Last week was another active week on the mergers and acquisitions front with four new deals announced, two completed and one deal sweetened to the tune of $100 million. Private investor group SSI Investments bumped up its $1.1 billion or $10.80 per share bid for SkillSoft (SKIL) to $1.2 billion or $11.25 per share. Based on the closing price of $11.10 last Thursday, the spread on the deal is still 15 cents or 1.35%. Given that the deal could close by the end of May, that represents an 8.81% annualized return.
| | Symbol | Announced Date | Acquiring Company | Closing Value | Closing Price | Last Price | Closing Date | Profit | Annualized Profit |
| + | AYE | 2/11/2010 | FirstEnergy | $8.5 billion | 26.32 | 23.05 | 3/31/2011 | 14.19% | 14.55% |
Details of Allegheny Energy Inc.
Expected to close by March 31, 2011 for a closing value $8.5bn. It is
a stock based transaction @ 0.667 share of FE |
| + | SSE | 2/23/2010 | Naugatuck Valley Financial Corp | $19.5 million | 7.25 | 6.75 | 8/16/2010 | 7.41% | 20.64% |
Details of Southern Connecticut Bancorp Inc.:
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 |
| + | STBK | 3/18/2010 | Roma Financial Corp | $14.7 million | 2.52 | 2.36 | 8/16/2010 | 6.78% | 18.89% |
Details of Sterling Banks, Inc.:
Expected to close in the third quarter of 2010 for a closing value of
$14.7 million. The cash deal is @ $2.52 per share |
| + | PINN | 2/24/2010 | Investor Group lead by Scotia Waterous (USA) | $11 million | 0.34 | 0.3202 | 5/17/2010 | 6.18% | 53.74% |
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 |
| + | SWWC | 3/3/2010 | Institutional Investors | $275 million | 11 | 10.39 | 5/17/2010 | 5.87% | 51.02% |
Details of Southwest Water Co.:
Expected to close by the second quarter of 2010 for a closing value of
$275bn. It is a cash deal @ $11.00 per share |
| + | BNE | 2/24/2010 | RR Donnelley | $481 million | 11.5 | 11.09 | 9/30/2010 | 3.70% | 7.71% |
Details of Bowne & Co. Inc.:
Expected to close by the second half of 2010 for a closing value of $481mn.
It is a cash deal @ $11.50 per share |
| + | SII | 2/19/2010 | Schlumberger | $7.5 billion | 44.98 | 43.59 | 9/30/2010 | 3.19% | 6.65% |
Details of Smith International Inc.:
Expected to close by the second half of 2010. It is a stock-for-stock
merger @ 0.6966 shares of SLB / $42.96 per SII share |
| + | MAM | 3/12/2010 | Emera Inc. | $75.7 million | 45 | 43.75 | 12/31/2010 | 2.86% | 3.92% |
Details of Maine & Maritimes Corporation:
Expected to close by the end of 2010 for a closing value of $75.7 million.
The cash deal is @ $45 per share |
| + | IUSA | 3/8/2010 | CCMP | $460 million | 8 | 7.83 | 6/30/2010 | 2.17% | 9.32% |
Details of infoGROUP, Inc.:
Expected to close by this Summer for a value of $460 million @ $8.00 per
share |
| + | ORCD | 3/16/2010 | eMusic | $12.77 million | 2.05 | 2.01 | 8/16/2010 | 1.99% | 5.54% |
Details of The Orchard Enterprises Inc.:
Expected to close by the third quarter of 2010 for $12.7 million @ $2.05
per share. |
| + | RISK | 3/1/2010 | MSCI | $1.55 billion | 22.92 | 22.6 | 7/16/2010 | 1.42% | 5.12% |
Details of RiskMetrics Group, Inc.:
Expected to close by the third fiscal quarter of 2010 for a closing value
of $1.55bn. It is cash plus stocks deal @$16.35/share + 0.1802 MSCI shares |
| + | SKIL | 2/12/2010 | consortium of private equity funds | $1.2 billion | 11.25 | 11.1 | 5/31/2010 | 1.35% | 8.81% |
Details of SkillSoft plc :
The merger agreement has a “go-shop” period, ending on March 6, 2010.
