EX-99.C2III 2 ex_99c2iii.htm EXHIBIT C2III ex_99c2iii.htm

Exhibit (c)(2)(iii)
 
M&A TRANSACTIONS ANNOUNCED 1/1/2005 - 12/15/2010
ACQUIROR OWNS  65%-85% OF TARGET PRIOR TO TRANSACTION AND 100% AFTER TRANSACTION; TRANSACTION VALUE > $10 MILLION
Source:  FactSet Mergerstat as of December 15, 2010.

Announced
    
Completed
    
Transaction Status
   
Target
Company
Name
   
Target
Ticker
   
Acquirer
Company
Name
    
% of Target Shares Owned Prior to Transaction
  
%
Sought
  
% Owned After Transaction
  
Transaction Value
(USD)
  
Enterprise Value
  
1 Day Premium
  
1 Week Premium
  
1 Month Premium
  
90 Day Premium
  
180 Day Premium
  
360 Day Premium
12/15/10
     
Pending
 
Alcon
 
ALC
 
Novartis AG
 
77.0
 
            23.0
 
          100.0
 
 $      12,900.0
 
 $       46,865.0
 
3.4%
 
4.7%
 
3.2%
 
1.3%
 
14.8%
 
2.9%
09/13/10
     
Pending
 
Consolidated Capital Institutional Properties
 
XXLOD
 
AIMCO Properties LP
 
76.7
 
            23.3
 
          100.0
 
              112.2
 
               112.8
 
0.0%
 
0.0%
 
0.0%
 
NA
 
NA
 
NMF
08/26/10
     
Pending
 
Wesco Financial Corp.
 
WSC
 
Berkshire Hathaway, Inc.
 
80.1
 
            19.9
 
          100.0
 
              499.6
 
            2,163.2
 
8.6%
 
8.2%
 
3.2%
 
(8.6%)
 
(0.3%)
 
16.8%
07/12/10
     
Pending
 
Playboy Enterprises, Inc.
 
PLA
 
Rizvi Traverse Management LLC, Playboy Enterprises, Inc. /Hefner/
 
69.5
 
            30.5
 
          100.0
 
              142.1
 
               283.9
 
39.6%
 
32.9%
 
39.6%
 
65.7%
 
31.3%
 
132.1%
03/22/10
     
Pending
 
Bancinsurance Corp.
 
BCIS
 
Bancinsurance Corp. /Private Group/
 
74.2
 
            25.8
 
          100.0
 
                11.4
 
                 34.7
 
70.0%
 
79.0%
 
58.0%
 
139.4%
 
58.3%
 
112.2%
06/02/10
 
08/30/10
 
Completed
 
Gerdau AmeriSteel Corp.
 
GNA
 
Gerdau SA
 
66.3
 
            33.7
 
          100.0
 
           3,508.3
 
            6,670.0
 
51.1%
 
56.9%
 
45.7%
 
32.2%
 
39.9%
 
45.9%
03/21/10
 
06/01/10
 
Completed
 
CNX Gas Corp.
 
CXG
 
CONSOL Energy, Inc.
 
83.3
 
            16.7
 
          100.0
 
           1,095.5
 
            5,906.3
 
24.2%
 
25.6%
 
37.8%
 
30.5%
 
27.4%
 
47.1%
09/04/09
 
10/22/09
 
Completed
 
Odyssey Re Holdings Corp.
 
ORH
 
Fairfax Financial Holdings Ltd.
 
72.6
 
            27.4
 
          100.0
 
           1,041.5
 
            3,434.1
 
29.4%
 
29.7%
 
40.5%
 
67.7%
 
55.9%
 
65.2%
07/06/09
 
09/21/09
 
Completed
 
Woodbridge Holdings Corp.
 
WDGH
 
BFC Financial Corp.
 
77.9
 
            22.1
 
          100.0
 
                17.9
 
               371.4
 
26.2%
 
21.8%
 
(7.5%)
 
78.0%
 
131.7%
 
NMF
06/29/09
 
11/18/09
 
Completed
 
First Advantage Corp.
 
FADV
 
The First American Corp.
 
74.0
 
            26.0
 
          100.0
 
              231.6
 
               902.1
 
18.9%
 
34.8%
 
12.4%
 
30.9%
 
10.0%
 
(4.1%)
03/25/09
 
06/05/09
 
Completed
 
Hearst-Argyle Television, Inc.
 
HTV
 
The Hearst Corp.
 
82.0
 
            18.0
 
          100.0
 
              867.5
 
            1,215.3
 
115.3%
 
150.0%
 
174.4%
 
(58.7%)
 
(28.2%)
 
NMF
03/23/09
 
05/29/09
 
Completed
 
Cox Radio, Inc.
 
CXR
 
Cox Enterprises, Inc.
 
78.4
 
            21.6
 
          100.0
 
              481.8
 
               780.9
 
45.5%
 
47.7%
 
(5.1%)
 
(4.0%)
 
(21.3%)
 
NMF
08/12/08
 
09/29/08
 
Completed
 
UnionBanCal Corp.
 
