Merger Arbitrage Mondays – July 12, 2010

Loading...
Loading...

The activity on the Merger and Acquisition front decreased last week with only one new deal being announced and three deals closing.

The new deal includes the acquisition of American Physicians Capital (ACAP) by The Doctors Company for $41.50 per share in cash.

The deals that closed include the acquisition of SenoRx (SENO) by C.R. Bard on July 06, 2010, the acquisition of Bell Microproducts (BELM) by Avnet on July 06, 2010 and the acquisition DynCorp International (DCP) by Cerberus Capital Management on July 08, 2010.

Annu. Profit Details of Sport Supply Group, Inc Expected to close in the second or third quarter of 2010. ONCAP has the unilateral option to terminate the merger agreement by paying to Sport Supply Group a termination fee of either $6,000,000 or $10,000,000, depending on whether financing is available to ONCAP. It is a cash deal @ $13.55 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. Details of Argon ST Expected to close by the end of the second quarter for a closing value of $755 million.On the completion of the merger, stockholders of Argon ST will receive $34.50 per share in cash. Details of Stanley, Inc. Common Stock Expected to close during the fall of 2010 for a closing value of $904mn. CGI will pay shareholders $37.50 for each share of Stanley. 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. Details of American Italian Pasta Expected to close during Ralcorp Holding's fourth fiscal quarter ending Sept. 30 for a closing value of $1.2 billion. On the completion of the merger, Ralcorp Holdings will pay shareholders of American Italian Pasta $53 per share in cash Details of Santander Bancorp Expected to close by July 22, 2010 unless extended. On the completion of the merger Santander BanCorp shareholders will receive $12.69 per share in cash. Details of Millipore Corporation Common St Expected to close by the second half of 2010 for a closing value of $6bn. It is a cash deal @ $107 per share Details of Virtual Radiologic Corporation Expected to close by the third quarter of 2010 for a closing value of $294mn. On the completion of the merger, Virtual Radiologic shareholders will receive $17.25 per share in cash. Details of Cornell Corrections, Inc. Commo Expected to close in the third quarter of 2010 at an estimated enterprise value of $685 million based on the closing prices of both companies 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. Details of CKE Restaurants, Inc. Common St Expected to close by June 30 for a closing value of $694 mn.CKE scrapped the THL deal and accepted Apollo's takeover bid @ $12.55 per share. Details of ev3 Expected to close by July 31, 2010 for a closing value of $2.6bn. Covidien will pay $22.50 in cash for each ev3 share. Details of North American Galvanizing & Co Expected to close by the end of AZZ’s fiscal second quarter, Aug. 31for a value of $125.6 million. AZZ plans a cash tender offer for NAGC of $7.50 per share 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. 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. 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. Details of Arena Resources Inc Common Stoc Expected to close during the second or third quarter of 2010 for a value of $1.6bn. The stock-cash merger is @ 4.7771 shares of SandRidge common stock and $2.50 in cash for each share of Arena common stock. 