It has a closing value of approximately $1.2bn. The closing price for
the cash deal has been revised from $10.80 per share to $11.25 per share
as on March 31, 2010. |
| + | MIL | 3/1/2010 | Merck | $6 billion | 107 | 105.94 | 9/30/2010 | 1.00% | 2.09% |
Details of Millipore Corp.:
Expected to close by the second half of 2010 for a closing value of $6bn.
It is a cash deal @ $107 per share |
| + | ADG | 1/19/2010 | Chemring Group Plc | $59 million | 7.25 | 7.18 | 4/19/2010 | 0.97% | |
Details of Allied Defense Group Inc.:
Expected to close by April 19, 2010 for a closing value of $59mn. The
closing price for the cash deal is $7.25 per share |
| + | RBI | 3/15/2010 | affiliate of Oncap Management Partners L.P. | | 13.55 | 13.43 | 8/16/10 | 0.89% | 2.49% |
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 |
| + | PRPX | 2/17/2010 | L.B. Foster Co. | $112 million | 11.71 | 11.62 | 6/30/2010 | 0.77% | 3.33% |
Details of Portec Rail Products Inc.:
Expected to close by the end of June 2010 for a closing value of $112mn.
The cash deal is @ $11.71 per share |
| + | PIII | 2/18/2010 | Lineage | $16.7 million | 5.86 | 5.8201 | 5/17/2010 | 0.69% | 5.96% |
Details of PECO II Inc.:
Expected to close by the second calendar quarter of 2010 for a closing
value of $16.7mn @ $5.86/share. The offer price represents a 51 percent
premium over the closing price of Peco II shares at the close of business
Wednesday. |
| + | TUTR | 3/26/2010 | Thoma Brava | $141 million | 5.6 | 5.57 | 7/31/2010 | 0.54% | 1.69% |
Details of Plato Learning, Inc. :
Expected to close by July 31, 2010 for a closing value of $141 million.
Thoma Bravo LLC will pay $5.60 in cash for each Plato share. |
| + | CXG | 3/22/2010 | Consol Energy Inc. | $363 million | 38.25 | 38.05 | 5/5/2010 | 0.53% | 6.40% |
Details of CNX Gas Corporation:
Expected to launch tender offer by May 05, 2010 for a closing value of
$363 million for 9.5 million shares of CNX Gas Corp. from stockholders
represented by T. Rowe Price Associates Inc. at a price of $38.25 per
share |
| + | CITP | 2/2/2010 | Manpower | $375.8 million | 17.65 | 17.59 | 4/2/2010 | 0.34% | -41.50% |
Details of COMSYS IT Partners, Inc. :
Expected to close by April 2, 2010, but could be extended, for a closing
value of $431mn. The closing price for the cash deal is $17.65 per share |
| + | TRA | 3/12/2010 | CF Industries Holdings, Inc. | $4.7 billion | 45.96 | 45.81 | 4/12/2010 | 0.33% | 17.07% |
Details of Terra Industries Inc.:
Expected to close in 30 days from the time of announcement on March 12,
2010 for a value of $4.7 billion. It is a cash and stock deal with $37.15
in cash and 0.0953 shares of CF Industries stock for each Terra share |
| + | NGA | 4/1/2010 | AZZ Inc. | $125.6 million | 7.5 | 7.49 | 8/31/2010 | 0.13% | 0.33% |
Details of North American Galvanizing & Coatings
Inc.:
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 |
| + | FACT | 3/9/2010 | Abbot | $450 million | 27 | 26.98 | 5/17/2010 | 0.07% | 0.64% |
Details of Facet Biotech Corporation:
Expected to close by the second quarter of 2010 for a value of $450 million.
