t******g
发帖数: 462 | 1 Arbitrage Spreads On Pending Mergers & Acquisitions -2-Last update: 10/7/
2010 10:19:52 AM
GLG Partners Inc. (GLG), Man Group Plc (Private)
Premium offered: $0.01 or 0.28%
Acquirer: Man Group
Target: GLG
Offer per share: $4.50 cash
Value of outstanding common equity: $1,130,580,000
Target share price: $4.49
Acquirer share price: N/A
Expected closing: 10/12/2010 10/12/2010
Annualized gain: 20.33%
Note: Under the terms of the deal, GLG's principals - Noam Gottesman, Pierre
Lagrange and Emmanuel Roman - will engage in a share exchange in which Man
will acquire all their common stock for 1.0856 Man shares per GLG share.
Holders of the firm will vote on the merger with Man Group Oct. 12.
Inergy Holdings, L.P. (NRGP), Inergy, L.P. (NRGY)
Premium offered: $0.22 or 0.73%
Acquirer: NRGY
Target: NRGP
Shares offered per share: 0.77 shares
Value of offer per share: $31.05
Value of outstanding BK common equity: $1,912,000,937
NRGY share price: $40.33
NRGP share price: $30.83
Expected closing: 4Q 2010 11/15/2010
Annualized gain: 6.72%
Note: NRGP unitholders will receive 0.77 NRGY common units in exchange for
each NRGP common unit they own at closing. They will vote on the merger Nov.
2.
L-1 Identity Solutions Inc. (ID), Safran SA (SAF.FR)
Premium offered: $0.22 or 1.87%
Acquirer: SAF.FR
Target: ID
Offer per share: $12.00 cash
Value of outstanding common equity: $1,117,560,000
Target share price: $11.78
Acquirer share price: N/A
Expected closing: 1Q 2011 2/14/2011
Annualized gain: 5.24%
Note: The deal between ID and SAF.FR is expected to close in the first
quarter of 2011, however, it is contingent on a separate merger between ID's
intelligence services unit and BAE Systems Plc. (BA.LN) that is supposed to
close by the end of 2010 should all cosing conditions be met and the U.S.
Committee on Foreign Investment in the United States approves the
transaction.
Mariner Energy (ME), Apache Corp. (APA)
Premium offered: $0.14 or 0.57%
Acquirer: APA
Target: ME
Offer per share: 0.17043 share and $7.80 per share
Value of offer per share: $24.77
Value of outstanding common equity securities: $2,556,658,196
Acquirer share price: $99.58
Target share price: $24.63
Expected closing: N/A
Annualized gain: N/A
Note: Mariner holders will vote on the deal Nov. 10th.
McAfee Inc. (MFE), Intel Corp. (INTC)
Premium offered: $0.81 or 1.72%
Acquirer: INTC
Target: MFE
Offer per share: $48.00 cash
Value of outstanding common equity: $7,292,640,000
Target share price: $47.19
Acquirer share price: $19.30
Expected closing: N/A
Annualized gain: N/A
Note: Boards of both companies approved the deal.
Mirant Corp. (MIR), RRI Energy Inc. (RRI)
Premium offered: $0.07 or 0.66%
Acquirer: RRI
Target: MIR
Shares offered per share: 2.835 shares
Value of offer per share: $10.04
Value of outstanding common equity: $1,454,904,423
RRI share price: $3.54
MIR share price: $9.97
Expected closing: By Year End 11/15/2010
Annualized gain: 6.11%
Note: The merger of MIR and RRI, approved by boards of both companies, is
considered one of equals. The combined company will be called GenOn Energy.
Mirant holders will own roughly 54% of the firm and RRI holders about 46%.
The Federal Energy Regulatory Commission approved the deal, but both
companies are still waiting for an OK from the U.S. Department of Justice.
The merger is still expected to close by the end of 2010.
Micrus Endovasular (MEND), Johnson & Johnson (JNJ)
Premium offered: $0.03 or 0.13%
Acquirer: JNJ
Target: MEND
Offer per share: $23.40 cash
Value of outstanding common equity: $387,738,000
Target share price: $23.37
Acquirer share price: $63.24
Expected closing: 2nd Half 11/15/2010
Annualized gain: 1.19%
Note: MEND holders approved the merger with JNJ.
