Merger Arbitrage Mondays – May 16, 2011
Merger activity decreased significantly last week with only two new deals announced and three closing.
You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.
Deal Statistics:
New Deals:
- The acquisition of CKX, Inc. (CKXE) by an affiliate of Apollo Global Management for $511 million or $5.50 per share in cash. CKX owns the American Idol brand as well as rights to the name, image and likeness of Elvis Presley and Muhammad Ali. The company showed up on my radar following insider purchases by a director last November and I held the stock for a brief period.
- Alkermes (ALKS) has agreed to merge with Elan Drug Technologies, the drug formulation and manufacturing business unit of Elan Corporation (ELN), in a $960 million cash plus stock deal that will lead to the creation of a new company called Alkermes plc incorporated in Ireland. Elan will receive $500 million in cash and 31.9 million shares of the new Alkermes plc common stock. Existing shareholders of Alkermes, Inc. will receive one ordinary share of Alkermes plc in exchange for each share of Alkermes, Inc. they own in a taxable transaction.
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