The closing price for the cash deal is $27 |
| + | WEDC | 3/30/2010 | Microsemi Corporation | $100 million | 7 | 7 | 6/27/2010 | 0.00% | 0.00% |
Details of White Electronic Designs Corp.:
Expected to close in the fiscal third quarter ending June 27 for a closing
value of $100mn. Micorsemi is paying $7 per White Electronic’s share. |
| + | BELM | 3/29/2010 | Avnet | $252 million | 7 | 7 | 6/30/2010 | 0.00% | 0.00% |
Details of Bell Microproducts Inc.:
Expected to close in two to four months for a closing value of $252mn
and also assuming $342 million in debt for the company as part of the
transaction, bringing the total value of the deal up to $594 million.Avnet
is paying $7 a share for San Jose-based Bell Microproducts Inc. |
| + | CFL | 1/18/2010 | Tyco International | $2.9 billion | 42.5 | 42.65 | 6/26/2010 | -0.35% | -1.58% |
Details of Broadview Security:
Expected to close in the second half of Tyco’s fiscal year, which began
on September 26, 2009, for a closing value of $2.9bn. The closing price
for the cash deal is $42.50 per share |
| + | CKR | 3/1/2010 | Thomas H. Lee | $928 million | 11.05 | 11.11 | 5/17/2010 | -0.54% | -4.69% |
Details of CKE Restaurants Inc.:
Expected to close by the second quarter of 2010 for a closing value of
$928bn. It is a cash deal @ $11.05 per share |
| + | LGN | 1/22/2010 | Lone Star Funds | $270 million | 2.5 | 2.52 | 5/17/2010 | -0.79% | -6.90% |
Details of Lodgian Inc.:
Expected to close by the second quarter of 2010 for a closing value of
$270mn. The closing price for the cash deal is $2.50 per share |
| + | ZNT | 2/18/2010 | Fairfax Financial Holdings | $I.4 billion | 38 | 38.34 | 5/17/2010 | -0.89% | -7.71% |
Details of Zenith National Insurance Corp.:
Expected to close by the second quarter of 2010 for a closing value of
$1.4bn. It is a cash deal @ $38 per share |
| + | RCNI | 3/5/2010 | Abry | $1.2 billion | 15 | 15.15 | 9/30/2010 | -0.99% | -2.07% |
Details of RCN Corp.:
Expected to close by the Second half 2010 for a closing value of $1.2bn.
It is a cash deal @ $15.00 per share |
| + | TWLL | 3/22/2010 | Intersil Corp. | $400 million | 18.5 | 18.71 | 5/17/2010 | -1.12% | -9.75% |
Details of Techwell, Inc.:
Expected to close by the second quarter of 2010 for a closing value of
$400 million. Intersil is paying $18.50 per Techwell share. |
| + | CHRD | 3/15/2010 | Pegasystems | $161.5 million | 5 | 5.08 | 5/17/2010 | -1.57% | -13.69% |
Details of Chordiant Software, Inc. :
Expected to close by the second quarter of 2010 for a closing value of
$161.5 million. The cash deal is @ $5 per share |
| + | BWY | 3/29/2010 | Madison Dearborn Partners, LLC ("MDP") | $915 million | 20 | 20.34 | 8/16/2010 | -1.67% | -4.66% |
Details of BWAY Holding Company:
Expected to close in the second or third quarter of 2010 for a value of
$915 million.Under the agreement, BWAY shareholders will receive $20.00
cash for each share of BWAY common stock they own. |
| + | CCE | 2/25/2010 | The Coca-Cola Company | $12.3 billion | | 27.89 | 10/1/2010 | -100% | -207.39% |
Details of Coca-Cola Enterprises Inc.:
Expected to close by October 1, 2010 for a closing value of $1.23bn. The
deal includes $10 per share + a share in a new bottling company |