Netezza Corp. (NZ), International Business Machines Corp. (IBM)
Premium offered: $0.12 or 0.45%
Acquirer: IBM
Target: NZ
Offer per share: $27.00 cash
Value of outstanding common equity: $1,694,520,000
Target share price: $26.88
Acquirer share price: $137.74
Expected closing: 4Q 2010 11/15/2010
Annualized gain: 4.18%
New Alliance Bancshares Inc. (NAL), First Niagara Financial Group Inc. (FNFG
)
Premium offered: $2.22 or 18.76%
Acquirer: FNFG
Target: NAL
Shares offered per share: 1.1 shares
Value of offer per share: $14.04
Value of outstanding BK common equity: $1,474,902,880
NAL share price: $12.76
FNFG share price: $11.82
Expected closing: 2Q 2011 5/16/2011
Annualized gain: 30.98%
Note: NAL holders will receive stock, cash or a combination of the two at a
fixed ratio of 1.1 shares of FNFG for each of their shares. The deal has
been approved by the boards of both companies, but it's under investigation
by the Connecticut Attorney General Richard Blumenthal. In a letter sent out
earlier this month, Blumenthal asked the banks to justify the deal and noted
the state's department of banking can only approve bank mergers that benefit
the public and Connecticut's economy. The companies have said the deal is
expected to close in 2Q 2011.
NYMagic Inc. (NYM), ProSight Specialty Insurance Holdings Inc. (Private)
Premium offered: $0.07 or 0.27%
Acquirer: ProSight
Target: NYM
Offer per share: $25.75 cash
Value of outstanding common equity: $218,875,000
Target share price: $25.68
Acquirer share price: N/A
Expected closing: 4Q 2010 11/15/2010
Annualized gain: 2.55%
Pactiv Corp. (PTV), Rank Group Ltd. (Private)
Premium offered: $0.24 or 0.73%
Acquirer: Rank Group
Target: PTV
Offer per share: $33.25 cash
Value of outstanding common equity: $4,421,917,500
Target share price: $33.01
Acquirer share price: N/A
Expected closing: By End of 2010 11/15/2010
Annualized gain: 6.80%
(MORE TO FOLLOW) Dow Jones NewswiresOctober 07, 2010 10:19 ET (14:19 GMT) | j*****2
发帖数: 306 | 2 this is how JOHN paulson make his first gold,
10X leverage on those and take the free.
thats why I am very suprise he succeed on SUB PRIME bet
it is not his style.
so, must be some insider info that only he and his firm knows
remember
95% people short sub prime is losing money :D
【在 t******g 的大作中提到】
: Arbitrage Spreads On Pending Mergers & Acquisitions -2-Last update: 10/7/
: 2010 10:19:52 AM
: GLG Partners Inc. (GLG), Man Group Plc (Private)
: Premium offered: $0.01 or 0.28%
: Acquirer: Man Group
: Target: GLG
: Offer per share: $4.50 cash
: Value of outstanding common equity: $1,130,580,000
: Target share price: $4.49
: Acquirer share price: N/A
| t******g
发帖数: 462 | 3 Paulson was making a bet on the sub-prime, some Bloomberg interview
mentioned that when he felt too much pressure (due to the short sub-prime
positions), he went to central park and do some exercise...
Not all merges/acquisitions result in success, that's why there are spreads,
plus the opportunity cost. Given the flooding of cheap money on the market,
there will be plenty of acquisitions this year and next year, should have
plenty of opportunities.
【在 j*****2 的大作中提到】
: this is how JOHN paulson make his first gold,
: 10X leverage on those and take the free.
: thats why I am very suprise he succeed on SUB PRIME bet
: it is not his style.
: so, must be some insider info that only he and his firm knows
: remember
: 95% people short sub prime is losing money :D
| j*****2
发帖数: 306 | 4 you believe what headline tell you :D
spreads,
market,
【在 t******g 的大作中提到】
: Paulson was making a bet on the sub-prime, some Bloomberg interview
: mentioned that when he felt too much pressure (due to the short sub-prime
: positions), he went to central park and do some exercise...
: Not all merges/acquisitions result in success, that's why there are spreads,
: plus the opportunity cost. Given the flooding of cheap money on the market,
: there will be plenty of acquisitions this year and next year, should have
: plenty of opportunities.
| t******g
发帖数: 462 | 5 Got to admit I am naive sometimes
【在 j*****2 的大作中提到】
: you believe what headline tell you :D
:
: spreads,
: market,
|
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