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Merger Arbitrage Mondays – July 05, 2010

  • July 5, 2010

The activity on the Merger and Acquisition front increased again last week with three new deals being announced and four deals closing.

The new deals announced include the acquisition of Wainwright Bank & Trust Company (WAIN) by Eastern Bank for $19 per share in cash, the acquisition of Abraxis (ABII) by Celgene (CELG) in a cash plus stock deal where shareholders of Abraxis will receive $58 and 0.2617 shares of Celgene for each Abraxis share they own, and the acquisition of Argon ST (STST) by Boeing (BA) for $34.50 per share in cash.

The deals that closed include the acquisition of Symyx Technolgies (SMMX) by Accelrys (ACCL) on June 30, 2010, the acquisition of Thomas Weisel Partners Group (TWPG) by Stifel Financial (SF) on June 30, 2010, the acquisition of Infogroup (IUSA) by affiliates of CCMP Capital Advisors on July 01, 2010 and the acquisition of HealthTronics (HTRN) by Endo Pharmaceuticals (ENDP) on July 02, 2010.

While the injunction on the Portec Rail Products (PRPX) acquisition by L. B. Foster (FSTR) was lifted, the DOJ investigation is ongoing and hence we have updated the closing date for that deal to 8/31/2010.

Voluntary Disclosure: I own long positions in Coca-Cola Enterprises (CCE) and Portec Rail Products (PRPX) in my personal portfolio.

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