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   Strategies & Market TrendsSpeculating in Takeover Targets


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To: richardred who wrote (2584)12/13/2010 1:20:44 PM
From: richardred
   of 6272
 
Billionaire buys stake in EXCO Resources
Billionaire Wilbur Ross buys 7.5 percent stake in EXCO Resources

On Monday December 13, 2010, 10:55 am EST

NEW YORK (AP) -- Billionaire investor Wilbur L. Ross has purchased a stake in independent oil and gas company EXCO Resources Inc. and may want to discuss "extraordinary corporate transactions, such as a merger."

Ross' company, WL Ross & Co., notified the Securities and Exchange Commission Friday that it bought a 7.5 percent stake in EXCO. EXCO, based in Dallas, develops oil and gas fields in Texas, Louisiana, Appalachia and other parts of the U.S. Last month, CEO Douglas H. Miller announced plans to take the company private, offering $20.50 per share.

Calls to Ross's office and EXCO were not returned Monday morning.

EXCO controls about 1 trillion cubic feet of proven gas reserves and has struggled with low natural gas prices that have made some of its operations unprofitable. Its shares tumbled to a 52-week low of $13.25 in September.

They added 66 cents, or 3.6 percent, at $19.17 in morning trading.
finance.yahoo.com

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To: richardred who wrote (2627)12/13/2010 1:51:28 PM
From: richardred
   of 6272
 
Added more TCCO-at 14.00

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To: richardred who wrote (2629)12/13/2010 11:20:27 PM
From: Paul Senior
   of 6272
 
Added to my EXCO position today based on that, fwiw.

Too many pro's now in that stock for the company not to be a buyout. At what price though, I don't know. So a buyer's gain now from the stock's current price might not be so great.

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To: richardred who wrote (2274)12/14/2010 12:52:02 AM
From: richardred
   of 6272
 
UPDATE 2-Galderma bids $967 mln for Swedish implant firm Q-Med


By Helena Soderpalm

STOCKHOLM, Dec 13 (Reuters) - Galderma, a joint venture between L'Oreal (OREP.PA) and Nestle (NESN.VX), launched a bid for Sweden's Q-Med (QMED.ST) for about $970 million, creating a bigger rival in anti-ageing treatments to Botox maker Allergan Inc (AGN.N).

Cosmetic surgery is growing massively across the world with Botox and other facial filler treatments among the most popular procedures. [ID:nN14151304]

Buying Q-Med would give Galderma access to the Swedish firm's Restylane product, an alternative to Botox for smoothing out wrinkles and making faces look plumper and younger.

Q-Med also produces a gel that is used in breast enlargement and body contouring without the need for surgery.

Galderma, which makes products aimed at treating skin, hair and nail diseases like acne, psoriasis and skin cancer, said the offer was worth around 75 crowns per share.

It values Q-Med at 32.9 times earnings per share in the 12 months to end-September. That compares with a price-to-earnings ratio of about 22 times at Allergan, and 12.2 times at U.S. partner Medicis, according to Thomson Reuters data.

Medicis Pharmaceutical Corp (MRX.N) sells Restylane in North America.

"We have called the 10 biggest owners to tell them about the offer and have had a positive reaction," Anders Milton, a director and Chairman of the bid committee at Q-Med said.

Shares in Q-Med, which made a pretax profit of 756 million Swedish crowns on revenues of 1.4 billion in 2009, were up 12.8 percent at 74.75 crowns at 1238 GMT, indicating the market belives that the deal will go through.
reuters.com

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To: richardred who wrote (2614)12/14/2010 11:10:56 AM
From: richardred
   of 6272
 
Cypress Board Rejects Ramius' $6.00 All-Cash Offer
Announces Intention to Increase Tender Offer to $6.00 Per Share in Cash
prnewswire

Press Release Source: Ramius LLC On Tuesday December 14, 2010, 10:51 am

NEW YORK, Dec. 14, 2010 /PRNewswire/ -- Ramius V&O Acquisition LLC, a subsidiary of Ramius LLC (collectively, "Ramius"), today announced that Cypress Bioscience, Inc. (Nasdaq:CYPB - News) has rejected its fully financed offer to acquire all of Cypress' outstanding Common Stock in a negotiated transaction for $6.00 per share in cash.

