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发帖数: 2883 | 1 【 以下文字转载自 JQCLUB 俱乐部 】
发信人: winnie91107 (爱的承诺), 信区: JQCLUB
标 题: Arbitrage Spreads On Pending Mergers & Acquisitions
发信站: BBS 未名空间站 (Wed Feb 16 11:12:47 2011, 美东)
The following provides information on selected mergers and acquisitions. All
figures are updated by Dow Jones Newswires, with share prices as of 10:00 a
.m. ET Wednesday.
Annualized rate of return is based on Wednesday's date and the expected
closing date and isn't compounded. Expected closing dates are compiled from
company statements and reports, and when a time period is cited, that
information is provided with that period's midpoint date, which was used to
make the annualized return calculation.
Deals are listed alphabetically by target, and spreads don't include
dividend or interest payments. "Premium offered" refers to the amount that
the current value of the offer exceeds the stock price of the target. Deal
values don't include the assumption of debt.
(Dow Jones 212-416-2442)
Stock price data source: FactSet Research Systems.
AirTran Holdings Inc. (AAI), Southwest Airlines Co. (LUV)
Premium offered: $0.34 or 4.52%
Acquirer: LUV
Target: AAI
Offer per share: 0.322 share and $3.75 per share
Value of offer per share: $7.75
Value of outstanding common equity securities: $1,049,505,000
Acquirer share price: $12.41
Target share price: $7.42
Expected closing: 2Q 5/1/2011
Annualized gain: 22.28%
Note: Under the terms of the agreement, AAI holders will receive $3.75 in
cash and 0.321 LUV share for each share as long as the total value of the
deal is between $7.25 and $7.75 a share. If LUV's stock jumps above $12.50,
the stock portion of the deal will be lowered so the overall consideration
of the merger equals $7.75 a share. Likewise, AAI holders will receive more
LUV shares if the stock falls below $10 to maintain the $7.25 a share price
tag.
Alberto Culver Co. (ACV), Unilever PLC (UN, UL)
Premium offered: $0.40 or 1.08%
Acquirer: UN, UL
Target: ACV
Offer per share: $37.50 cash
Value of outstanding common equity: $3,699,375,000
Target share price: $37.10
Acquirer share price: $29.43
Expected closing: 7/17/2011
Annualized gain: 2.61%
Note: ACV holders have approved the merger, which is expected to close in
2011. The company has received a second request for information from the DOJ.
Allegheny Energy Inc. (AYE), FirstEnergy (FE)
Premium offered: $0.32 or 1.25%
Acquirer: FE
Target: AYE
Shares offered per share: 0.667 share
Value of offer per share: $25.92
Value of outstanding common equity: $4,395,189,963
Acquirer share price: $38.86
Target share price: $25.60
Expected closing: First Half 2011 4/17/2011
Annualized gain: 7.60%
Note: The U.S. Department of Justice and lolders of both companies have
approved the deal, which is expected to close in the first half of 2011.
Atheros Communications Inc. (ATHR), Qualcomm Inc. (QCOM)
Premium offered: $0.32 or 0.72%
Acquirer: QCOM
Target: ATHR
Offer per share: $45.00 cash
Value of outstanding common equity: $3,221,100,000
Target share price: $44.68
Acquirer share price: $58.46
Expected closing: 1st Half 2011 4/1/2011
Annualized gain: 5.87%
Atlas Energy Inc. (ATLS), Chevron Corp. (CVX)
Premium offered: -$6.78 or -15.06%
Acquirer: CVX
Target: ATLS
Offer per share: $38.25 cash
Value of outstanding common equity: $2,998,800,000
Target share price: $45.03
Acquirer share price: $96.44
Expected closing: 3/9/2011
Annualized gain: N/A
Note: CVX will pay Atlas shareholders $38.25 in cash for each share and a
total of 41 million units for the company's partner, Atlas Pipeline Holdings
LP. It will allso assume $1.1 billion of debt.
Beckman Coulter Inc. (BEC), Danaher Corp. (DHR)
Premium offered: $0.59 or 0.71%
Acquirer: DHR
Target: BEC
Offer per share: $83.50 cash
Value of outstanding common equity: $5,782,375,000
Target share price: $82.91
Acquirer share price: $51.54
Expected closing: 1st Half 2011 4/17/2011
Annualized gain: 4.33%
Bucyrus International Inc. (BUCY), Caterpillar Inc. (CAT)
Premium offered: $1.05 or 1.15%
Acquirer: CAT
Target: BUCY
Offer per share: $92.00 cash
Value of outstanding common equity: $7,452,920,000
Target share price: $90.95
Acquirer share price: $104.25
Expected closing: Mid-2011 5/31/2011
Annualized gain: 4.05%
Note: BUCY holders have approved the deal with CAT.
