M&A Update 10-22-07; Buyout Arbitrageurs wait for Boards to react to superior offers
Posted by: in Private Industry NewsFiled under: Top deals, Private equity industry, Activist investing, Shareholders
BEA Systems(NASDAQ:BEAS), a leading supplier of service-oriented architecture (SOA) and middle-ware software, received a proposal on 10/12/07 from Oracle(NASDAQ:ORCL) to be acquired for $17 a share in cash. BEAS shut at $18.20. BEAS shareholder, Carl Icahn, wants BEAS wants to be auctioned off. BEAS over all option implied volatility of 26 is below its 26-week average of 39 according to Track Data, suggesting decreasing risk.
Biogen(NASDAQ:BIIB) announced on 10/12/07 “that its Board of Directors has authorized management to evaluate whether third celebrations would have an interest in acquiring the company at a price and on terms that would represent a better value for stockholders.” BIBB will report EPS on 10/23. BIIB November option implied volatility of 37 is above its 26-week average of 32 according to Track Data, suggesting larger risk.
Daily M&A Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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