arbitrage spreads
Oracle darf Sun übernehmen
Thursday, January 21st, 2010Die Europäische Kommission genehmigte den Zusammenschluss am Donnerstag ohne Auflagen. Es drohe keine Einschränkung des Wettbewerbs im Europäischen Wirtschaftsraum.
Arbitrage Spreads On Pending Mergers & Acquisitions
Thursday, January 7th, 20103Com Corp. (COMS), Hewlett-Packard Co. (HPQ)
Premium offered: $0.36 or 4.77%
Acquirer: HPQ
Target: COMS
Offer per share: $7.90 cash
Value of outstanding common equity: $3,098,143,000
Target share price: $7.54
Acquirer share price: $52.04
Expected closing: 1st Half 2010 4/1/2010
Annualized gain: 20.75%
Note: Deal has been approved by the boards of both companies. The U.S. SEC
has reportedly opened an investigation of COMS option [...]
Arbitrage Spreads On Pending Mergers & Acquisitions
Wednesday, December 23rd, 2009Encore Acquisition Co. (EAC), Denbury Resources Inc. (DNR)
Premium offered: $1.97 or 4.10%
Acquirer: DNR
Target: EAC
Offer per share: $50.00 cash and stock
Value of outstanding common equity: $2,777,000,000
Target share price: $48.03
Acquirer share price: $14.83
Expected closing: 1Q 2010 2/14/2010
Annualized gain: 27.98%
Note: Each Encore holder is entitled to $15 in cash and a value of $35 of
Denbury stock if [...]
Exxon Mobil uebernimmt Erdgasfoerderer XTO Energy fuer 31 Mrd USD
Monday, December 14th, 2009The agreement, which is subject to XTO stockholder approval and regulatory clearance, will “enhance Exxon Mobil’s position in the development of unconventional natural gas and oil resources,” Exxon Mobil said.
Exxon Mobil has agreed to issue 0.7098 common shares for each common share of XTO.
The deal represents a 25% premium to XTO stockholders.
The transaction value includes [...]
Arbitrage Spreads On Pending Mergers & Acquisitions
Monday, December 7th, 2009Harleysville National Corp. (HNBC), First Niagara Fincl Grp. (FNFG)
Premium offered: $0.25 or 4.17%
Acquirer: FNFG
Target: HNBC
Shares offered per HNBC share: 0.474 shares
Value of offer per share: $6.32
Value of outstanding common equity: $272,591,428
FNFG share price: $13.34
HNBC share price: $6.07
Expected closing: 2/14/2010
Annualized gain: 21.90%
Note: First Niagara said in late Sept. it will offer $400M of stock to
bolster [...]
Currency Carry Trade
Monday, December 7th, 2009Der Currency Carry Trade ist eine Anlagestrategie des Devisenmarktes. Der Händler nimmt in einer Währung einen Kredit mit niedrigen Zinsen auf. Dieses Geld investiert er in einer Währung mit hohen Zinsen.
Dazu muss man keinen Kredit bei der ausländischen Bank aufnehmen, sondern es reicht, die Währung mit dem niedrigeren Leitzins zu verkaufen und diejenige mit dem [...]
M&A Arbitrage Spreads
Wednesday, October 28th, 2009On2 Technologies Inc. (ONT), Google Inc. (GOOG)
Premium offered: $0.01 or 1.62%
Acquirer: GOOG
Target: ONT
Shares offered per share: 0.00109487 shares
Value of offer per share: $0.60
Value of outstanding common equity: $105,306,468
GOOG share price: $548.01
ONT share price: $0.59
Expected closing: 4Q 2009 11/15/2009
Annualized gain: 33.45%
Note: On2 shareholders file lawsuit against Google Aug. 10 claiming the
deal’s price tag is unfair. [...]
M&A Arbitrage Spreads
Monday, October 26th, 2009On2 Technologies Inc. (ONT), Google Inc. (GOOG)
Premium offered: $0.01 or 1.90%
Acquirer: GOOG
Target: ONT
Offer per share: $0.60 stock
Value of outstanding common equity: $105,306,000
Target share price: $0.59
Acquirer share price: $559.47
Expected closing: Fourth quarter 11/15/2009
Annualized gain: 34.71%
Note: On2 shareholders file lawsuit against Google Aug. 10 claiming the
deal’s price tag is unfair.
Parallel Petroleum Corp. (PLLL), Apollo Global [...]
Arbitrage Spreads On Pending Mergers & Acquisitions
Friday, October 23rd, 2009Parallel Petroleum Corp. (PLLL), Apollo Global Management, LLC (Private)
Premium offered: $0.00 or 0.00%
Acquirer: Apollo
Target: PLLL
Offer per share: $3.15 cash
Value of outstanding common equity: $131,197,500
Target share price: $3.15
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 [...]