Merger Arbitrage Mondays – June 20, 2011
Merger activity increased last week with seven new deals announced and six closing. This spike in deals announced follows a temporary lull in the week prior where no new deals were announced.
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:
- A merger of equals transaction between Transatlantic Holdings (TRH) and Allied World Assurance Company Holdings (AWH) in an all stock deal, where Transatlantic Holdings shareholders will receive 0.88 of Allied share for each Transatlantic share to form TransAllied Group Holdings AG.
- The acquisition of Timberland (TBL) by VF Corporation (VFC) for $2 billion or $43 per share in cash.
- The acquisition of Gerber Scientific (GRB) by Vector Capital for $281.8 million or $11 per share in cash. Shareholders will also receive a non-transferable right to receive contingent cash payments at future times, if recoveries are made pursuant to certain litigation claims in respect of U.S. Patent 5,537,135 (a computerized “print to cut” technology patent).
Updated Deals:
- On June 17, 2011, Graham Packaging Company (GRM) terminated its merger agreement with Silgan Holdings (SLGN) and agreed to be acquired by Reynolds Group Holdings for $4.5 billion or $25.50 per share in cash. The deal is expected to close in the second half of this year.
- On June 17, 2011, CSR agreed to reduced price of $484 million to buy Zoran Corporation (ZRAN). Under the Revised Terms, Zoran shareholders will receive US$6.26 in cash and 0.589 ordinary shares of CSR in the form of American Depositary Shares (each an “ADS”, and each ADS representing four ordinary shares) for each share of Zoran common stock held.
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