Individual.com logo
Welcome   (I'm not )
Select a date:

My Topics
Click here to add topics
Table bottom

My Companies
Click here to add companies
Table bottom

Newsdesks
Top World News
Business
Finance
Internet
Computing
Environmental
Energy
Healthcare
Industry News, A-Z
Sports
Telecom
Transportation
Table bottom

Search
Google News
Table bottom

My Settings
Topics
Companies
Personal Info
Preferences
Forgot Password?
Log out
Table bottom

Top Topics
Should employers hire the overqualified?
Briefing.com: Bond Market Update - 08:55 ET
Pratt & Whitney Rocketdyne's Space Shuttle Main Engines Deliver Hardware to Support Science Experiments Onboard the International Space Station
South Bay Galleria to get another needed face lift
Skateboarder's death leaves many questions
Airmedia to March into Outdoor Media Field
INDONESIA'S DIAN SWASTATIKE ACQUIRES COAL MINING CO FOR US$4.8 MLN
3 teens plead innocent in burning of boy
BofA ends retiree match for nonprofits
EU Extended Deadline For Antitrust Review Of Oracle, Sun Microsystems Deal (ORCL,JAVA)
Table bottom

Top Topics
Antitrust
Corporate Performance
Stock Market
Education
Top World News
Banking
Alternative Energy
Aerospace & Defense
Oil & Gas
Insurance
Table bottom

= Arbitrage Spreads On Pending Mergers & Acquisitions -2-

Nov 03, 2009 (Dow Jones Commodities News Select via Comtex) --
Marvel Entertainment Inc. (MVL), Walt Disney Co. (DIS)

Premium offered: $0.50 or 0.99%
Acquirer: DIS
Target: MVL
Offer per share: 0.745 share and $30.00 per share
Value of offer per share: $50.61
Value of outstanding common equity securities: $3,972,119,883
Acquirer share price: $27.66
Target share price: $50.11
Expected closing: N/A
Annualized gain: N/A
Note: The children of late comic-book creator Jack Kirby are seeking to
recapture the copyrights to the characters he created by as early as 2014.
Control over the copyrights would grant them licensing rights, or at least a
share of the profits the characters generate. Marvel shareholders were
expected to vote on the deal Oct. 30.

MPS Group Inc. (MPS), Adecco Group (Private)

Premium offered: $0.25 or 1.85%
Acquirer: Adecco
Target: MPS
Offer per share: $13.80 cash
Value of outstanding common equity: $1,285,332,000
Target share price: $13.55
Acquirer share price: N/A
Expected closing: First Quarter 2010 2/14/2010
Annualized gain: 6.54%

Nyfix Inc. (NYFX), NYSE Euronext (NYX)

Premium offered: $0.01 or 0.90%
Acquirer: NYX
Target: NYFX
Offer per share: $1.68 cash
Value of outstanding common equity: $65,861,000
Target share price: $1.66
Acquirer share price: $25.90
Expected closing: Fourth Quarter 11/15/2009
Annualized gain: 27.48%
Note: Several law firms have opened an investigation into the Nyfix/NYSE
Euronext merger after Wolf Haldenstein Adler Freeman & Herz LLP revealed its
own inquiry into possible breaches of fiduciary duty by the board of Nyfix
stemming from the deal. NYFX shareholders are expected to vote on the deal
Nov. 3 as RiskMetrics recommends holders vote in favor of the acquisition.

On2 Technologies Inc. (ONT), Google Inc. (GOOG)

Premium offered: $0.01 or 1.88%
Acquirer: GOOG
Target: ONT
Shares offered per share: 0.00111884 shares
Value of offer per share: $0.60
Value of outstanding common equity: $105,306,000
GOOG share price: $536.27
ONT share price: $0.59
Expected closing: 4Q 2009 11/15/2009
Annualized gain: 55.04%
Note: On2 shareholders file lawsuit against Google Aug. 10 claiming the
deal's price tag is unfair. ONT settles some suits in Oct.

