+ | AATI | 05/26/2011 | Skyworks Solutions, Inc. (SWKS) | Cash Plus Stock | $258.6 million | $5.45 | $4.45 | 180,666 | 12/31/2011 | 22.48% | 134.50% |
Details of Advanced Analogic Technologies, Inc. Expected to close in the fourth quarter of 2011 for a closing value of $258.6 million in an all stock deal. Upon completion of the merger, Advanced Analogic Technologies shareholders will receive $3.68 in cash and 0.08725 of Skyworks Solutions common stock for each Advanced Analogic Technologies share held. The stock component of the price has a nominal value of $2.45 for a total value of $6.13. The cash portion will be adjusted higher or reduced at closing based on the stock portion to maintain a total value of $6.13. So for all practical purposes this could be considered an all cash deal. |
+ | MHS | 07/21/2011 | Express Scripts, Inc. (ESRX) | Cash Plus Stock | $29.1 billion | $66.63 | $55.50 | 4,837,125 | 06/30/2012 | 20.05% | 30.11% |
Details of Medco Health Solutions Expected to close in the first half of 2012 for a closing value of $29.1 billion. Upon completion of the merger, Medco shareholders will receive $28.80 in cash and 0.81 shares for each Medco share they own. |
+ | CADC | 10/24/2011 | Novel Gain Holdings Limited (N/A) | All Cash | N/A | $2.65 | $2.26 | 118,288 | 03/31/2012 | 17.26% | 41.44% |
Details of China Advanced Construction Materials Group, Inc. Expected to close in the first quarter of 2012. Upon completion of the merger, China Advanced Construction Materials Group shareholders will receive $2.65 per share in cash. Essentially this is a going private transaction with CADC emerging as the surviving entity. |
+ | VTRO | 10/17/2011 | Inuvo, Inc. (INUV) | All Stock | N/A | $2.07 | $1.79 | 39,798 | 03/31/2012 | 15.73% | 37.78% |
Details of Vertro, Inc. Expected to close in the fourth quarter of 2011 or the first quarter of 2012. Upon completion of the merger, shareholders of Vertro will receive 1.546 shares of Inuvo common stock per each share of Vertro common stock. |
+ | ABVA | 07/27/2011 | Eagle Bancorp, Inc. (EGBN) | All Stock | $31.2 million | $6.16 | $5.50 | 9,253 | 12/31/2011 | 12.01% | 71.84% |
Details of Alliance Bankshares Corporation Expected to close in the fourth quarter of 2011 for a closing value of $31.2 million in an all stock deal. Upon completion of the merger, Alliance shareholders will receive 0.4317 shares (the “Conversion Ratio”) of Eagle common stock for each share of Alliance common stock subject to adjustment based upon certain factors set forth in the Agreement. I have analyzed some complex deals in the past but the lengthy list of factors that could affect the conversion ratio of this deal takes the cake. It is therefore not surprising that the spread on the deal is so large. You can find additional information about the adjustment to the “conversion ratio” in this 8-K form filed with the SEC. |
+ | TAM | 01/19/2011 | LAN Airlines S.A. (LFL) | All Stock | N/A | $23.32 | $20.86 | 494,595 | 12/31/2011 | 11.79% | 70.54% |
Details of TAM S.A. Completion of this transaction is expected to take between six to nine months. On the completion of merger TAM shareholders will receive 0.90 shares in LAN for each TAM share they hold. Shares of LAN Airlines SA of Chile and Brazilian carrier TAM SA fell sharply Monday, January 31, 2011, as investors reacted to the Chilean antitrust court’s move late Friday to suspend their proposed merger. Update March 18, 2011: Chile’s LAN Airlines (LFL) said a regulatory investigation into complaints about the merger could take between 6 to 9 months and the merger will most likely not complete before the fourth quarter. We have updated the closing date to 12/31/2011. |
+ | EP | 10/16/2011 | Kinder Morgan, Inc. (KMI) | Cash Plus Stock | $21 billion | $27.79 | $25.44 | 12,271,799 | 03/31/2012 | 9.25% | 22.22% |
Details of El Paso Corp. Expected to close in early 2012 for a closing value of $21 billion in a cash plus stock deal. Upon completion of the merger, shareholders of El Paso Corporation will receive $26.87 per share, which consists of $14.65 in cash, 0.4187 Kinder Morgan shares — valued at $11.26 per EP share — and 0.640 Kinder Morgan warrants — valued at $0.96 per EP share — based on Kinder Morgan’s closing price on Friday, October 14, 2012. |
+ | HRBN | 06/20/2011 | Tech Full Electric Company Limited (N/A) | All Cash | N/A | $24.00 | $22.55 | 760,011 | 12/31/2011 | 6.43% | 38.48% |
Details of Harbin Electric Expected to close in the fourth quarter of 2011. Upon completion of the merger, Harbin Electric shareholders will receive $24.00 per share in cash.
