Last week was another active week on the mergers and acquisitions front with four new deals announced, two completed and one deal sweetened to the tune of $100 million. Private investor group SSI Investments bumped up its $1.1 billion or $10.80 per share bid for SkillSoft (SKIL) to $1.2 billion or $11.25 per share. Based on the closing price of $11.10 last Thursday, the spread on the deal is still 15 cents or 1.35%. Given that the deal could close by the end of May, that represents an 8.81% annualized return.
| |
Symbol |
Announced Date |
Acquiring Company |
Closing Value |
Closing Price |
Last Price |
Closing Date |
Profit |
Annualized Profit |
| + |
AYE |
2/11/2010 |
FirstEnergy |
$8.5 billion |
26.32 |
23.05 |
3/31/2011 |
14.19% |
14.55% |
|
Details of Allegheny Energy Inc.
Expected to close by March 31, 2011 for a closing value $8.5bn. It is
a stock based transaction @ 0.667 share of FE
|
| + |
SSE |
2/23/2010 |
Naugatuck Valley Financial Corp |
$19.5 million |
7.25 |
6.75 |
8/16/2010 |
7.41% |
20.64% |
|
Details of Southern Connecticut Bancorp Inc.:
Expected to close by the third calendar quarter of 2010, for a closing
value of $19.5mn @ $7.25/share. The Cash/stock election is subject to
proration
|
| + |
STBK |
3/18/2010 |
Roma Financial Corp |
$14.7 million |
2.52 |
2.36 |
8/16/2010 |
6.78% |
18.89% |
|
Details of Sterling Banks, Inc.:
Expected to close in the third quarter of 2010 for a closing value of
$14.7 million. The cash deal is @ $2.52 per share
|
| + |
PINN |
2/24/2010 |
Investor Group lead by Scotia Waterous (USA) |
$11 million |
0.34 |
0.3202 |
5/17/2010 |
6.18% |
53.74% |
|
Details of Pinnacle Gas Resources, Inc.:
Expected to close by the second quarter of 2010 for a closing value of
$11mn. It is a cash deal @ $0.34 per share
|
| + |
SWWC |
3/3/2010 |
Institutional Investors |
$275 million |
11 |
10.39 |
5/17/2010 |
5.87% |
51.02% |
|
Details of Southwest Water Co.:
Expected to close by the second quarter of 2010 for a closing value of
$275bn. It is a cash deal @ $11.00 per share
|
| + |
BNE |
2/24/2010 |
RR Donnelley |
$481 million |
11.5 |
11.09 |
9/30/2010 |
3.70% |
7.71% |
|
Details of Bowne & Co. Inc.:
Expected to close by the second half of 2010 for a closing value of $481mn.
It is a cash deal @ $11.50 per share
|
| + |
SII |
2/19/2010 |
Schlumberger |
$7.5 billion |
44.98 |
43.59 |
9/30/2010 |
3.19% |
6.65% |
|
Details of Smith International Inc.:
Expected to close by the second half of 2010. It is a stock-for-stock
merger @ 0.6966 shares of SLB / $42.96 per SII share
|
| + |
MAM |
3/12/2010 |
Emera Inc. |
$75.7 million |
45 |
43.75 |
12/31/2010 |
2.86% |
3.92% |
|
Details of Maine & Maritimes Corporation:
Expected to close by the end of 2010 for a closing value of $75.7 million.
The cash deal is @ $45 per share
|
| + |
IUSA |
3/8/2010 |
CCMP |
$460 million |
8 |
7.83 |
6/30/2010 |
2.17% |
9.32% |
|
Details of infoGROUP, Inc.:
Expected to close by this Summer for a value of $460 million @ $8.00 per
share
|
| + |
ORCD |
3/16/2010 |
eMusic |
$12.77 million |
2.05 |
2.01 |
8/16/2010 |
1.99% |
5.54% |
|
Details of The Orchard Enterprises Inc.:
Expected to close by the third quarter of 2010 for $12.7 million @ $2.05
per share.
|
| + |
RISK |
3/1/2010 |
MSCI |
$1.55 billion |
22.92 |
22.6 |
7/16/2010 |
1.42% |
5.12% |
|
Details of RiskMetrics Group, Inc.:
Expected to close by the third fiscal quarter of 2010 for a closing value
of $1.55bn. It is cash plus stocks deal @$16.35/share + 0.1802 MSCI shares
|
| + |
SKIL |
2/12/2010 |
consortium of private equity funds |
$1.2 billion |
11.25 |
11.1 |
5/31/2010 |
1.35% |
8.81% |
|
Details of SkillSoft plc :
The merger agreement has a “go-shop” period, ending on March 6, 2010.
