Mergers & Acquisitions Report articles from March 2006

Mergers & Acquisitions Report archives from March 2006

Boston Scientific/Guidant: Only Brief Delay.(Boston Scientific Corp. buying Guidant Corp.)
March 6, 2006... Last Wednesday, when Boston Scientific Corp. (BSC) pushed out the expected close of its $27 billion takeout of Guidant Corp. by as much as a week, Mergers & Acquisitions Report got solid checks BSC was on track to get its antitrust nod. An...

Harmonic Covertly Attempts To Sell.(company looking for buyers)
March 6, 2006... Since the end of last year, $430 million market cap Harmonic Inc. has been soliciting buyers. Although the Sunnyvale, Calif.-based cable systems provider has not publicized its auction, an equity analyst said Harmonic is indeed up for sale. ...

FirstBank Finds Potential White Knights.(Crescent Capital Corp. acquires First Bank Northwest)
March 6, 2006... In the weeks since its largest shareholder made an unsolicited takeout offer, FirstBank NW Corp. has received interest from other possible bidders, said the bank's chief executive officer. When asked if the $110 million market cap bank...

Ashworth Investors Tee Up for Proxy Battle.
March 6, 2006... On the block for more than three months, $120 million market cap Ashworth Inc. now faces a proxy fight from former Wall Street investment banking heavyweights. Among the six nominees to the golf apparel designer's 10-director board: Mike...

Acquisitive Teva Brings On New M&A Pro.(Teva Pharmaceutical Industries Ltd. appointed Itzhak Krinsky for managing mergers and acquisitions)(Brief Article)
March 6, 2006... Teva Pharmaceutical Industries Ltd. recently tapped an investment banking veteran to head its M&A operations. Itzhak Krinsky assumed the role of corporate VP of business development after Israel-based Teva completed its $7.4 billion...

Extendicare Evaluates Its Takeout Potential.(stocks)
March 6, 2006... Markham, Ontario-based Extendicare Inc. could be looking for potential buyers in the U.S. On Feb. 22, the US$1.5 billion market cap long-term care and assisted living facility operator announced the start of its strategic review and its...

Catalytica Lands Interest in Division.(Catalytica Energy Systems Inc.)
March 6, 2006... Catalytica Energy Systems Inc., a Gilbert, Ariz.-based emissions control company, has some potential bidders lined up for its gas turbine business. A company spokeswoman said Catalytica has "initiated discussions with several third parties"...

James River Taps Morgan Stanley And Street Jumps.(James River Coal Co.)(Brief Article)
March 6, 2006... When Pirate Capital LLC first filed on $660 million market cap James River Coal Co. (JRC), on Nov. 17, the Street's reaction was mild. JRC' shares rose 3% to $40.45. Not so last Wednesday when the Richmond, Va.-based coal mining company...

Will Lafarge Pony Up More for U.S. Sub?(North American subsidiary Lafarge North America Inc.)
March 13, 2006... Paris-based cement maker Lafarge SA will have to pay at least $85 per share if it is serious about acquiring the rest of its North American subsidiary Lafarge North America Inc. (LNA), say sources. A week ago, Herndon, Va.-based LNA asked...

LCA Chairman Buys Big Chunk of TLC Vision.(Stephen Joffe)(LCA-Vision Inc.)
March 13, 2006... When Stephen Joffe, chairman of $890 million market cap LCA-Vision Inc., filed on a large personal stake in main LCA competitor, $460 million market cap TLC Vision Corp., the Street saw M&A stars. On March 3 after the market closed, Joffe,...

Intrawest CEO Downplays Idea of A Takeout.
March 13, 2006... Intrawest Corp.'s chairman and chief executive officer denies the company's review means it's only seeking a sale, but the company's ski resorts could attract interest from buyers. The Street reacted positively when US$1.5 billion market...

Robert W. Baird Boosts M&A.(interview)(Interview)
March 13, 2006... Robert W. Baird & Co.'s newly promoted director of M&A development, Rodney Tyson, said the service sector is in the midst of an upswing and said that is where his firm sees opportunities. In an exclusive interview with Mergers & Acquisitions...

With Burkle Lurking, Source Interlink Investigates Options.(Ron Burkle)
March 13, 2006... The Street was intrigued by a possible sale of Source Interlink Cos. Inc. (SIC), of which Ron Burkle controls almost 35%. The $540 million market cap entertainment products and marketing services provider announced on March 2, after the market...

Back for Round Two, Reinhold Industries Hopes To Land Buyer.
March 13, 2006... Reinhold Industries Inc. is once again looking for buyers, and this time the Street is taking the company seriously. Reinhold's shares jumped 20% to $9.95 on Feb. 28, when the company publicized its review and at press time traded at $10. ...

Quipp Eyes Its Strategic Future.
March 13, 2006... Quipp Inc., like most microcaps, is on a quest to elevate its standing in the market and its equity valuation, and that might result in a takeout. The Miami-based maker of material handling equipment for the newspaper printing industry...

Applica Aims To Sell Itself.
March 13, 2006... Consumer appliance marketer and distributor Applica Inc. is now marketing itself. On Feb. 28, the $60 million market cap company announced a strategic review and its retention of Banc of America Securities. The Street agreed with the...