|
+ | LOOP | 04/27/2011 | CoStar Group (CSGP) | Cash Plus Stock | $860 million | $18.81 | $17.80 | 223,279 | 12/31/2011 | 5.68% | 33.98% |
Details of LoopNet Expected to close by the end of the year in a cash plus stock deal. Upon completion of the merger, LoopNet shareholders will receive $16.50 in cash and 0.03702 shares of CoStar Group common stock per share held. |
+ | CEG | 04/28/2011 | Exelon Corporation (EXC) | All Stock | $7.9 billion | $41.45 | $39.80 | 5,344,204 | 01/31/2012 | 4.15% | 16.45% |
Details of Constellation Energy Group Expected to close in early 2012 for a closing value of $7.9 billion in an all-stock deal. Upon completion of the merger, Constellation shareholders will receive 0.93 shares of Exelon for each Constellation share. |
+ | GR | 09/21/2011 | United Technologies Corp. (UTX) | All Cash | $18.4 billion | $127.50 | $122.73 | 1,886,640 | 06/30/2012 | 3.89% | 5.84% |
Details of Goodrich Corp. Expected to close in mid-2012 for a closing value of $18.4 billion. Upon completion of the merger, shareholders of Goodrich Corporation will receive $127.50 per share in cash. |
+ | ORCH | 04/06/2011 | Laboratory Corporation of America Holdings (LH) | All Cash | $85.4 million | $2.80 | $2.70 | 215,977 | 10/31/2011 | 3.70% | 0.00% |
Details of Orchid Cellmark Expected to close early in the fourth quarter of 2011 for a closing value of $85.4 million. Upon completion of the merger, Orchid Cellmark shareholders will receive $2.80 per share in cash. |
+ | CTBC | 10/26/2011 | Berkshire Hills Bancorp, Inc. (BHLB) | All Stock | $30 million | $7.78 | $7.50 | 102,375 | 04/30/2012 | 3.68% | 7.39% |
Details of The Connecticut Bank and Trust Expected to close early in the second quarter of 2012 for a closing value of $30 million in an all stock deal. Upon completion of the merger, The Connecticut Bank and Trust Company shareholders will receive either $8.25 per share in cash, or 0.3810 shares of Berkshire Hills Bancorp per share held. Under the terms of the merger agreement, 70% of the outstanding CBT shares will be exchanged for Berkshire shares at a fixed exchange ratio of 0.3810 Berkshire shares for each share of CBT. The remaining 30% of CBT shares will be exchanged for cash in the amount of $8.25 per share. |
+ | HNB | 06/02/2011 | BankUnited Inc. (BKU) | Cash Plus Stock | $71.4 million | $3.54 | $3.42 | N/A | 12/31/2011 | 3.45% | 20.63% |
Details of Herald National Bank Expected to close in the fourth quarter of 2011 for a closing value of $71.4 million. Upon completion of the merger, Herald National Bank shareholders will receive either cash or BankUnited common stock with a value of $1.35 in cash and 0.099 shares of BankUnited common stock, subject to proration. |
+ | MMI | 08/15/2011 | Google (GOOG) | All Cash | $12.5 billion | $40.00 | $38.96 | 2,897,862 | 01/31/2012 | 2.67% | 10.59% |
Details of Motorola Mobility Holdings, Inc. Expected to close by the end of 2011 or early 2012 for a closing value of $12.5 billion. Upon completion of the merger, shareholders of Motorola Mobility Holdings will receive $40.00 per share in cash. |
+ | BFSB | 08/17/2011 | Investors Bancorp, Inc. (ISBC) | All Cash | $10.3 million | $0.80 | $0.78 | N/A | 12/31/2011 | 2.56% | 15.34% |
Details of Brooklyn Federal Bancorp Expected to close in the fourth quarter of 2011 for a closing value of $10.3 million. Upon completion of the merger, Brooklyn Federal Bancorp’s shareholders will receive $0.80 per share in cash. |