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. Details of Dollar Thrifty Automotive Group Expected to close by the end of the year for a value of $1.3 billion. The transaction values Dollar Thrifty stock at approximately $41.00 per share. the $41.00 per share purchase price is comprised of 80% cash consideration and 20% stock consideration. The cash portion will be paid in two components; (1) a $200 million special cash dividend representing approximately $6.88 per share, to be paid by Dollar Thrifty immediately prior to the transaction closing and (2) $25.92 per share to be paid by Hertz at the closing. The stock is at a fixed exchange ratio of 0.6366 per share, based upon a Hertz common stock closing price of $12.88 per share on April 23, 2010. Details of Coca-Cola Enterprises, Inc. Com Expected to close by October 1, 2010 for a closing value of $12.3 billion. The deal includes $10 per share + a share in a new bottling company
  Symbol Announced
Date
Acquiring
Company
Closing
Value
Closing
Price
Last
Price
Closing
Date
Profit
+ WX 04/26/2010 Charles River Laboratories (CRL) $1.6 billion $20.62 $16.17 12/31/2010 27.54% 58.45%
+ ATBC 05/10/2010 Jacksonville Bancorp (JAXB) N/A $2.73 $2.18 09/30/2010 25.23% 115.11%
+ AYE 02/11/2010 FirstEnergy (FE) $8.5 billion $24.69 $22.07 03/31/2011 11.85% 16.51%
+ SSE 02/23/2010 Naugatuck Valley Financial Corp (NVSL) $19.5 million $7.25 $6.4999 08/16/2010 11.54% 120.35%
+ PINN 02/24/2010 Investor Group lead by Scotia Waterous (USA) (N/A) $11 million $0.34 $0.31 08/21/2010 9.68% 88.31%
+ BGH 06/11/2010 Buckeye Partners LP (BPL) $1.14 billion $42.62 $39.79 12/31/2010 7.11% 15.08%
+ DIVX 06/02/2010 Sonic Solutions (SNIC) $323 million $7.68 $7.26 09/30/2010 5.74% 26.20%
+ EMMS 05/25/2010 JS Acquisition and Alden Global Capital (N/A) $3 billion $2.40 $2.27 09/30/2010 5.73% 26.13%
+ Q 04/22/2010 Century Link (CTL) $10.6 billion $5.73 $5.43 04/21/2011 5.57% 7.18%
+ ECLP 06/09/2010 Allscripts-Misys Healthcare (MDRX) $1.3 billion $20.41 $19.43 11/15/2010 5.05% 14.64%
+ ALOY 06/24/2010 ZelnickMedia (N/A) $126.5 million $9.80 $9.45 12/31/2010 3.70% 7.86%
+ EFJI 05/17/2010 Francisco Partners (N/A) N/A $1.50 $1.45 09/30/2010 3.45% 15.73%
+ TTIL 06/09/2010 Teoco Corp. (N/A) $58 million $3.00 $2.90 09/30/2010 3.45% 15.73%
+ PMACA 06/10/2010 Old Republic International (ORI) $228 million $7.07 $6.85 09/30/2010 3.18% 14.49%
+ PRPX 02/17/2010 L.B. Foster Co. (FSTR) $112 million $11.71 $11.35 08/31/2010 3.17% 23.15%
+ MIR 04/12/2010 RRI Energy In. (RRI) $1.6 billion $11.57 $11.30 12/31/2010 2.36% 5.01%
+ PSYS 05/17/2010 Universal Health (N/A) $3.1 billion $33.75 $32.98 12/31/2010 2.33% 4.95%
+ BNE 02/24/2010 RR Donnelley (RRD) $481 million $11.50 $11.28 09/30/2010 1.95% 8.90%
+ SWWC 03/03/2010 Institutional Investors (N/A) $275 million $11.00 $10.79 03/31/2011 1.95% 2.71%
+ WAIN 06/29/2010 Eastern Bank (N/A) $163 million $19.00 $18.64 12/31/2010 1.93% 4.10%
+ ACAP 07/08/2010 The Doctors Company (N/A) $386 million $41.50 $40.73 12/31/2010 1.89% 4.01%
+ WMZ 05/24/2010 Williams Partners L.P. (WPZ) $34.73 $34.10 09/30/2010 1.86% 8.49%
+ MAM 03/12/2010 Emera Inc (N/A) $75.7 million $45.00 $44.18 12/31/2010 1.86% 3.94%
+ SII 02/19/2010 Schlumberger (SLB) $7.5 billion $40.79 $40.06 09/30/2010 1.83% 8.35%
+ ME 04/15/2010 Apache (APA) $2.7 billion $22.78 $22.37 09/30/2010 1.82% 8.31%
+ OMNI 06/04/2010 Wellspring Capital Management (N/A) $122 million $2.75 $2.71 11/15/2010 1.48% 4.28%
+ VETS 06/02/2010 VCA Antech Inc (WOOF) $41.25 million $0.34 $0.3352 09/30/2010 1.43% 6.53%
+ GLG 05/17/2010 Man Group (N/A) $1.6 billion $4.50 $4.44 09/30/2010 1.35% 6.17%
+ STBK 03/18/2010 Roma Financial Corp (ROMA) $14.7 million $2.52 $2.4932 08/16/2010 1.07% 11.21%
+ PFWD 04/16/2010 Oracle Corp. (ORCL) $685 million $17.00 $16.82 06/30/2010 1.07% 0.00%
