Arbitrage Spreads On Pending Mergers & Acquisitions
Richie: Thanks for this email. When I asked if you knew the specifics, I didn't think you would respond within 15-minutes! Thanks again. As always -- a trip to Saratoga would be nice this summer.
DOW JONES NEWSWIRES
The following provides information on selected merger and acquisition deals. All figures are updated by Dow Jones Corporate Filings Alert, with share prices as of 10 a.m. EST Monday.
Annualized rate of return is based on Monday's date and the expected closing date, and it isn't compounded. Expected closing dates are compiled from company statements and reports, and when a time period is cited, that information is provided along with that time period's midpoint date, which was used to make the annualized return calculation.
Deals are listed alphabetically by acquirer, and premiums don't include dividend or interest payments. Deal values don't include the assumption of debt.
-Amgen Inc. (AMGN), Immunex Corp. (IMNX)
Current discount: 62 cents or 1.97%
Acquirer: AMGN
Target: IMNX
Offer Per Share: 0.44 share and $4.50
Value of offer per share: $31.60
Value of outstanding common shares: $17.21 billion
Acquirer share price: $61.60
Target share price: $30.98
Expected closing: Second half of 2002 (10/2/02)
Annualized gain: 3.85%
-Avanex Corp. (AVNX), Oplink Corp. (OPLK)
Current discount: 3 cents or 1.68%
Acquirer: AVNX
Target: OPLK
Shares offered per share: 0.405344
Value of offer per share: $1.66
Total deal value: $271.4 million
Acquirer share price: $4.09
Target share price: $1.63
Expected closing: End Second Quarter (6/30/02)
Annualized gain: 6.43%
-BJ Services Co. (BJS), Osca Inc. (OSCA)
Current discount: 17 cents or 0.61%
Acquirer: BJS
Target: OSCA
Offer per share: $28 cash
Value of outstanding common shares: $414.4 million
Target share price: $27.83
Expected closing: BJ Services' Third Quarter (5/15/02)
Annualized gain: 4.40%
-Brooks Automation Inc. (BRKS), PRI Automation Inc. (PRIA)
Current discount: 10 cents or 0.42%
Acquirer: BRKS
Target: PRIA
Shares offered per share: 0.52
Value of offer per share: $23.96
Value of outstanding common shares: $608.6 million
Acquirer share price: $46.08
Target share price: $23.86
Expected closing: Second Quarter (4/25/02)
Annualized gain: 5.01%
-Chesapeake Energy Corp. (CHK), Canaan Energy Corp. (KNAN)
Current premium: 50 cents or 4.17%
Acquirer: CHK
Target: KNAN
Offer per share: $12 cash
Total deal value: $58.8 million
Target share price: $12.50
Expected closing: N/A
Annualized gain: N/A
Note: On March 15, Chesapeake deferred start of its planned
tender offer based on Canaan's request that the two hold
discussions.
-Ciena Corp. (CIEN), ONI Systems (ONIS)
Current discount: 14 cents or 2.23%
Acquirer: CIEN
Target: ONIS
Shares offered per share: 0.7104
Value of offer per share: $6.28
Value of outstanding common shares: $877.3 million
Acquirer share price: $8.84
Target share price: $6.14
Expected closing: Second Or Third Quarter (7/1/02)
Annualized gain: 8.49%
-Cytyc Corp. (CYTC), Digene Corp. (DIGE)
Current discount: 38 cents or 1.07%
Acquirer: CYTC
Target: DIGE
Offer Per Share: 1.1969 shares and $4 cash
Value of offer per share: $35.29
Value of outstanding common shares: $599.9 million
Acquirer share price: $26.14
Target share price: $34.91
Expected closing: Second Quarter (5/15/02)
Annualized gain: 7.73%
-EchoStar Communications Corp. (DISH), Hughes Electronics
Corp. (GMH)
Current discount: $4.34 or 20.66%
Acquirer: DISH
Target: GMH
Shares offered per share: 0.73
Value of offer per share: $20.99
Value of outstanding common shares: $18.37 billion
Acquirer share price: $28.75
Target share price: $16.65
Expected closing: Second half of 2002 (10/1/02)
Annualized gain: 50.04%
-General Growth Properties Inc. (GGP), JP
Realty Inc. (JPR)
Current premium: 53 cents or 2.03%
Acquirer: GGP
Target: JPR
Offer per share: $26.10 cash
Total deal value: $428 million
Target share price: $26.63
Expected closing: Second quarter (5/15/02)
Annualized gain: 14.24%
-Hewlett-Packard Co.