Parallel Petroleum Corp. (PLLL), Apollo Global Management, LLC (Private)

Premium offered: $0.01 or 0.32%
Acquirer: Apollo
Target: PLLL
Offer per share: $3.15 cash
Value of outstanding common equity: $131,197,500
Target share price: $3.14
Acquirer share price: N/A
Expected closing: N/A
Annualized gain: N/A
Note: Under the terms of the deal, Apollo Global will assume or repay
Parallel's $351M in debt and provide $283.2M in equity to complete the
transaction. Apollo completed its tender offer Oct. 29, as expected, and
said the following day it began an offer for $150M of senior notes. Parallel
expects the change of control offer to expire Dec. 1.

Patriot Capital Funding Inc. (PCAP), Prospect Capital Corp. (PSEC)

Premium offered: $0.20 or 5.08%
Acquirer: PSEC
Target: PCAP
Shares offered per share: 0.3992 share
Value of offer per share: $4.12
Value of outstanding common equity: $86,314,000
Acquirer share price: $10.10
Target share price: $3.92
Expected closing: N/A
Annualized gain: N/A
Note: Prospect will pay off $110.5 million in debt from Patriot as part of
the deal. PCAP holders will vote on merger Nov. 18.

PepsiAmericas Inc. (PAS), PepsiCo Inc. (PEP)

Premium offered: $0.23 or 0.80%
Acquirer: PEP
Target: PBG
Offer per share: 0.2511 share and $14.25 per share
Value of offer per share: $29.52
Value of outstanding common equity securities: $3,674,747,414
Acquirer share price: $60.83
Target share price: $29.29
Expected closing: Late 2009 or early 2010 12/31/2009
Annualized gain: 5.01%
Note: Under the agreement, PAS shareholders have the option to select either
$28.50 in cash or 0.5022 shares of PEP stock. EU approves the deal.

Pepsi Bottling Group Inc. (PBG), PepsiCo Inc. (PEP)

Premium offered: $0.32 or 0.86%
Acquirer: PEP
Target: PBG
Offer per share: 0.3216 share and $18.25 per share
Value of offer per share: $37.81
Value of outstanding common equity securities: $8,147,583,234
Acquirer share price: $60.83
Target share price: $37.49
Expected closing: Late 2009 or early 2010 12/31/2009
Annualized gain: 5.39%
Note: Under the agreement, PBG shareholders have the option to select either
$36.50 in cash or 0.6432 shares of PEP stock. EU approves deal.

Perot Systems Corp. (PER), Dell Inc. (DELL)

Premium offered: $0.03 or 0.10%
Acquirer: DELL
Target: PER
Offer per share: $30.00 cash
Value of outstanding common equity: $3,627,900,000
Target share price: $29.97
Acquirer share price: $14.39
Expected closing: Dell's Fiscal 4Q 12/16/2009
Annualized gain: 0.85%
Note: PER shareholders launched a bid to stop DELL's bid for the IT services
provider, alleging PER board and executives failed to maximize shareholder
value and discouraged additional offers before the co reached the deal with
DELL. However, DELL completes its tender offer for PER early Nov., expecting
the deal to close shortly.

Schering-Plough Corp. (SGP), Merck & Co. (MRK)

Premium offered: $0.16 or 0.57%
Acquirer: MRK
Target: SGP
Offer per share: 0.5767 share and $10.50 per share
Value of offer per share: $28.47
Value of outstanding common equity securities: $45,551,955,200
Acquirer share price: $31.16
Target share price: $28.31
Expected closing: Year End 12/31/2009
Annualized gain: 3.56%
Note: Merck and Schering Plough agreed last month to pay $41.5M to settle
lawsuits related to the drugs associated with their cholesterol joint
venture. Deal is approved by shareholders, the European Commission, the U.S.
Federal Trade Commission and Swiss and Canadian authorities as Merck has
already name its post-merger management team and directors. The FTC says for
the merger to go through, Merk must divest its interest in Merial Ltd., an
animal health joint venture wiht Sanofi-Aventis SA (SNY), while
Schering-Plough must sell assets in nausea drugs for humans.