+ | CPX | 10/10/2011 | Superior Energy Services (SPN) | Cash Plus Stock | $2.7 billion | $35.18 | $34.43 | 1,584,167 | 12/31/2011 | 2.18% | 13.03% |
Details of Complete Production Services Expected to close by the end of 2011 for a closing value of $2.7 billion in a cash plus stock deal, where Complete stockholders will receive 0.945 common shares of Superior and cash of $7.00 in exchange for each share of Complete common stock held at closing. |
+ | PVSA | 06/15/2011 | F.N.B. Corporation (FNB) | All Stock | $130 million | $22.43 | $22.00 | 27,587 | 12/31/2011 | 1.97% | 11.79% |
Details of Parkvale Financial Corporation Expected to close in the fourth quarter of 2011 for a closing value of $130 million in an all stock deal. Upon completion of the merger, Parkvale Financial Corporation’s shareholders will receive 2.178 shares of F.N.B. Corporation common stock for each share of Parkvale Financial Corporation stock. |
+ | PGN | 01/10/2011 | Duke Energy Corporation (DUK) | All Stock | $13.7 billion | $53.45 | $52.43 | 1,234,264 | 12/31/2011 | 1.95% | 11.66% |
Details of Progress Energy Inc. Progress Energy’s shareholders will receive 2.6125 shares of common stock of Duke Energy in exchange for each share of Progress Energy common stock. Based on Duke Energy’s closing share price on Jan. 7, 2011, Progress Energy shareholders would receive a value of $46.48 per share, or $13.7 billion in total equity value. |
+ | CFSG | 05/20/2011 | Bain Capital Partners (N/A) | All Cash | $265.5 million | $9.00 | $8.86 | 44,417 | 11/15/2011 | 1.58% | 38.45% |
Details of China Fire & Security Group, Inc. Expected to close by November 15, 2011 for a closing value of $265.5 million. Upon completion of the merger, China Fire and Security Group shareholders will receive $9.00 per share in cash. |
+ | PAET | 08/01/2011 | Windstream Corp. (WIN) | All Stock | $2.3 billion | $5.64 | $5.56 | 751,601 | 01/31/2012 | 1.51% | 6.01% |
Details of PAETEC Holding Corp. Expected to close in the next six months for a closing value of $2.3 billion in an all stock deal. Upon completion of the merger, PAETEC shareholders will receive 0.460 shares of Windstream common stock for each PAETEC share owned. |
+ | HS | 10/24/2011 | Cigna (CI) | All Cash | $3.8 billion | $55.00 | $54.18 | 1,520,855 | 06/30/2012 | 1.51% | 2.27% |
Details of HealthSpring Inc. Expected to close in the first half of 2012 for a closing value of $3.8 billion. Upon completion of the merger, shareholders of Healthspring will receive $55.00 per share in cash. |
+ | NETL | 09/12/2011 | Broadcom (BRCM) | All Cash | $3.7 billion | $50.00 | $49.28 | 744,081 | 06/30/2012 | 1.46% | 2.19% |
Details of NetLogic Microsystems Inc. Expected to close in the first half of 2012 for a closing value of $3.7 billion. Upon completion of the merger, shareholders of NetLogic Microsystems will receive $50.00 per share in cash. |
+ | FNDT | 06/27/2011 | GTCR (N/A) | All Cash | $352.7 | $23.33 | $23.00 | 36,446 | 12/31/2011 | 1.43% | 8.59% |
Details of Fundtech Ltd. The original deal with S1 was expected to close in the fourth quarter of 2011 in an all stock deal, where Fundtech shareholders will receive 2.72 shares of S1 common stock for each Fundtech ordinary share they own. Update August 2, 2011: SONE received a $540 million buyout offer from ACI Worldwide (ACIW), which was rejected by the SONE board in favor of the Fundtech deal. Update September 16, 2011: Fundtech decided to go with an all cash deal from private equity firm GTCR valued at $352.7 million or $23.33 per share and decided to terminate its agreement with S1. |
