Tuesday November 22, 11:24 PM
Arbitrage Spreads On Pending Mergers & Acquisitions -3-
Johnson & Johnson (JNJ), Guidant Corp. (GDT)
Current discount: $2.43 or 3.8%
Acquirer: JNJ
Target: GDT
Offer per share: 0.493 share and $33.25 per share
Value of offer per share: $63.49
Value of outstanding common equity securities: $21,586,810,800
Acquirer share price: $61.34
Target share price: $61.06
Expected closing: First quarter 2006 2/15/2006
Annualized gain: 17.1%
Johnson Controls Inc. (JCI), York International Corp. (YRK)
Current discount: $0.25 or 0.4%
Acquirer: JCI
Target: YRK
Offer per share: $56.50 cash
Value of outstanding common equity: $2,384,300,000
Target share price: $56.25
Expected closing: December 12/15/2005
Annualized gain: 7.1%
Note: The total acquisition price of $3.2 billion includes the assumption of $800 million in York debt.
Koch Industries Inc. (KOH.XX), Georgia-Pacific Corp. (GP)
Current discount: $0.74 or 1.5%
Acquirer: Koch Industries
Target: GP
Offer per share: $48 cash
Value of outstanding common equity: $12,494,841,696
Target share price: $47.26
Expected closing: N/A
Annualized gain: N/A
Marshall & Ilsley Corp. (MI), Gold Banc Corp. (GLDB)
Current discount: $0.52 or 2.8%
Acquirer: MI
Target: GLDB
Offer per share: $18.50 cash and stock
Value of outstanding common equity: $714,100,000
Target share price: $17.98
Acquirer share price: $43.21
Expected closing: Second quarter 2006 5/15/2006
Annualized gain: 6.1%
Note: Marshall & Ilsley has offered Gold Banc shareholders $18.50 per share, consisting of $2.78 in cash and $15.72 in Marshall & Ilsley common stock. The total transaction value is approximately $700 million.
Medicis Pharmaceuticals Inc. (MRX), Inamed Corp. (IMDC)
Current premium: $8.03 or 10.7%
Acquirer: MRX
Target: IMDC
Offer Per Share: 1.4205 shares and $30 per share
Value of offer per share: $75.12
Value of outstanding common equity securities: $2,726,677,404
Acquirer share price: $31.76
Target share price: $83.15
Expected closing: Late 2005 12/31/2005
Annualized gain: N/A
Note: On Nov. 15, Allergan Inc. (AGN) proposed to acquire Inamed for about
$3.2 billion, or $84 a share in cash.
Morgan Stanley Real Estate's Prime Property Fund, AMLI Residential
Properties Trust (AML)
Current discount: $0.40 or 1.1%
Acquirer: Morgan Stanley Fund
Target: AML
Offer per share: $37.75 cash
Value of outstanding common equity: $970,175,000
Target share price: $37.35
Expected closing: First quarter 2/15/2006
Annualized gain: 4.6%
Nasdaq Stock Market Inc. (NDAQ), Instinet Group Inc. (INGP)
Current discount: $0.05 or 1%
Acquirer: NDAQ
Target: INGP
Offer per share: $5.10 cash
Value of outstanding common equity: $1,761,540,000
Target share price: $5.05
Expected closing: Fourth quarter
Annualized gain: N/A
Nokia Corp. (NOK), Intellisync Corp. (SYNC)
Current discount: $0.17 or 3.2%
Acquirer: NOK
Target: SYNC
Offer per share: $5.25 cash
Value of outstanding common equity: $353,325,000
Target share price: $5.08
Acquirer share price: $17.03
Expected closing: Second quarter 2/15/2006
Annualized gain: N/A
Norsk Hydro ASA (NHY), Spinnaker Exploration Co. (SKE)
Current discount: $0.45 or 0.7%
Acquirer: NHY
Target: SKE
Offer per share: $65.50 cash
Value of outstanding common equity: $2,233,550,000
Target share price: $65.05
Expected closing: Fourth quarter
Annualized gain: N/A
Novartis AG (NVS), Chiron Corp. (CHIR)
Current discount: $0.65 or 1.4%
Acquirer: NVS
Target: CHIR
Offer per share: $45 cash
Value of outstanding common equity: $8,455,500,000
Target share price: $44.35
Acquirer share price: $53.93
Expected closing: First quarter 2/15/2006
Annualized gain: 6.3%
Occidental Petroleum Corp. (OXY), Vintage Petroleum Inc. (VPI)
Current discount: $0.79 or 1.5%
Acquirer: OXY
Target: VPI
Offer per share: 0.42 share and $20 per share
Value of offer per share: $52.43
Value of outstanding common equity securities: $3,581,132,920
Acquirer share price: 77.22
Target share price: $51.64
Expected closing: First quarter 2006 2/15/2006
Annualized gain: 6.6%
(MORE TO FOLLOW) Dow Jones Newswires
November 22, 2005 10:24 ET
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