Merger Arbitrage Mondays – September 27, 2010

Merger activity continued to increase last week with eight new deals announced and one deal closing.

Deal Statistics:

New Deals:

1. The acquisition of L-1 Identity Solutions (ID) by French aerospace and defense systems company Safran for $1.1 billion at $12 per share in cash
2. The acquisition of Netezza Corp (NZ) by International Business Machines Corp (IBM) for $1.7 billion at $27 per share in cash
3. The acquisition of Nu Horizons Electronics Corp (NUHC) by Arrow Electronics (ARW) for $130 million at $7 per share in cash

Modified Deals:

1. BlueLinx Holdings (BXC) rose 15% to $3.92 a share in pre-market trades on Thursday after receiving an increased buyout offer of $4 a share from affiliates of Cerberus Capital Management L.P., up from an earlier offer of $3.40 a share.
2. Avis Budget Group (CAR) increased its offer to acquire Dollar Thrifty (DTG) to about $1.52 billion, topping a sweetened offer from Hertz (HTZ) earlier this month.

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