It has a closing value of approximately $1.2bn. The closing price for
the cash deal has been revised from $10.80 per share to $11.25 per share
as on March 31, 2010.
|
| + |
MIL |
3/1/2010 |
Merck |
$6 billion |
107 |
105.94 |
9/30/2010 |
1.00% |
2.09% |
|
Details of Millipore Corp.:
Expected to close by the second half of 2010 for a closing value of $6bn.
It is a cash deal @ $107 per share
|
| + |
ADG |
1/19/2010 |
Chemring Group Plc |
$59 million |
7.25 |
7.18 |
4/19/2010 |
0.97% |
|
|
Details of Allied Defense Group Inc.:
Expected to close by April 19, 2010 for a closing value of $59mn. The
closing price for the cash deal is $7.25 per share
|
| + |
RBI |
3/15/2010 |
affiliate of Oncap Management Partners L.P. |
|
13.55 |
13.43 |
8/16/10 |
0.89% |
2.49% |
|
Details of Sport Supply Group, Inc:
Expected to close in the second or third quarter of 2010. ONCAP has the
unilateral option to terminate the merger agreement by paying to Sport
Supply Group a termination fee of either $6,000,000 or $10,000,000, depending
on whether financing is available to ONCAP. It is a cash deal @ $13.55
|
| + |
PRPX |
2/17/2010 |
L.B. Foster Co. |
$112 million |
11.71 |
11.62 |
6/30/2010 |
0.77% |
3.33% |
|
Details of Portec Rail Products Inc.:
Expected to close by the end of June 2010 for a closing value of $112mn.
The cash deal is @ $11.71 per share
|
| + |
PIII |
2/18/2010 |
Lineage |
$16.7 million |
5.86 |
5.8201 |
5/17/2010 |
0.69% |
5.96% |
|
Details of PECO II Inc.:
Expected to close by the second calendar quarter of 2010 for a closing
value of $16.7mn @ $5.86/share. The offer price represents a 51 percent
premium over the closing price of Peco II shares at the close of business
Wednesday.
|
| + |
TUTR |
3/26/2010 |
Thoma Brava |
$141 million |
5.6 |
5.57 |
7/31/2010 |
0.54% |
1.69% |
|
Details of Plato Learning, Inc. :
Expected to close by July 31, 2010 for a closing value of $141 million.
Thoma Bravo LLC will pay $5.60 in cash for each Plato share.
|
| + |
CXG |
3/22/2010 |
Consol Energy Inc. |
$363 million |
38.25 |
38.05 |
5/5/2010 |
0.53% |
6.40% |
|
Details of CNX Gas Corporation:
Expected to launch tender offer by May 05, 2010 for a closing value of
$363 million for 9.5 million shares of CNX Gas Corp. from stockholders
represented by T. Rowe Price Associates Inc. at a price of $38.25 per
share
|
| + |
CITP |
2/2/2010 |
Manpower |
$375.8 million |
17.65 |
17.59 |
4/2/2010 |
0.34% |
-41.50% |
|
Details of COMSYS IT Partners, Inc. :
Expected to close by April 2, 2010, but could be extended, for a closing
value of $431mn. The closing price for the cash deal is $17.65 per share
|
| + |
TRA |
3/12/2010 |
CF Industries Holdings, Inc. |
$4.7 billion |
45.96 |
45.81 |
4/12/2010 |
0.33% |
17.07% |
|
Details of Terra Industries Inc.:
Expected to close in 30 days from the time of announcement on March 12,
2010 for a value of $4.7 billion. It is a cash and stock deal with $37.15
in cash and 0.0953 shares of CF Industries stock for each Terra share
|
| + |
NGA |
4/1/2010 |
AZZ Inc. |
$125.6 million |
7.5 |
7.49 |
8/31/2010 |
0.13% |
0.33% |
|
Details of North American Galvanizing & Coatings
Inc.:
Expected to close by the end of AZZ’s fiscal second quarter, Aug. 31for
a value of $125.6 million. AZZ plans a cash tender offer for NAGC of $7.50
per share
|
| + |
FACT |
3/9/2010 |
Abbot |
$450 million |
27 |
26.98 |
5/17/2010 |
0.07% |
0.64% |
|
Details of Facet Biotech Corporation:
Expected to close by the second quarter of 2010 for a value of $450 million.