+ | OCNF | 07/26/2011 | Ocean Rig (DryShips) (ORIG) | Cash Plus Stock | $118 million | $19.27 | $19.00 | 71,509 | 12/31/2011 | 1.40% | 8.39% |
Details of OceanFreight, Inc. Expected to close in the fourth quarter of 2011 for a closing value of $118 million in a cash plus stock deal. Upon completion of the merger, Ocean Freight’s shareholders will receive $11.25 in cash and 0.52326 of a share of common stock of Ocean Rig UDW Inc., a global provider of offshore ultra deepwater drilling services that is 78% owned by DryShips. Ocean Rig shares will be listed on the Nasdaq Global Select Market upon the closing of the merger. Update October 6, 2011: Ocean Rig was spun off from Dryships and started trading on the Nasdaq on October 6, 2011. |
+ | PNNW | 11/12/2010 | City of Nashua (N/A) | All Cash | $138 million | $29.00 | $28.60 | 9,139 | 12/31/2011 | 1.40% | 8.37% |
Details of Pennichuk Corporation Expected to close in the fourth quarter of 2011 for a closing value of $138 million. On the completion of the merger, Pennichuck shareholders will receive $29.00 per share in cash. |
+ | STBC | 04/28/2011 | Valley National Bancorp (VLY) | All Stock | $222 million | $12.31 | $12.15 | 99,320 | 10/31/2011 | 1.32% | 0.00% |
Details of State Bancorp Inc. Expected to close early in the fourth quarter of 2011 for a closing value of $222 million in an all-stock deal. Upon completion of the merger, State Bancorp shareholders will receive 1 share of Valley National Bancorp common stock per State Bancorp share held. |
+ | ENP | 07/11/2011 | Vanguard Natural Resources (VNR) | All Stock | $545 million | $21.99 | $21.74 | 110,115 | 12/31/2011 | 1.15% | 6.88% |
Details of Encore Energy Partners Expected to close by the end of the year for a closing value of $545 million in an all stock deal, where Encore’s public unitholders would receive 0.75 Vanguard common units in exchange for each Encore common unit they own. |
+ | HGIC | 09/29/2011 | Nationwide Mutual Insurance Co (N/A) | All Cash | $760 million | $60.00 | $59.36 | 82,359 | 01/31/2012 | 1.08% | 4.28% |
Details of Harleysville Group Inc. Expected to close in early 2012 for a closing value of $760 million. Upon completion of the merger, shareholders of Harleysville Group will receive $60.00 per share in cash. |
+ | CONM | 07/12/2011 | Ayelet Investments (N/A) | All Cash | $57.2 million | $3.85 | $3.81 | 20,900 | 12/31/2011 | 1.05% | 6.28% |
Details of Conmed Healthcare Management Expected to close in the fourth quarter of 2011 for a closing value of $57.2 million. Upon completion of the merger, Conmed Healthcare Management’s shareholders will receive $3.85 per share in cash. |
+ | MFW | 09/12/2011 | MacAndrews and Forbes (N/A) | All Cash | N/A | $25.00 | $24.77 | 241,014 | 12/31/2011 | 0.93% | 5.56% |
Details of M&F Worldwide Corp. Expected to close in the fourth quarter of 2011. Upon completion of the merger, shareholders of M&F Worldwide will receive $25.00 per share in cash. |
+ | NDN | 10/11/2011 | affiliates of Ares Management LLC and Canada Pension Plan Investment Board (N/A) | All Cash | $1.6 billion | $22.00 | $21.80 | 2,308,033 | 03/31/2012 | 0.92% | 2.20% |
