Merger Arbitrage Mondays – April 23, 2012
Merger activity increased last week with five new deals announced and two 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 Dreams (DRJ) by Fanatics for $183 million or $3.45 per share in cash. I recollect reading a compelling article about Dreams last December when the stock was trading around $2.63 that mentioned Dr. Phillip Frost as a board member and a large shareholder. Those of you who also follow our Insider Weekends series of posts will recollect that numerous insider purchases of Opko Health (OPK) and Ladenburg Thalmann (LTS) by Dr. Frost.
- The acquisition of The Edelman Financial Group (EF) by Lee Equity Partners for $258 million or $8.85 per share in cash.
- The acquisition of SRS Labs (SRSL) by DTS Inc. (DTSI) for $148 million in a cash plus stock deal. Under the terms of the agreement, SRS Labs shareholders may elect to receive either $9.50 per share in cash or a fixed ratio of 0.31127 shares of DTS common stock for every share of SRS Labs common stock they own. In order to take a more conservative approach, we have internally classified the deal as an all stock transaction for now.
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