JAV news BUYOUT $ 2.02
Arbitrage Spreads On Pending Mergers & Acquisitions -2-
Last update: 5/26/2010 10:18:21 AM
Iowa Telecommunication Services Inc. (IWA), Windstream Corp. (WIN)
Premium offered: -$0.08 or -0.48%
Acquirer: WIN
Target: IWA
Offer per share: 0.804 share and $7.90 per share
Value of offer per share: $16.47
Value of outstanding common equity securities: $540,401,698
Acquirer share price: $10.66
Target share price: $16.55
Expected closing: Early June 6/1/2010
Annualized gain: -29.17%
Note: The boards of both companies have approved the deal and hope to close
it in mid-2010.
Javelin Pharmaceuticals Inc. (JAV), Hospira Inc. (HSP)
Premium offered: $0.62 or 39.24%
Acquirer: HSP
Target: JAV
Offer per share: $2.20 cash
Value of outstanding common equity: $141,614,000
Target share price: $1.58
Acquirer share price: $51.23
Expected closing: N/A
Annualized gain: N/A
Note: Hospira's tender offer is expected to close June 2.
Mariner Energy (ME), Apache Corp. (APA)
Premium offered: $1.26 or 5.76%
Acquirer: APA
Target: ME
Offer per share: 0.17043 share and $7.80 per share
Value of offer per share: $23.16
Value of outstanding common equity securities: $2,357,311,914
Acquirer share price: $90.13
Target share price: $21.90
Expected closing: 8/15/2010
Annualized gain: 25.78%
Mirant Corp. (MIR), RRI Energy Inc. (RRI)
Premium offered: -$0.09 or -0.78%
Acquirer: RRI
Target: MIR
Shares offered per share: 2.835 shares
Value of offer per share: $11.91
Value of outstanding common equity: $1,726,157,790
FNFG share price: $4.20
Acquirer share price: $12.00
Expected closing: By Year End 8/31/2010
Annualized gain: -2.92%
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%.
North American Galvanizing & Coatings Inc. (NGA), AZZ Inc. (AZZ)
Premium offered: $0.03 or 0.40%
Acquirer: AZZ
Target: NGA
Offer per share: $7.50 cash
Value of outstanding common equity: $124,725,000
Target share price: $7.47
Acquirer share price: $36.96
Expected closing: AZZ's Fiscal 2Q 7/16/2010
Annualized gain: 2.85%
Note: AZZ's tender offer is expected to expire June 7.
Odyssey HealthCare Inc. (ODSY), Gentiva Health Services Inc. (GTIV)
Premium offered: $0.49 or 1.85%
Acquirer: GTIV
Target: ODSY
Offer per share: $27.00 cash
Value of outstanding common equity: $906,120,000
Target share price: $26.51
Acquirer share price: $28.25
Expected closing: 3Q 2010 8/15/2010
Annualized gain: 8.28%
Palm Inc. (PALM), H-P (HPQ)
Premium offered: $0.00 or 0.04%
Acquirer: HPQ
Target: PALM
Offer per share: $5.70 cash
Value of outstanding common equity: $961,932,000
Target share price: $5.70
Acquirer share price: $46.59
Expected closing: HP's Fiscal 3Q 6/15/2010
Annualized gain: 0.80%
Phase Forward (PFWD), Oracle (ORCL)
Premium offered: $0.21 or 1.25%
Acquirer: ORCL
Target: PFWD
Offer per share: $17.00 cash
Value of outstanding common equity: $740,690,000
Target share price: $16.79
Acquirer share price: $22.52
Expected closing: mid year 8/31/2010
Annualized gain: 4.71%
Psychiatric Solutions Inc. (PSYS), Universal Health Services Inc. (UHS)
Premium offered: $1.55 or 4.81%
Acquirer: UHS
Target: PSYS
Offer per share: $33.75 cash
Value of outstanding common equity: $1,929,487,500
Target share price: $32.20
Acquirer share price: $42.76
Expected closing: 4Q 2010 11/15/2010
Annualized gain: 10.13%
(MORE TO FOLLOW) Dow Jones Newswires
May 26, 2010 10:18 ET (14:18 GMT)
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