The activity on the Merger Arbitrage front dropped a little last week with three new deals announced and two deals closing.
The new deals include the acquisition of AmeriCredit Corporation (ACF) by General Motors at $24.50 per share in cash, the acquisition of Cypress Bioscience (CYPB) by hedge fund Ramius at $4.00 per share in cash and the acquisition of ATC Technology (ATAC) by Genco at $25 per share in cash. We have not listed the acquisition of CYPB by Ramius in the table below because the deal is yet to be approved by the Cypress board.
The deals that closed include the acquisition of Arena Resources (ARD) by SandRidge Energy on July 19, 2010 and the acquisition of SonicWall (SNWL) by an investment group led by private equity investment firm Thoma Bravo LLC on July 23, 2010. The tender offers for Santander Bancorp (SBP) and American Italian Pasta Company (AIPC) are now complete and those deals are expected to close shortly.
Profit