Ramius and affiliates of Royalty Pharma Finance Trust ("Royalty Pharma") had fully negotiated the terms of a definitive merger agreement with Cypress over the past few days and in connection therewith increased their offer to acquire all of Cypress' outstanding Common Stock to $6.00 per share in cash. Yesterday, Ramius and Royalty Pharma were led to believe that the revised offer would likely be acceptable to the Board of Directors of Cypress and that the Board would be meeting last night to consider the revised offer.

Unfortunately, Ramius and Royalty Pharma learned Monday night that the Board had rejected its offer and that the Company is pursuing an alternative transaction with a third party. Ramius and Royalty Pharma believe that the Company is now considering a less certain, alternative transaction with this third party.

In light of the foregoing, Ramius intends to promptly amend its current tender offer to increase the offer price to $6.00 per share in cash and, among other things, to eliminate the financing condition.

Ramius currently owns 9.9% of Cypress and commenced a tender offer on September 15, 2010 to purchase all of the shares of Cypress it does not currently own for $4.25 per share.

Ramius urges the members of the Cypress Board to carefully consider their fiduciary duties to Cypress' stockholders and to give Cypress stockholders an opportunity to choose which transaction they prefer. In particular, Ramius urges the Cypress Board not to agree to any break-up fee with the other party or any other terms that are disadvantageous to Ramius and Cypress' stockholders.

For further information regarding Ramius' tender offer, shareholders can visit www.tenderforcypressbio.com. Otherwise, to contact Ramius directly, stockholders can email contact information to cypbtender@ramius.com.

IMPORTANT INFORMATION REGARDING THE TENDER OFFER

Ramius V&O Acquisition LLC, a wholly-owned subsidiary of Ramius Value and Opportunity Advisors LLC, has commenced, along with certain of its affiliates, a tender offer to purchase all of the outstanding shares of common stock of Cypress at $4.25 per share, net to the seller in cash, without interest. The offer is now scheduled to expire at 12:00 Midnight, New York City time, on December 17, 2010, unless the offer is extended.

Innisfree M&A Incorporated is the Information Agent for the tender offer and any questions or requests for the Offer to Purchase and related materials with respect to the tender offer may be directed to Innisfree M&A Incorporated.

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES. THE SOLICITATION AND THE OFFER TO BUY CYPRESS' COMMON STOCK IS ONLY BEING MADE PURSUANT TO AN OFFER TO PURCHASE AND RELATED MATERIALS THAT RAMIUS VALUE AND OPPORTUNITY ADVISORS LLC HAS FILED (AND WILL FILE) WITH THE SECURITIES AND EXCHANGE COMMISSION. STOCKHOLDERS SHOULD READ THESE MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. STOCKHOLDERS MAY OBTAIN THE OFFER TO PURCHASE AND RELATED MATERIALS WITH RESPECT TO THE TENDER OFFER FREE AT THE SEC'S WEBSITE AT WWW.SEC.GOV/ OR FROM RAMIUS LLC BY CONTACTING INNISFREE M&A INCORPORATED TOLL-FREE AT (877) 717-3936 OR COLLECT AT (212) 750-5833.

The offer is now scheduled to expire at 12:00 Midnight, New York City time, on December 17, 2010, unless extended.

About Ramius LLC

Ramius LLC is a registered investment advisor that manages assets in a variety of alternative investment strategies. Ramius LLC is headquartered in New York with offices located in London, Luxembourg, Tokyo, Hong Kong and Munich.