The closing price for the cash deal is $27
|
| + |
WEDC |
3/30/2010 |
Microsemi Corporation |
$100 million |
7 |
7 |
6/27/2010 |
0.00% |
0.00% |
|
Details of White Electronic Designs Corp.:
Expected to close in the fiscal third quarter ending June 27 for a closing
value of $100mn. Micorsemi is paying $7 per White Electronic’s share.
|
| + |
BELM |
3/29/2010 |
Avnet |
$252 million |
7 |
7 |
6/30/2010 |
0.00% |
0.00% |
|
Details of Bell Microproducts Inc.:
Expected to close in two to four months for a closing value of $252mn
and also assuming $342 million in debt for the company as part of the
transaction, bringing the total value of the deal up to $594 million.Avnet
is paying $7 a share for San Jose-based Bell Microproducts Inc.
|
| + |
CFL |
1/18/2010 |
Tyco International |
$2.9 billion |
42.5 |
42.65 |
6/26/2010 |
-0.35% |
-1.58% |
|
Details of Broadview Security:
Expected to close in the second half of Tyco’s fiscal year, which began
on September 26, 2009, for a closing value of $2.9bn. The closing price
for the cash deal is $42.50 per share
|
| + |
CKR |
3/1/2010 |
Thomas H. Lee |
$928 million |
11.05 |
11.11 |
5/17/2010 |
-0.54% |
-4.69% |
|
Details of CKE Restaurants Inc.:
Expected to close by the second quarter of 2010 for a closing value of
$928bn. It is a cash deal @ $11.05 per share
|
| + |
LGN |
1/22/2010 |
Lone Star Funds |
$270 million |
2.5 |
2.52 |
5/17/2010 |
-0.79% |
-6.90% |
|
Details of Lodgian Inc.:
Expected to close by the second quarter of 2010 for a closing value of
$270mn. The closing price for the cash deal is $2.50 per share
|
| + |
ZNT |
2/18/2010 |
Fairfax Financial Holdings |
$I.4 billion |
38 |
38.34 |
5/17/2010 |
-0.89% |
-7.71% |
|
Details of Zenith National Insurance Corp.:
Expected to close by the second quarter of 2010 for a closing value of
$1.4bn. It is a cash deal @ $38 per share
|
| + |
RCNI |
3/5/2010 |
Abry |
$1.2 billion |
15 |
15.15 |
9/30/2010 |
-0.99% |
-2.07% |
|
Details of RCN Corp.:
Expected to close by the Second half 2010 for a closing value of $1.2bn.
It is a cash deal @ $15.00 per share
|
| + |
TWLL |
3/22/2010 |
Intersil Corp. |
$400 million |
18.5 |
18.71 |
5/17/2010 |
-1.12% |
-9.75% |
|
Details of Techwell, Inc.:
Expected to close by the second quarter of 2010 for a closing value of
$400 million. Intersil is paying $18.50 per Techwell share.
|
| + |
CHRD |
3/15/2010 |
Pegasystems |
$161.5 million |
5 |
5.08 |
5/17/2010 |
-1.57% |
-13.69% |
|
Details of Chordiant Software, Inc. :
Expected to close by the second quarter of 2010 for a closing value of
$161.5 million. The cash deal is @ $5 per share
|
| + |
BWY |
3/29/2010 |
Madison Dearborn Partners, LLC ("MDP") |
$915 million |
20 |
20.34 |
8/16/2010 |
-1.67% |
-4.66% |
|
Details of BWAY Holding Company:
Expected to close in the second or third quarter of 2010 for a value of
$915 million.Under the agreement, BWAY shareholders will receive $20.00
cash for each share of BWAY common stock they own.
|
| + |
CCE |
2/25/2010 |
The Coca-Cola Company |
$12.3 billion |
|
27.89 |
10/1/2010 |
-100% |
-207.39% |
|
Details of Coca-Cola Enterprises Inc.:
Expected to close by October 1, 2010 for a closing value of $1.23bn. The
deal includes $10 per share + a share in a new bottling company
|
