Mergers activity bounced back sharply last week with five new deals announced and three deals closing.
The founder of Playboy (PLA) Hugh Hefner made a bid to take the company private is a deal valued at $185 million and is now fighting a competing bid from Penthouse magazine, which has bid $210 million for the company. Since the board is still considering both offers, we have not included the deal in our merger arbitrage table below.
The new deals include the acquisition of Micrus Endovascular (MEND) by Johnson & Johnson (JNJ) for $23.40 per share in an all cash deal, the acquisition of Hewitt Associates (HEW) by Aon (AON) in a cash plus stock deal consisting of $25.61 in cash and 0.6362 in Aon stock, the acquisition of ADC Telecommunication (ADCT) by Tyco Electronics (TEL) for $12.75 per share in an all cash deal, the acquisition of NYMagic (NYM) by ProSight for $25.75 per share in an all cash deal and the acquisition of NBTY (NTY) by The Carlyle Group at $55 per share in an all cash deal.
The deals that closed include the acquisition of CKE Restaurants by an affiliate of Apollo Management, the acquisition of ev3 by Covidien on July 12, 2010 and the acquisition of Millipore by Merck on July 15, 2010.
If you are new to merger arbitrage, please feel free to check out our introduction to merger arbitrage here. You can also use our automated merger arbitrage tool that constantly updates the profits and annualized profits for all pending deals during market hours.