Starent Networks Corp. (STAR), Cisco Systems Inc. (CSCO)

Premium offered: $1.25 or 3.70%
Acquirer: CSCO
Target: STAR
Offer per share: $35.00 cash
Value of outstanding common equity: $2,504,250,000
Target share price: $33.75
Acquirer share price: $23.00
Expected closing: First Half 2010 4/1/2010
Annualized gain: 9.07%

Sunair Services Corp. (SNR), Massey Services Inc. (Private)

Premium offered: $0.08 or 3.00%
Acquirer: Massey Services
Target: SNR
Offer per share: $2.75 cash
Value of outstanding common equity: $27,995,000
Target share price: $2.67
Acquirer share price: N/A
Expected closing: November 11/15/2009
Annualized gain: 91.14%

Sun Microsystems Inc. (JAVA), Oracle Corp. (ORCL)

Premium offered: $1.22 or 14.73%
Acquirer: ORCL
Target: JAVA
Offer per share: $9.50 cash
Value of outstanding common equity: $7,074,650,000
Target share price: $8.28
Acquirer share price: $21.14
Expected closing: NA
Annualized gain: NA
Note: The U.S. Justice Department cleared the way for Oracle's acquisition
of Sun Microsystems about a month after Sun's shareholders approved the
deal. The European Commission opened an antitrust investigation, citing
"serious concerns" the deal will stymie competition, giving the commission
until January to decide whether it will require concessions from Oracle in
order to allow the deal to move forward. Oracle withdrew its application for
antitrust clearance in Russia as authorities there were unwilling to clear
the deal ahead of the European Commission.

Switch & Data Facilities Co. (SDXC), Equinix Inc. (EQIX)

Premium offered: $0.18 or 1.08%
Acquirer: EQIX
Target: SDXC
Offer per share: 0.155272 share and $3.81 per share
Value of offer per share: $17.06
Value of outstanding common equity securities: $1,665,979,102
Acquirer share price: $85.35
Target share price: $16.88
Expected closing: N/A
Annualized gain: N/A
Note: Under terms of the deal, SDXC shareholders will choose either 0.19409
share of EQIX stock or $19.06 in cash, with total consideration consisting
of 80% EQIX stock and 20% cash. If holders of more than 80% of SDXC stock
choose to receive EQIX stock or if holders of more than 20% SDXC stock
choose to receive cash, the consideration will be pro-rated to achieve these
proportions. For purposes of this table, the 80% stock/20% cash ratio is
used.

Trimeris Inc. (TRMS), Arigene Co. (067850.KQ)

Premium offered: $0.04 or 1.12%
Acquirer: Arigene
Target: TRMS
Offer per share: $3.60 cash
Value of outstanding common equity: $80,460,000
Target share price: $3.56
Acquirer share price: N/A
Expected closing: Fourth Quarter 11/15/2009
Annualized gain: 34.18%
Note: Arigene starts tender offer for shares of TRMS late Oct.

Varian Inc. (VARI), Agilent Technologies Inc. (A)

Premium offered: $0.74 or 1.44%
Acquirer: A
Target: VARI
Offer per share: $52.00 cash
Value of outstanding common equity: $1,499,160,000
Target share price: $51.26
Expected closing: By Year End 12/31/2009
Annualized gain: 9.08%
Note: Boards of both companies and VARI shareholders approve deal, but the
Federal Trade Commission has asked for additional information about the
deal. Cos settle lawsuit related to the merger.

Virgin Mobile USA (VM), Sprint Nextel Corp (S)

Premium offered: $0.03 or 0.82%
Acquirer: S
Target: VM
Shares offered per VM share: 1.3668 shares
Value of offer per share: $4.07
Value of outstanding common equity: N/A
S share price: $2.98
VM share price: $4.04
Expected closing: 4Q 2009 or Early 2010 12/30/2009
Annualized gain: 5.20%
Note: Sprint Nextel gets antitrust OK in late Aug. to acquire Virgin Mobile;
the exchange ratio will be subject to a collar such that in no event will
the exchange ratio be lower than 1.0630 or higher than 1.3668. The deal has

(MORE TO FOLLOW) Dow Jones Newswires

11-03-09 1208ET



Copyright (c) 2009 Dow Jones & Company, Inc.
News Provided by

Story Details

Tell a Friend About Us

Home Help My Settings Privacy Policy Terms of Service Advertising About Us Contact Us Logout

Copyright , Individual.com, an Office.com Company. No redistribution allowed.