Details of 99 Expected to close in the first quarter of 2011 for a closing value of $1.6 billion. Upon completion of the merger, shareholders of 99 will receive $22.00 per share in cash. |
+ | CLFC | 12/09/2010 | Nara Bancorp Inc. (NARA) | All Stock | $285.7 million | $6.69 | $6.63 | 141,564 | 11/30/2011 | 0.88% | 10.65% |
Details of Center Financial Corporation Expected to close in the third quarter of 2011 for a closing value of $285.7 million. On the completion of the merger, Center Financial shareholders will receive 0.7804 of a share of Nara Bancorp common stock in exchange for each share of Center Financial common stock held. |
+ | ANDS | 10/17/2011 | Roche (N/A) | All Cash | $230 million | $3.70 | $3.67 | 525,771 | 12/31/2011 | 0.82% | 4.89% |
Details of Anadys Pharmaceuticals Inc. Expected to close in the fourth quarter of 2011 for a closing value of $230 million. Upon completion of the merger, shareholders of Anadys Pharmaceuticals will receive $3,70 per share in cash. |
+ | PPDI | 10/03/2011 | affiliates of The Carlyle Group and Hellman & Friedman (N/A) | All Cash | $3.9 billion | $33.25 | $32.99 | 3,370,949 | 12/31/2011 | 0.79% | 4.72% |
Details of Pharmaceutical Product Development Inc. Expected to close in the fourth quarter of 2011 for a closing value of $3.9 billion. Upon completion of the merger, shareholders of Pharmaceutical Product Development will rewceive $33.25 per share in cash. |
+ | SONE | 10/03/2011 | ACI Worldwide (ACIW) | Cash Plus Stock | $516 million | $9.97 | $9.90 | 1,290,495 | 12/31/2011 | 0.66% | 3.94% |
Details of S1 Corporation Expected to close in the fourth quarter of 2011 for a closing value of $516 million. Upon completion of the merger, S1 shareholders will receive $6.62 in cash and 0.1064 shares of ACI Worldwide common stock per S1 share held, subject to proration such that in the aggregate 33.8% of S1 shares are exchanged for ACI Worldwide shares and 66.2% are exchanged for cash. |
+ | ACMR | 10/04/2011 | affiliate of Sbar’s Inc (N/A) | All Cash | $40.8 million | $1.60 | $1.59 | 87,236 | 12/31/2011 | 0.63% | 3.76% |
Details of AC Moore Arts & Crafts Inc. Expected to close in the fourth quarter of 2011 for a closing value of 440.8 million. Upon completion of the merger, shareholders of AC Moore Arts & Crafts Inc. will receive $1.60 per share in cash. |
+ | TIN | 09/06/2011 | International Paper (IP) | All Cash | $4.3 billion | $32.00 | $31.80 | 777,142 | 03/31/2012 | 0.63% | 1.51% |
Details of Temple-Inland Expected to close in the first quarter of 2012 for a closing value of $4.3 billion. Upon completion of the merger, shareholders of Temple-Inland will receive $32.00 per share in cash. |
+ | GLBL | 09/12/2011 | Technip (N/A) | All Cash | $1.1 billion | $8.00 | $7.95 | 1,610,016 | 01/31/2012 | 0.63% | 2.50% |
Details of Global Industries Ltd. Expected to close in early 2012 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Global Industries will receive $8.00 per share in cash. |
+ | NLC | 07/20/2011 | Ecolab Inc. (ECL) | All Stock | $5.4 billion | $38.53 | $38.32 | 854,121 | 12/31/2011 | 0.54% | 3.24% |
Details of Nalco Holdings Co. Expected to close in the fouth quarter of 2011 for a closing value of $5.4 billion. Upon completion of the merger, Nalco’s shareholders may elect to receive either 0.7005 share of Ecolab common stock per share of Nalco common stock or $38.80 in cash, without interest, per share of Nalco common stock. The overall mix of consideration paid to Nalco shareholders will be approximately 30% cash and 70% stock. |