Street Ups the Ante on Pinnacle's Aztar Buy.(Pinnacle Entertainment Inc., Aztar Corp.)
March 20, 2006... A week ago, when Pinnacle Entertainment Inc. announced its $2.1 billion cash takeout of Aztar Corp., the Street immediately placed bets on a richer offer. But all five sell-side analysts interviewed gave that outcome very long odds. Las...

Is CHC's Dobbin Spinning His M&A Blades?(CHC Helicopter Corp., Craig Dobbin)
March 20, 2006... An executive at C$1.9 billion market cap CHC Helicopter Corp. may find it more difficult than he thought to take the company private. Analysts say that shareholders will likely not be too keen on selling their shares, even at the higher rim of...

Few Bidders Will Likely Surface For Inter-Tel.(Inter-Tel Inc.)
March 20, 2006... Although $550 million market cap Inter-Tel Inc.'s founder and largest shareholder filed a 13D advocating a possible sale, an M&A pro at a larger competitor said buyers won't bite. Tempe, Ariz.-based Inter-Tel provides Internet protocol...

Devcon Bidder To Strike Again, but Likely In Vain.(Devcon International Corp.)
March 20, 2006... The security market entrepreneur whose takeout proposal for $61 million market cap Devcon International Corp. was rejected by the company said he will bid again, but doubts he will be able to raise the offer high enough to get the company to...

Possible Bidders Check Out Retirement.(Retirement Residences Real Estate Investment Trust invites bidders)
March 20, 2006... Although C$885 million market cap Retirement Residences REIT (RRR) has received several expressions of takeout interest, a company spokesman told Mergers & Acquisitions Report, "There has been no firm commitment received from anyone." The...

Interchange To Sell National Search Biz.
March 20, 2006... Internet search engine company Interchange Corp. may have difficulty selling its national search business (NSB), said an analyst. The $35 million market cap company announced on March 7 it is exploring strategic alternatives for NSB with the...

Lipid Sciences Still Stirs Its Review Pot.(acquisitions)
March 20, 2006... Biotechnology microcap Lipid Sciences Inc. is on the block-maybe. For more than two years, the $65 million market cap biotechnology company has included a disclaimer in its quarterly reports that its board "continues to consider third-party...

Minacs Mines M&A Options.(bids on for Minacs Worldwide Inc.)
March 20, 2006... Even though the publicized bid for Minacs Worldwide Inc. (MWI) was withdrawn, the C$115 million market cap company has attracted other interested parties, sources revealed. Toronto-based MWI provides business process outsourcing (BPO)...

MoFo M&A Partner Talks about Topping Bids and Other Trends.(Morrison & Foerster LLP, Mergers & Acquisitions)(Interview)
March 20, 2006... Termination fees have come more into focus, given the increase in spoiler bids, particularly high-profile ones such as Boston Scientific Corp.'s $27 billion intrusion on Johnson & Johnson's definitive for Guidant Corp. So remarked Larry...

Few Expect Kerzner To Land Topping Bid.
March 27, 2006... The Street sees more M&A riches for Kerzner International Ltd., much as it does for another gaming company, Aztar Corp., whose takeout was inked the week before Kerzner's $3.6 billion deal. But like $1.4 billion market cap Aztar, which is being...

Pfizer: Unlikely To Bid for Neurocrine.(Neurocrine Biosciences Inc)
March 27, 2006... An analyst recently raised the possibility of Pfizer Inc. acquiring $2.5 billion market cap Neurocrine Biosciences Inc. But other analysts who follow Neurocrine disagree that such an acquisition would take place in the near future, based on...

Encore Wire Corp. Is Not Wired For M&A.
March 27, 2006... In spite of a consolidation spree in the $3.5 billion U.S. wire and cable industry over the past few years, it does not look like $740 million Encore Wire Corp. will be getting involved any time soon. Although on March 17, William Lyons, an...

Live Nation Gets Serious About Entertaining M&A.(mergers and acquisitions)
March 27, 2006... Live Nation Inc. might put M&A on its schedule, said the $1 billion market cap live entertainment promoter's new M&A professional, Michael Rowles, in an interview last week with Mergers & Acquisitions Report. Los Angeles-based Live Nation...

Michaels Makes Market Waves.(Michaels Stores Inc)
March 27, 2006... Arts and crafts giant Michaels Stores Inc. will likely go the way of many crafts and apparel companies in recent history-into the hands of private equity, say analysts. The $5 billion market cap retailer announced a week ago that it is...

London Fog Files Chapter 11, Solicits Bids for Pacific Trail.
March 27, 2006... Concurrent with filing Chapter 11 last Tuesday, The London Fog Group announced the auction of its Pacific Trail outerwear business. Several sporting goods industry insiders said London Fog has been shopping Pacific Trail for "quite a while."...

SSA Marine Mulls Strategic Options.
March 27, 2006... Privately held port operations manager SSA Marine could be sailing toward a sale. The company announced on March 17 that it started a strategic review and retained Citigroup as its advisor. Seattle-based SSA leases and operates seven U.S....

Le Chateau Tries On M&A Clothes.(mergers and acquisitions)
March 27, 2006... Canadian apparel retailer Le Chateau Inc. is going on the block after recording strong sales. In a March 14 release, the C$352 million market cap company announced it is exploring strategic alternatives with the help of Genuity Capital Markets....