Compellent (CML), Dell Inc. (DELL)
Premium offered: $0.03 or 0.11%
Acquirer: DELL
Target: CML
Offer per share: $27.75 cash
Value of outstanding common equity: $884,115,000
Target share price: $27.72
Acquirer share price: $15.08
Expected closing: Early 2011 3/2/2011
Annualized gain: 2.82%
Del Monte Foods (DLM), Kohlberg Kravis Roberts & Co. (KKR) , Vestpar Capital
Partners and Centerview Partners
Premium offered: $0.03 or 0.16%
Acquirer: KKR, Vespar, Centerview
Target: DLM
Offer per share: $19.00 cash
Value of outstanding common equity: $3,680,490,000
Target share price: $18.97
Acquirer share price: N/A
Expected closing: End of March 2011 3/17/2011
Annualized gain: 1.99%
Dionex (DNEX), Thermo Fisher (TMO)
Premium offered: $0.83 or 0.70%
Acquirer: TMO
Target: DNEX
Offer per share: $118.50 cash
Value of outstanding common equity: $2,064,270,000
Target share price: $117.67
Acquirer share price: $57.30
Expected closing: 2nd Half 4/10/2011
Annualized gain: 4.85%
Note: TMO's tender offer extended until April 7.
Dynegy (DYN), Icahn Enterprises L.P. (IEP)
Premium offered: -$0.39 or -6.58%
Acquirer: IEP
Target: DYN
Offer per share: $5.50 cash
Value of outstanding common equity: $664,895,000
Target share price: $5.89
Acquirer share price: $42.56
Expected closing: 1Q 2011 3/2/2011
Annualized gain: -171.60%
Note: IEP's tender offer has been extended again until Feb. 18 amid
continued weak support. DYN's special committee of directors sent a letter
to shareholders backing activist investor Carl Icahn's bid to take the
company private and pointed out what it called "risks" with bidding-war
opponent Seneca Capital's proposal. FERC has also approved the merger. | w*********7
发帖数: 2883 | 2 【 以下文字转载自 JQCLUB 俱乐部 】
发信人: winnie91107 (爱的承诺), 信区: JQCLUB
标 题: Arbitrage Spreads On Pending Mergers & Acquisitions
发信站: BBS 未名空间站 (Wed Feb 16 11:12:47 2011, 美东)
The following provides information on selected mergers and acquisitions. All
figures are updated by Dow Jones Newswires, with share prices as of 10:00 a
.m. ET Wednesday.
Annualized rate of return is based on Wednesday's date and the expected
closing date and isn't compounded. Expected closing dates are compiled from
company statements and reports, and when a time period is cited, that
information is provided with that period's midpoint date, which was used to
make the annualized return calculation.
Deals are listed alphabetically by target, and spreads don't include
dividend or interest payments. "Premium offered" refers to the amount that
the current value of the offer exceeds the stock price of the target. Deal
values don't include the assumption of debt.
(Dow Jones 212-416-2442)
Stock price data source: FactSet Research Systems.
AirTran Holdings Inc. (AAI), Southwest Airlines Co. (LUV)
Premium offered: $0.34 or 4.52%
Acquirer: LUV
Target: AAI
Offer per share: 0.322 share and $3.75 per share
Value of offer per share: $7.75
Value of outstanding common equity securities: $1,049,505,000
Acquirer share price: $12.41
Target share price: $7.42
Expected closing: 2Q 5/1/2011
Annualized gain: 22.28%
Note: Under the terms of the agreement, AAI holders will receive $3.75 in
cash and 0.321 LUV share for each share as long as the total value of the
deal is between $7.25 and $7.75 a share. If LUV's stock jumps above $12.50,
the stock portion of the deal will be lowered so the overall consideration
of the merger equals $7.75 a share. Likewise, AAI holders will receive more
LUV shares if the stock falls below $10 to maintain the $7.25 a share price
tag.