+ | VSEA | 05/04/2011 | Applied Materials Inc. (AMAT) | All Cash | $4.9 billion | $63.00 | $62.80 | 515,961 | 11/15/2011 | 0.32% | 7.75% |
Details of Varian Semiconductor Equipment Associates Inc. Expected to close in the third quarter of 2011 for a closing value of $4.9 billion. Upon completion of the merger, Varian shareholders will receive $63 in cash for each share of Varian stock they hold. The closing of the acquisition is subject to customary conditions, including approval by Varian’s shareholders and review by U.S. and international regulators. |
+ | CALP | 09/08/2011 | PerkinElmer Inc. (PKI) | All Cash | $600 million | $10.50 | $10.47 | 606,872 | 12/31/2011 | 0.29% | 1.71% |
Details of Caliper Life Sciences, Inc. Upon completion of the merger, shareholders of Caliper Life Sciences will receive $10.50 per share in cash. |
+ | KCI | 07/13/2011 | Consortium of Funds (N/A) | All Cash | $6.3 billion | $68.50 | $68.38 | 1,662,290 | 12/31/2011 | 0.18% | 1.05% |
Details of Kinetic Concepts, Inc. Expected to close in the second half of 2011 in an all cash deal. Upon completion of the merger, Kinetic Concepts shareholders will receive $68.50 per share. |
+ | EM | 08/04/2011 | Blackstone (N/A) | All Cash | $3 billion | $19.00 | $18.97 | 1,239,609 | 12/31/2011 | 0.16% | 0.95% |
Details of Emdeon Inc. Expected to close in the second half of 2011 for a closing value of $3 billion. Upon completion of the merger, Emdeon’s shareholders will receive $19.00 per share in cash. |
+ | BEXP | 10/17/2011 | Statoil ASA (STO) | All Cash | $4.4 billion | $36.50 | $36.49 | 5,885,046 | 03/31/2012 | 0.03% | 0.07% |
Details of Brigham Exploration Co. Expected to close late in 2011 or early in 2012 for a closing value of $4.4 billion. Upon completion of the merger, shareholders of Brigham Exploration Company will receive $36.50 per share in cash. |
+ | GAS | 12/07/2010 | AGL Resources Inc. (AGL) | Cash Plus Stock | $2.4 billion | $57.24 | $57.23 | 251,431 | 11/15/2011 | 0.02% | 0.54% |
Details of Nicor Inc. Expected to close in the fourth quarter of 2011 for a closing value of $2.4 billion. On the completion of the merger, Nicor shareholders will receive $21.20 in cash and 0.8382 of an AGL Resources share for each Nicor share held. |
+ | GLA | 09/01/2011 | The Gores Group (N/A) | All Cash | N/A | $0.46 | $0.46 | 600 | 12/31/2011 | 0.00% | 0.00% |
Details of Clark Holdings Expected to close by the end of the year. Upon completion of the merger, shareholders of Clark Holdings will receive $0.46 per share in cash. |
+ | BBND | 10/11/2011 | Arris Group Inc. (ARRS) | All Cash | $172 million | $2.24 | $2.24 | 350,373 | 12/31/2011 | 0.00% | 0.00% |
Details of BigBand Networks, Inc. Expected to close in late 2011 for a closing value of approximately $172 million. Upon completion of the merger, shareholders of BigBand networks will receive $2.24 per share in cash.q |
+ | SWTX | 10/07/2011 | Solutia Inc. (SOA) | All Cash | $113 million | $13.60 | $13.61 | 52,501 | 12/31/2011 | -0.07% | -0.44% |
Details of Southwall Technologies Inc. Expected to close in the fourth quarter of 2011 for a closing value of $113 million. Upon completion of the merger, shareholders of Southwall Technologies will receive $13.60 per share in cash. |
+ | PMIC | 09/08/2011 | Ace (ACE) | All Cash | N/A | $20.30 | $20.32 | 3,991 | 03/31/2012 | -0.10% | -0.24% |
