee Partners LP/Bain Capital Group Premium offered: $3.43 or 9.59% Acquirer: Lee/Bain Group Target: CCU Offer per share: $39.20 cash Value of outstanding common equity: $19,356,960,000 Target share price: $35.77 Expected closing: First quarter Annualized gain: N/A Note: As an alternative to receiving the $39.20 per share in cash, Clear Channel's shareholders will be offered the opportunity to exchange their common shares on a one-for-one basis for shares of Class A stock in the new company. Cognos Inc. (COGN), International Business Machines Corp. (IBM) Premium offered: $0.55 or 0.96% Acquirer: IBM Target: COGN Offer per share: $58 cash Value of outstanding common equity: $4,831,400,000 Target share price: $57.45 Acquirer share price: $109.17 Expected closing: First quarter 2/15/2008 Annualized gain: 4.99% Commerce Bancorp Inc. (CBH), Toronto-Dominion Bank (TD) Premium offered: $2.78 or 7.09% Acquirer: TD Target: CBH Offer per share: $42 cash and stock Value of outstanding common equity: $8,101,800,000 Target share price: $39.22 Acquirer share price: $72.05 Expected closing: April 2008 4/15/2008 Annualized gain: 19.90% Note: The purchase price consists of 75% stock and 25% cash. Under the agreement, Commerce shareholders will receive 0.4142 share of Toronto-Dominion and $10.50 in cash for each Commerce share held. Dow Jones & Co. (DJ), News Corp. (NWS) Premium offered: $0.06 or 0.10% Acquirer: NWS Target: DJ Offer per share: $60 cash and/or stock Value of outstanding common equity: $5,028,000,000 Target share price: $59.94 Acquirer share price: $21.98 Expected closing: December 12/15/2007 Annualized gain: 4.57% Note: The merger agreement provides that up to 250 holders of record and not more than 10% of the shares of Dow Jones may elect to take shares of News Corp. valued at $60 rather than cash. EDO Corp. (EDO), ITT Corp. (ITT) Premium offered: $0.23 or 0.41% Acquirer: ITT Target: EDO Offer per share: $56 cash Value of outstanding common equity: $1,192,800,000 Target share price: $55.77 Acquirer share price: $65.09 Expected closing: Early 2008 1/1/2008 Annualized gain: 6.02% Energy East Corp. (EAS), Iberdrola SA Premium offered: $1.05 or 3.83% Acquirer: Iberdrola Target: EAS Offer per share: $28.50 cash Value of outstanding common equity: $4,503,000,000 Target share price: $27.45 Expected closing: In 2008 6/30/2008 Annualized gain: 6.78% First Charter Corp. (FCTR), Fifth Third Bancorp (FITB) Premium offered: $1.16 or 3.89% Acquirer: FITB Target: FCTR Offer per share: $31 cash & stock Value of outstanding common equity: $1,088,100,000 Target share price: $29.84 Acquirer share price: $29.82 Expected closing: First quarter 2/15/2008 Annualized gain: 20.27% Gemstar-TV Guide Inc. (GMST), Macrovision Inc. (MVSN) Premium offered: $1.71 or 36.85% Acquirer: MVSN Target: GMST Offer per share: $6.35 cash & stock Value of outstanding common equity: $2,724,785,000 Target share price: $4.64 Acquirer share price: $19.19 Expected closing: Early second quarter 2008 3/1/2008 Annualized gain: 158.25% Genesco Inc. (GCO), Finish Line Inc. (FINL) Premium offered: $22.39 or 69.73% Acquirer: FINL Target: GCO Offer per share: $54.50 cash Value of outstanding common equity: $1,242,600,000 Target share price: $32.11 Acquirer share price: $4.01 Expected closing: N/A Annualized gain: N/A Genlyte Group Inc. (GLYT), Philips Holding USA Inc. (PHG) Premium offered: $0.98 or 1.04% Acquirer: PHG Target: GLYT Offer per share: $95.50 cash Value of outstanding common equity: $2,702,650,000 Target share price: $94.52 Acquirer share price: $41.80 Expected closing: First quarter 2/15/2008 Annualized gain: 5.41% Goodman Global Inc. (GGL), Hellman & Friedman LLC Premium offered: $1.62 or 6.76% Acquirer: Hellman & Friedman Target: GGL Offer per share: $25.60 cash Value of outstanding common equity: $1,763,840,000 Target share price: $23.98 Expected closing: First quarter 2/15/2008 Annualized gain: 35.23% Harrah's Entertainment Inc. (HET), Apollo/Texas Pacific group Premium offered: $1.72 or 1.95% Acquirer: Apollo/Texas Pacific group Target: HET Offer per share: $90 cash Value of outstanding common equity: $16,740,000,000 Target share price: $88.28 Expected closing: Late 2007 12/31/2007 Annualized gain: 29.63% Horizon Offshore Inc. (HOFF), Cal Dive International