+ ORCD 03/16/2010 eMusic (N/A) $12.77 million $2.05 $2.03 08/16/2010 0.99% 10.27%
+ VIRL 06/10/2010 Synopsys (SNPS) $315 million $12.00 $11.89 12/31/2010 0.93% 1.96%
+ RCNI 03/05/2010 ABRY Partners (N/A) $536 million $15.00 $14.87 09/30/2010 0.87% 3.99%
+ MDNU 06/11/2010 Danone (N/A) $62.3 million $4.00 $3.97 09/30/2010 0.76% 3.45%
+ ATSI 04/29/2010 Medtronic (MDT) $350 million $4.00 $3.97 09/30/2010 0.76% 3.45%
+ VTIV 05/06/2010 Thomas H. Lee Partners (N/A) $1.1 billion $26.00 $25.81 09/30/2010 0.74% 3.36%
+ BSMD 05/13/2010 Merit Medical Systems (MMSI) $96 million $4.38 $4.35 09/30/2010 0.69% 3.15%
+ WEL 04/09/2010 Halliburton Company (HAL) $240 million $3.00 $2.98 09/30/2010 0.67% 3.06%
+ ODSY 05/24/2010 Gentiva Health Services (GTIV) $1.0 billion $27.00 $26.82 09/30/2010 0.67% 3.06%
+ QUOT 06/11/2010 LQ Acquisition (N/A) $19 million $4.00 $3.98 09/30/2010 0.50% 2.29%
+ IDC 05/04/2010 Silver Lake & Warburg Pincus (N/A) $3.4 billion $33.86 $33.70 09/30/2010 0.47% 2.17%
+ SNWL 06/03/2010 investor group led by private equity firm Thoma Bravo LLC (N/A) $636 million $11.50 $11.45 12/31/2010 0.44% 0.93%
+ SY 05/12/2010 SAP (SAP) $5.8 billion $65.00 $64.77 09/30/2010 0.36% 1.62%
+ NADX 04/05/2010 GDC Holdings Inc. (N/A) $100 million $17.00 $16.94 09/30/2010 0.35% 1.62%
+ DBTK 05/17/2010 Vision Solutions (N/A) $242 million $10.55 $10.52 09/30/2010 0.29% 1.30%
+ SMTS 06/16/2010 Covidien (COV) $299 million $25.00 $24.94 07/31/2010 0.24% 4.62%
+ CYBS 04/21/2010 Visa Inc. (V) $2.0 billion $26.00 $25.94 09/30/2010 0.23% 1.06%
+ RBI 03/15/2010 affiliate of Oncap Management Partners L.P. (N/A) $13.55 $13.52 08/16/2010 0.22% 2.31%
+ GNA 06/02/2010 Gerdau (GGB) $1.7 billion $11.00 $10.98 08/31/2010 0.18% 1.33%
+ STST 06/30/2010 Boeing (BA) $775 million $34.50 $34.44 09/30/2010 0.17% 0.79%
+ SXE 05/07/2010 CGI Group (N/A) $904 million $37.50 $37.44 09/30/2010 0.16% 0.73%
+ CPII 05/10/2010 Comtech (CMTL) $472.3 million $15.63 $15.61 09/30/2010 0.11% 0.48%
+ AIPC 06/21/2010 Ralcorp Holdings (RAH) $1.2 billion $53.00 $52.95 09/30/2010 0.09% 0.43%
+ SBP 06/24/2010 ABLASA (N/A) N/A $12.69 $12.68 07/22/2010 0.08% 2.88%
+ MIL 03/01/2010 Merck (MRK) $6 billion $107.00 $106.93 09/30/2010 0.07% 0.30%
+ VRAD 05/17/2010 Providence Equity (N/A) $294 million $17.25 $17.24 09/30/2010 0.06% 0.26%
+ CRN 04/19/2010 GeoGroup (GEO) $685 million $27.89 $27.88 09/30/2010 0.02% 0.08%
+ TSFG 05/17/2010 TD Bank Financial Group (N/A) $61 million $0.28 $0.28 09/30/2010 0.00% 0.00%
+ CKR 03/01/2010 Apollo Management VII (N/A) $694 million $12.55 $12.55 07/07/2010 0.00% 0.00%
+ EVVV 06/01/2010 Covidien plc (COV) $2.6 billion $22.50 $22.50 07/31/2010 0.00% 0.00%
+ NGA 04/01/2010 AZZ Inc. (AZZ) $125.6 million $7.50 $7.51 08/31/2010 -0.13% -0.97%
+ VRX 06/21/2010 Biovail Corporation (BVF) $3.3 billion $51.21 $52.08 12/31/2010 -1.67% -3.53%
+ CAL 05/03/2010 United (UAUA) $1.2 billion $22.43 $22.92 12/31/2010 -2.15% -4.56%
+ ABII 06/30/2010 Celgene (CELG) $2.9 billion $71.39 $74.12 12/31/2010 -3.68% -7.81%
+ ARD 04/04/2010 SandRidge Energy Inc. (SD) $1.6 billion $32.40 $34.16 09/30/2010 -5.14% -23.44%
+ TLCR 06/07/2010 Grifols (N/A) $3.4 billion $19.00 $21.31 12/31/2010 -10.84% -23.00%
+ DTG 04/26/2010 Hertz (HTZ) $1.3 billion $39.32 $45.78 12/31/2010 -14.11% -29.95%
+ MCCC 06/01/2010 Chief Executive Rocco Commisso (N/A) $590 million $6.00 $7.01 N/A -14.41% 0.00%
+ CCE 02/25/2010 The Coca-Cola Company (KO) $12.3 billion N/A $27.68 10/01/2010 N/A N/A
Loading...
Loading...
Market News and Data brought to you by Benzinga APIs
Posted In: Aerospace & DefenseHealth CareHealth Care EquipmentIndustrials
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...