Contact:




Ramius LLC


Peter Feld, 212-201-4878


Gavin Molinelli, 212-201-4828


Follow Yahoo! Finance on Twitter; become a fan on Facebook.
finance.yahoo.com

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To: richardred who wrote (2633)12/15/2010 11:02:13 AM
From: richardred
   of 6272
 
Cypress jumps on buyout deal

BOSTON (MarketWatch) -- Cypress Bioscience /quotes/comstock/15*!cypb/quotes/nls/cypb (CYPB 6.46, +0.71, +12.32%) shares jumped 12% to $6.47 early Wednesday on news that it has agreed to be acquired by Ramius V&O Acquisition LLC and Royalty Pharma for $6.50 a share, or $255 million. Ramius, which already owns shares of Cypress, said the buyout price represents a 160% premium over Cypress' last closing price before Ramius disclosed it was interested in buying the biotech company in mid-July.
marketwatch.com

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To: richardred who wrote (2630)12/15/2010 11:13:24 AM
From: richardred
   of 6272
 
TCCO-Doubled position-GTC-order was filled yesterday- at 12.35

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To: richardred who wrote (2626)12/15/2010 11:14:31 AM
From: richardred
   of 6272
 
SMOD-GTC order filled yesterday-6.28

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To: richardred who wrote (2462)12/15/2010 11:21:29 AM
From: richardred
   of 6272
 
Novartis Buys Rest of Alcon for $12.9 Billion



By GORAN MIJUK, JEANNE WHALEN And DANA CIMILLUCA

ZURICH—Novartis AG Wednesday paved the way to take full ownership of Alcon Inc. after sweetening its original share offer with a cash component, ending a drawn-out battle to acquire the remaining 23% of the U.S. eye-care company in a deal worth $12.9 billion.

The full acquisition—intended to help Novartis capitalize on an eye-care market that is expected to grow faster than pharmaceuticals in coming years—will now cost Novartis about $51.6 billion, making it Switzerland's biggest takeover so far and one of the biggest ever in the industry.

Under the new agreement, Novartis will guarantee minority shareholders $168 per share. The number of Novartis shares it's offering hasn't changed, and still stands at 2.8. When the offer to the public shareholders was made at the beginning of the year, it was valued at about $153 per share, but Novartis stock has risen since then. The new $168-a-share offer equals the average of what Novartis previously paid Nestle SA for two chunks of Alcon totaling 77% of the company. Novartis paid Nestle $38.7 billion in total.

Novartis said it will add cash if necessary to guarantee a value of $168 per share should its stock drop. If the value of 2.8 Novartis shares is more than $168, then the number of Novartis shares will be reduced accordingly. When Novartis made its initial bid to minority shareholders, they rejected it as too low.

Minority shareholders meanwhile pressed Novartis to provide them with some sort of cash buffer that would help shield them if Novartis's share price were to fall in value.

Alcon's independent board of directors, which backs the new deal, had previously threatened possible litigation and had opened a $50 million trust to finance potential lawsuits.

"With this step Novartis takes full ownership, becoming the global leader in eye care, a rapidly expanding, innovative platform based on the growing needs of an aging population," Novartis chairman Daniel Vasella said in a statement.

The full buyout reflects Novartis's drive to broaden its product portfolio and help it tap the growing eye-care market. Alcon's inclusion will add about $6.5 billion in additional sales to Novartis, which last year had revenue of about $44 billion. The buyout should also help the Swiss company mitigate a steep sales drop from lost patent protection for its two biggest medicines, heart drug Diovan and cancer drug Glivec.

Novartis predicts that fully acquiring Alcon will help it create annual synergies of about $300 million, up from $200 million that would have resulted from a partial acquisition. Also, owning only 77% of the company would have forced it to run Alcon at arm's length.

Novartis shares traded 6.6% higher in Zurich on Wednesday, up 3.20 Swiss francs at 56.80 francs—still valuing the stock portion of the bid at marginally below the guaranteed value. Shares of Alcon had closed at $162.43 on the New York Stock Exchange Tuesday and are likely to move toward $168 on Wednesday.
online.wsj.com

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To: richardred who wrote (2634)12/15/2010 11:25:35 AM
From: Paul Senior
   of 6272
 
Very nice!

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