Details of Penn Millers Holding Corporation Expected to close in the first quarter of 2012. Upon completion of the merger, Penn Millers Holding Corporation will receive $20.30 per share in cash. |
+ | NST | 10/18/2010 | Northeast Utilities (NU) | All Stock | $4.17 billion | $45.37 | $45.42 | 319,039 | 10/31/2011 | -0.11% | 0.00% |
Details of NSTAR Expected to close in the fourth quarter of 2011 for a closing value of $4.17 billion. On the completion of the merger, NSTAR shareholders will receive 1.312 Northeast Utilities common shares for each NSTAR held. |
+ | RNOW | 10/24/2011 | Oracle (ORCL) | All Cash | $1.5 billion | $43.00 | $43.10 | 1,321,707 | 03/31/2012 | -0.23% | -0.56% |
Details of Rightnow Technologies Inc. Expected to close by late 2011 or early 2012 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of RightNow will receive $43.00 per share in cash. |
+ | AMAC | 09/22/2011 | Tunstall Healthcare Group Limited (N/A) | All Cash | $82.3 million | $8.55 | $8.57 | 77,302 | 12/31/2011 | -0.23% | -1.40% |
Details of American Medical Alert Corp. Expected to close in the fourth quarter of 2011 for a closing value of $82.3 million or $8.55 per share in cash. |
+ | CV | 07/12/2011 | Gaz metro Limited Partnership (N/A) | All Cash | $702 million | $35.25 | $35.40 | 46,053 | 12/31/2011 | -0.42% | -2.54% |
Details of Central Vermont Public Service Corp. On July 12, 2011, Central Vermont Public Services terminated its agreement with Fortis after deeming “superior” the offer from Gaz Métro. Expected to close in six to twelve months for a closing value of $702 million. Upon completion of the merger, Central Vermont Public Services shareholders will receive $35.25 per share in cash. |
+ | TOBC | 06/20/2011 | Susquehanna Bancshares (SUSQ) | All Stock | $343 million | $25.88 | $26.15 | 31,058 | 03/31/2012 | -1.02% | -2.45% |
Details of Tower Bancorp Expected to close in the first quarter of 2012 for a closing value of $343 million in a cash or stock transaction, where Tower Bancorp shareholders will receive either 3.4696 shares of Susquehanna Bancshares common stock or $28.00 in cash per share held with $88 million of the aggregate consideration being paid in cash. Since a majority of the consideration will be paid out as stock, we have classified this deal as an all stock deal in our Merger Arbitrage Tool. |
+ | DPL | 04/19/2011 | AES Corporation (AES) | All Cash | $4.7 billion | $30.00 | $30.36 | 522,810 | 01/31/2012 | -1.19% | -4.70% |
Details of DPL Inc. Expected to close in six to nine months for a closing value of $4.7 billion. Upon completion of the merger, DPL Inc. shareholders will receive $30.00 per share in cash. |
+ | ADLR | 10/24/2011 | Cubist Pharmaceuticals (CBST) | All Cash | $190 million | $4.25 | $4.49 | 326,461 | 12/31/2011 | -5.35% | -31.98% |
Details of Adolor Corp. Expected to close in the fourth quarter of 2011 for a closing value of $190 million. Upon completion of the merger, shareholders of Adolor will receive $4.25 per share in cash. In addition to the upfront cash payment, each Adolor stockholder will receive one Contingent Payment Right (CPR), entitling the holder to receive additional cash payments of up to $4.50 for each share they own if certain regulatory approvals and/or commercialization milestones for ADL5945 are achieved. |
+ | SUG | 06/16/2011 | Energy Transfer Equity (ETE) | All Stock | $9.4 billion | $38.58 | $42.33 | 537,376 | 03/31/2012 | -8.86% | -21.27% |