Inc. (DVR) Premium offered: $0.25 or 1.47% Acquirer: DVR Target: HOFF Offer per share: 0.625 share and $9.25 per share Value of offer per share: $17.17 Value of outstanding common equity securities: $561,418,125 Acquirer share price: $12.67 Target share price: $16.92 Expected closing: December Annualized gain: N/A Huntsman Corp. (HUN), Apollo Management LP Premium offered: $3.29 or 13.31% Acquirer: Apollo Target: HUN Offer per share: $28 cash Value of outstanding common equity: $6,213,200,000 Target share price: $24.71 Expected closing: July 2008 7/15/2008 Annualized gain: 21.99% Lyondell Chemical Co. (LYO), Basell Holdings Premium offered: $0.44 or 0.93% Acquirer: Basell Target: LYO Offer per share: $48 cash Value of outstanding common equity: $12,139,200,000 Target share price: $47.56 Expected closing: Dec. 20 Annualized gain: N/A Myers Industries Inc. (MYE), GS Capital Partners Premium offered: $0.90 or 4.17% Acquirer: GS Capital Target: MYE Offer per share: $22.50 cash Value of outstanding common equity: $789,750,000 Target share price: $21.60 Expected closing: Fourth quarter Annualized gain: N/A Navteq Corp. (NVT), Nokia Corp. (NOK) Premium offered: $2.98 or 3.97% Acquirer: NOK Target: NVT Offer per share: $78 cash Value of outstanding common equity: $7,659,600,000 Target share price: $75.02 Acquirer share price: $39.44 Expected closing: First quarter 2/15/2008 Annualized gain: 20.71% Penn National Gaming Inc. (PENN), Fortress Investment Group/Centerbridge Partners LP Premium offered: $8.00 or 13.56% Acquirer: Fortress/Centerbridge Target: PENN Offer per share: $67 cash Value of outstanding common equity: $5,735,200,000 Target share price: $59.00 Expected closing: August 2008 8/15/2008 Annualized gain: 19.64% Pharmion Corp. (PHRM), Celgene Corp. (CELG) Premium offered: $8.33 or 13.08% Acquirer: CELG Target: PHRM Offer per share: $72 cash or stock Value of outstanding common equity: $2,656,800,000 Target share price: $63.67 Acquirer share price: $59.10 Expected closing: Second quarter 5/15/2008 Annualized gain: 29.85% PHH Corp. (PHH), GE Capital Solutions (GE) Premium offered: $9.50 or 43.18% Acquirer: GE Target: PHH Offer per share: $31.50 cash Value of outstanding common equity: $1,685,250,000 Target share price: $22.00 Acquirer share price: $37.37 Expected closing: Late 2007 Annualized gain: N/A Reddy Ice Holdings Inc. (FRZ), GSO Capital Partners Premium offered: $4.47 or 16.69% Acquirer: GSO Capital Target: FRZ Offer per share: $31.25 cash Value of outstanding common equity: $681,250,000 Target share price: $26.78 Expected closing: Late January Annualized gain: N/A Sequa Corp. (SQAA), Carlyle Group Premium offered: $0.01 or 0.01% Acquirer: Carlyle Group Target: SQAA Offer per share: $175 cash Value of outstanding common equity: $1,995,000,000 Target share price: $174.99 Expected closing: Fourth quarter Annualized gain: N/A Sierra Health Services Inc. (SIE), UnitedHealth Group Inc. (UNH) Premium offered: $1.10 or 2.59% Acquirer: UNH Target: SIE Offer per share: $43.50 cash Value of outstanding common equity: $2,427,300,000 Target share price: $42.40 Acquirer share price: $56.35 Expected closing: Late 2007 12/31/2007 Annualized gain: 39.46% SLM Corp. (SLM), J.C. Flowers & Co. Premium offered: $23.03 or 62.29% Acquirer: J.C. Flowers group Target: SLM Offer per share: $60 cash Value of outstanding common equity: $24,630,000,000 Target share price: $36.97 Expected closing: N/A Annualized gain: N/A Note: On Oct. 2, the J.C. Flowers group cut its offer price by $10, but said the deal would include warrants with a payout of up to $10 a share. SLM rejected the offer. Tribune Co. (TRB), Sam Zell Premium offered: $1.96 or 6.12% Acquirer: Sam Zell Target: TRB Offer per share: $34 cash Value of outstanding common equity: $8,166,800,000 Target share price: $32.04 Expected closing: Late 2007 Annualized gain: N/A XM Satellite Radio Holdings Inc. (XMSR), Sirius Satellite Radio Inc. (SIRI) Premium offered: $1.53 or 10.09% Acquirer: SIRI Target: XMSR Shares offered per share: 4.6 shares Value of offer per share: $16.74 Value of outstanding common equity: $4,495,764,000 Acquirer share price: $3.64 Target share price: $15.21 Expected closing: Late 2007 Annualized gain: N/A | |
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