(HWP), Compaq Computer Corp. (CPQ)
Current discount: 83 cents or 7.3%
Acquirer: HWP
Target: CPQ
Shares offered per share: 0.6325
Value of offer per share: $11.36
Value of outstanding common shares: $19.31 billion
Acquirer share price: $17.96
Target share price: $10.53
Expected closing: First half of 2002 (4/15/02)
Annualized gain: 136.95%
-Identix Inc. (IDNX), Visionics Corp. (VSNX)
Current premium: 3 cents or 0.23%
Acquirer: IDNX
Target: VSNX
Shares offered per share: 1.3436
Value of offer per share: $12.09
Total deal value: $348.3 million
Acquirer share price: $9.00
Target share price: $12.12
Expected closing: Second quarter (5/15/02)
Annualized gain: 1.63%
-Intersil Corp. (ISIL), Elantec Semiconductor Inc. (ELNT)
Current discount: 57 cents or 1.34%
Acquirer: ISIL
Target: ELNT
Offer per share: 1.24 shares and $8 cash
Value of offer per share: $42.45
Total deal value: $980.5 million
Acquirer share price: $27.78
Target share price: $41.88
Expected closing: End of second quarter (6/30/02)
Annualized gain: 5.1%
-Legato Systems Inc. (LGTO), OTG Software Inc. (OTGS)
Current discount: 7 cents or 0.80%
Acquirer: LGTO
Target: OTGS
Offer per share: 0.6876 shares and $3 cash
Value of offer per share: $9.25
Value of outstanding common shares: $305.1 million
Acquirer share price: $9.81
Target share price: $9.17
Expected closing: End of second quarter (6/30/02)
Annualized gain: 3.05%
-Medtronic Inc. (MDT), VidaMed Inc. (VIDA)
Current discount: 4 cents or 0.51%
Acquirer: MDT
Target: VIDA
Offer per share: $7.91 cash
Value of outstanding common shares: $284.8 million
Target share price: $7.87
Expected closing: Beginning second quarter 4/12/02
Annualized gain: 10.31%
-Northrop Grumman Corp. (NOC), TRW Inc. (TRW)
Current premium: $4.33 or 9.21%
Acquirer: NOC
Target: TRW
Offer per share: $47 cash
Value of outstanding common shares: $5.94 billion
Target share price: $51.33
Expected closing: N/A
Annualized gain: N/A
Note: Northrop offered to pay $47 a share in its stock to
acquire TRW, which rejected the offer on March 13.
-PanCanadian Energy Corp. (PCX), Alberta Energy Co. (AOG)
Current premium: 10 cents or 0.21%
Acquirer: PCX
Target: AOG
Shares offered per share: 1.472
Value of offer per share: $44.73
Value of outstanding common shares: $6.61 billion
Acquirer share price: $30.39
Target share price: $44.83
Expected closing: Early April (4/4/02)
Annualized gain: 7.81%
-Phillips Petroleum Co. (P), Conoco Inc. (COC)
Current discount: 29 cents or 1%
Acquirer: P
Target: COC
Shares offered per share: 0.4677
Value of offer per share: $28.79
Value of outstanding common shares: $18 billion
Acquirer share price: $61.55
Target share price: $28.50
Expected closing: Second half of 2002 (9/30/02)
Annualized gain: 1.94%
-RWE AG (G.RWE), American Water Works Co. (AWK)
Current discount: $2.35 or 5.11%
Acquirer: G.RWE
Target: AWK
Offer per share: $46 cash
Value of outstanding common shares: $4.58 billion
Target share price: $43.65
Expected closing: 18 to 24 months (6/17/03)
Annualized gain: 4.38%
-Sabre Holdings (TSG), Travelocity.com (TVLY)
Current discount: 5 cents or 0.18%
Acquirer: TSG
Target: TVLY
Offer per share: $28.00
Value of outstanding common shares: $1.4 billion
Target share price: $27.95
Expected closing: Early April (4/5/02)
Annualized gain: 5.94%
Note: Sabre Holdings, which already owns 70% of
Travelocity,
raised its offer to $28 a share from $23 a share on March
18. Travelocity's board called the revised offer adequate
and advised shareholders to accept it.
-Security Capital Group Inc. (SCZ), Storage USA Inc. (SUS)
Current premium: 62 cents or 1.46%
Acquirer: SCZ
Target: SUS
Offer per share: $42.50
Value of outstanding common shares: $1.06 billion
Target share price: $43.12
Expected closing: Spring 2002 (5/5/02)
Annualized gain: 12.80%
-SmartForce PLC (SMTF), Centra Software Inc. (CTRA)
Current premium: 13 cents or 2.84%
Acquirer: SMTF
Target: CTRA
Shares offered per share: 0.425
Value of offer per share: $4.49
Value of outstanding common shares: $113.7 million
Acquirer share price: $10.57
Target share price: $4.62
Expected closing: Second Quarter 2002 (5/15/02)
Annualized gain: 19.79%
Note: SmartForce also agreed to assume all Centra's stock
options.
-Schering AG (SHR), Collateral Therapeutics Inc. (CLTX)
Current discount: 47 cents or 4.27%
Acquirer: SHR
Target: CLTX
Shares offered per share: 0.1847
Value of offer per share: $10.96
Total deal value: $145.7 million
Acquirer share price: $59.33
Target share price: $10.49
Expected closing: Third Quarter (8/15/02)
Annualized gain: 11.39%
Note: Schering already holds a 12% stake in Collateral and
is buying the remaining outstanding securities.
-Synopsys Inc. (SNPS), Avant Corp. (AVNT)
Current discount: 32 cents or 1.62%
Acquirer: SNPS
Target: AVNT
Shares offered per share: 0.371
Value of offer per share: $19.77
Value of outstanding common shares: $747.3 million
Acquirer share price: $53.29
Target share price: $19.45
Expected closing: Three to six months (5/17/02)
Annualized gain: 11.35%
-TLC Laser Eye Centers Inc. (TLCV), Laser Vision Centers
Inc. (LVCI)
Current discount: 4 cents or 1.32%
Acquirer: TLCV
Target: LVCI
Shares offered per share: 0.95
Value of offer per share: $3.04
Value of outstanding common shares: $78.7 million
Acquirer Share Price: $3.20
Target share price: $3
Expected closing: Late April (4/18/02)
Annualized gain: 20.28%
Updated March 25, 2002 11:11 a.m. EST |