Details of Southern Union Company Expected to close in the first quarter of 2012 for a closing value of $7.9 billion. Upon completion of the merger, Southern Union Company’s shareholders will receive $33.00 per share in series B units of ELMG. These series B units are expected to list on the NYSE and will have an annualized distribution yield of 8.25%. ETE has the option to redeem the Series B Units at any time after the closing of the transaction. Update(s) June 24, 2011: Southern Union Company (NYSE:SUG) received a proposal by The Williams Companies, Inc. (NYSE: WMB) to acquire all of the outstanding shares of Southern Union for $39.00 per share in cash. July 05, 2011: Energy Transfer Equity, L.P. (NYSE:ETE) and Southern Union Company (NYSE:SUG) today announced that they have entered into an amended and restated merger agreement under which ETE will acquire SUG for $8.9 billion, including $5.1 billion in cash and ETE common units. Under the terms of the revised agreement, which has been unanimously approved by the boards of directors of both companies, SUG shareholders can elect to exchange their common shares for $40.00 of cash or 0.903 ETE common units. The maximum cash component is 60% of the aggregate consideration and the common unit component can fluctuate between 40% and 50%. Elections in excess of either the cash or common unit limits will be subject to proration. July 14, 2011: Southern Union Company (SUG) confirmed receipt of a revised proposal by The Williams Companies, Inc. (WMB) to acquire all of the outstanding shares of Southern Union for $44.00 per share in cash. July 19, 2011: Energy Transfer Equity (ETE) upped its bid for Southern Union to $44.25 a share for an enterprise value of $9.4 billion including debt. Shareholders can elect to receive either $44.25 per share cash or one unit of ETE, with 60% of the new bid payable in cash. To keep things conservative, we are treating this deal as an all stock deal. |
+ | BARI | 04/20/2011 | Brookline Bancorp (BRKL) | Cash Plus Stock | $234 million | $39.74 | $44.09 | 5,755 | 12/31/2011 | -9.87% | -59.07% |
Details of Bancorp Rhode Island, Inc. Expected to close by the end of the year for a closing value of $234 million. Upon completion of the merger, Bancorp Rhode Island shareholders will receive either $48.25 in cash, or 4.686 shares of Brookline Bancorp common stock or a combination thereof, with total cash consideration of approximately $121 million and total stock consideration of approximately 11.0 million shares of Brookline Bancorp common stock. Elections will be subject to allocation procedures that are intended to ensure that approximately 50% of the outstanding shares of Bancorp Rhode Island common stock will be converted into Brookline Bancorp common stock. To stay on the conservative side we are treating this transaction as an all stock deal in our Merger Arbitrage tool. |
+ | NYX | 02/15/2011 | Deutsche Boerse (N/A) | All Stock | N/A | $13.93 | $28.00 | 3,119,537 | 12/31/2011 | -50.26% | -300.76% |
Details of NYSE Euronext Expected to close by the end of the year in an all stock deal. On the completion of the merger NYSE Euronext shareholders will receive 0.4700 of a share of Deutsche Boerse common stock per share held. Update April 1, 2011: The Nasdaq (NDAQ) and ICE have made a joint offer for NYSE Euronext (NYX) that is worth $43 as of April 1, 2011. |