Alberto Culver Co. (ACV), Unilever PLC (UN, UL)
Premium offered: $0.40 or 1.08%
Acquirer: UN, UL
Target: ACV
Offer per share: $37.50 cash
Value of outstanding common equity: $3,699,375,000
Target share price: $37.10
Acquirer share price: $29.43
Expected closing: 7/17/2011
Annualized gain: 2.61%
Note: ACV holders have approved the merger, which is expected to close in
2011. The company has received a second request for information from the DOJ.
Allegheny Energy Inc. (AYE), FirstEnergy (FE)
Premium offered: $0.32 or 1.25%
Acquirer: FE
Target: AYE
Shares offered per share: 0.667 share
Value of offer per share: $25.92
Value of outstanding common equity: $4,395,189,963
Acquirer share price: $38.86
Target share price: $25.60
Expected closing: First Half 2011 4/17/2011
Annualized gain: 7.60%
Note: The U.S. Department of Justice and lolders of both companies have
approved the deal, which is expected to close in the first half of 2011.
Atheros Communications Inc. (ATHR), Qualcomm Inc. (QCOM)
Premium offered: $0.32 or 0.72%
Acquirer: QCOM
Target: ATHR
Offer per share: $45.00 cash
Value of outstanding common equity: $3,221,100,000
Target share price: $44.68
Acquirer share price: $58.46
Expected closing: 1st Half 2011 4/1/2011
Annualized gain: 5.87%
Atlas Energy Inc. (ATLS), Chevron Corp. (CVX)
Premium offered: -$6.78 or -15.06%
Acquirer: CVX
Target: ATLS
Offer per share: $38.25 cash
Value of outstanding common equity: $2,998,800,000
Target share price: $45.03
Acquirer share price: $96.44
Expected closing: 3/9/2011
Annualized gain: N/A
Note: CVX will pay Atlas shareholders $38.25 in cash for each share and a
total of 41 million units for the company's partner, Atlas Pipeline Holdings
LP. It will allso assume $1.1 billion of debt.
Beckman Coulter Inc. (BEC), Danaher Corp. (DHR)
Premium offered: $0.59 or 0.71%
Acquirer: DHR
Target: BEC
Offer per share: $83.50 cash
Value of outstanding common equity: $5,782,375,000
Target share price: $82.91
Acquirer share price: $51.54
Expected closing: 1st Half 2011 4/17/2011
Annualized gain: 4.33%
Bucyrus International Inc. (BUCY), Caterpillar Inc. (CAT)
Premium offered: $1.05 or 1.15%
Acquirer: CAT
Target: BUCY
Offer per share: $92.00 cash
Value of outstanding common equity: $7,452,920,000
Target share price: $90.95
Acquirer share price: $104.25
Expected closing: Mid-2011 5/31/2011
Annualized gain: 4.05%
Note: BUCY holders have approved the deal with CAT.
Compellent (CML), Dell Inc. (DELL)
Premium offered: $0.03 or 0.11%
Acquirer: DELL
Target: CML
Offer per share: $27.75 cash
Value of outstanding common equity: $884,115,000
Target share price: $27.72
Acquirer share price: $15.08
Expected closing: Early 2011 3/2/2011
Annualized gain: 2.82%
Del Monte Foods (DLM), Kohlberg Kravis Roberts & Co. (KKR) , Vestpar Capital
Partners and Centerview Partners
Premium offered: $0.03 or 0.16%
Acquirer: KKR, Vespar, Centerview
Target: DLM
Offer per share: $19.00 cash
Value of outstanding common equity: $3,680,490,000
Target share price: $18.97
Acquirer share price: N/A
Expected closing: End of March 2011 3/17/2011
Annualized gain: 1.99%
Dionex (DNEX), Thermo Fisher (TMO)
Premium offered: $0.83 or 0.70%
Acquirer: TMO
Target: DNEX
Offer per share: $118.50 cash
Value of outstanding common equity: $2,064,270,000
Target share price: $117.67
Acquirer share price: $57.30
Expected closing: 2nd Half 4/10/2011
Annualized gain: 4.85%
Note: TMO's tender offer extended until April 7.
Dynegy (DYN), Icahn Enterprises L.P. (IEP)
Premium offered: -$0.39 or -6.58%
Acquirer: IEP
Target: DYN
Offer per share: $5.50 cash
Value of outstanding common equity: $664,895,000
Target share price: $5.89
Acquirer share price: $42.56
Expected closing: 1Q 2011 3/2/2011
Annualized gain: -171.60%
Note: IEP's tender offer has been extended again until Feb. 18 amid
continued weak support. DYN's special committee of directors sent a letter
to shareholders backing activist investor Carl Icahn's bid to take the
company private and pointed out what it called "risks" with bidding-war
opponent Seneca Capital's proposal. FERC has also approved the merger. |
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