UB
 
The Bank of Tokyo-Mitsubishi UFJ Ltd.
 
65.4
 
            34.6
 
          100.0
 
           3,512.8
 
          17,939.9
 
26.3%
 
28.6%
 
80.4%
 
36.7%
 
36.7%
 
22.5%
06/26/08
 
08/28/08
 
Completed
 
Five Star Products, Inc.
 
FSPX
 
National Patent Development Corp.
 
76.0
 
            24.0
 
          100.0
 
                31.9
 
                 37.0
 
17.7%
 
17.7%
 
23.1%
 
(31.0%)
 
(2.4%)
 
(37.5%)
03/10/08
 
01/02/09
 
Completed
 
Nationwide Financial Services, Inc.
 
NFS
 
Nationwide Mutual Insurance Co.
 
66.3
 
            33.7
 
          100.0
 
           2,411.6
 
            8,956.8
 
37.8%
 
28.7%
 
24.3%
 
18.4%
 
18.4%
 
(0.5%)
02/22/07
 
09/28/07
 
Completed
 
Great American Financial Resources, Inc.
 
GFR
 
American Financial Group, Inc.
 
81.0
 
            19.0
 
          100.0
 
              222.4
 
               879.3
 
13.2%
 
15.0%
 
12.5%
 
6.2%
 
6.2%
 
23.1%
11/20/06
 
04/12/07
 
Completed
 
Hanover Direct, Inc.
 
HNVD
 
Chelsey Direct LLC
 
68.5
 
            31.5
 
          100.0
 
                34.1
 
                 37.9
 
(79.2%)
 
(80.0%)
 
(77.3%)
 
(80.0%)
 
NMF
 
NMF
11/06/06
 
07/19/07
 
Completed
 
Moscow CableCom Corp.
 
MOCC
 
Renova Media Enterprises Ltd.
 
81.0
 
            19.0
 
          100.0
 
                16.0
 
               159.7
 
29.1%
 
25.9%
 
46.3%
 
24.8%
 
42.8%
 
166.0%
03/21/06
 
05/25/06
 
Completed
 
Erie Family Life Insurance Co.
 
ERIF
 
Erie Indemnity Co., Erie Insurance Exchange
 
75.1
 
            24.9
 
          100.0
 
                75.3
 
               328.8
 
6.7%
 
13.8%
 
16.4%
 
14.1%
 
14.1%
 
(0.6%)
01/19/06
 
01/19/06
 
Completed
 
Dreyer's Grand Ice Cream Holdings, Inc.
 
NA
 
Nestle SA
 
67.0
 
            33.0
 
          100.0
 
           2,595.0
 
7,863.4
 
0.1%
 
0.1%
 
0.4%
 
NA
 
NA
 
NA
10/14/05
 
10/14/05
 
Completed
 
OSE USA, Inc.
 
OSEE
 
Orient Semiconductor Electronics Ltd.
 
72.7
 
            27.3
 
          100.0
 
                37.1
 
37.7
 
(40.0%)
 
(40.0%)
 
(40.0%)
 
0.0%
 
0.0%
 
(28.6%)
10/10/05
 
01/06/06
 
Completed
 
Micro Therapeutics, Inc.
 
MTIX
 
ev3, Inc.
 
70.2
 
            29.8
 
          100.0
 
              108.7
 
377.7
 
33.0%
 
40.8%
 
33.7%
 
94.6%
 
94.6%
 
91.3%
05/04/05
 
02/03/06
 
Completed
 
Aricent, Inc.
 
532266
 
Flextronics International Ltd.
 
69.7
 
            30.3
 
          100.0
 
                99.9
 
412.6
 
4.3%
 
15.0%
 
14.9%
 
NA
 
NA
 
NA
03/04/05
 
05/16/05
 
Completed
 
Siliconix, Inc.
 
SILI
 
Vishay Intertechnology, Inc.
 
80.4
 
            19.6
 
          100.0
 
              199.3
 
               711.1
 
16.9%
 
19.5%
 
5.6%
 
(9.4%)
 
(9.4%)
 
(23.3%)
02/21/05
 
07/21/05
 
Completed
 
Eon Labs, Inc.
 
ELAB
 
Novartis AG
 
67.7
 
            32.3
 
          100.0
 
              829.9
 
            2,694.0
 
11.0%
 
7.8%
 
24.2%
 
29.8%
 
29.8%
 
7.1%
01/27/05
 
04/20/05
 
Completed
 
Genencor International, Inc.
 
GCOR
 
Danisco A/S
 
84.0
 
            16.0
 
          100.0
 
              268.5
 
            1,233.2
 
23.9%
 
22.4%
 
18.7%
 
24.0%
 
24.0%
 
44.1%
                                                                 
           
Source:  FactSet Mergerstat as of December 15, 2010.
                                             
 
                                       
Mean
 
20.5%
 
23.3%
 
22.5%
 
21.8%
 
26.1%
 
35.9%
                                       
Median
 
21.4%
 
22.1%
 
17.5%
 
24.0%
 
21.2%
 
22.5%