Wow! Today's deals were unprecedented. Instead of looking at what companies are buyout targets, we'll have to start looking at what companies aren't buyout targets.
Here is a run-down:
1. Vivendi (V) confirmed a friendly takeover approach from private equity group KKR. Earlier reports suggested KKR made a 40 billion euro bid for Vivendi, but the talks broke off due to tax and other complications.
2. Abbott (NYSE: ABT
) and Kos Pharmaceuticals, Inc. (Nasdaq: KOSP
) announced a definitive agreement for Abbott to acquire Kos for $78 per share in cash, for a total transaction value of $3.7 billion, net of cash currently held by Kos.
3. Four Seasons Hotels Inc. (NYSE: FS
) received a proposal to pursue a transaction through which Four Seasons would be taken private for $82 per share in cash. The proposed transaction values Four Seasons at US$3.7 billion. The proposal was received from Isadore Sharp (CEO) and Triples Holdings Limited, together with Kingdom Hotels International, a company owned by a trust created by His Royal Highness Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, and Cascade Investment, L.L.C. (an entity owned by William H. Gates III).
4. OSI Restaurant Partners, Inc. (NYSE: OSI
) entered into a definitive agreement to be acquired by an investor group comprised of Bain Capital Partners, LLC, Catterton Partners and Company founders Chris T. Sullivan, Robert D. Basham and J. Timothy Gannon, for $40.00 per share in cash. The total transaction value, including assumed debt, is approximately $3.2 billion.
5. Kinross Gold Corporation (NYSE: KGC
) and Bema Gold Corporation (NYSE: BGO
) announced that their Boards of Directors have unanimously approved Kinross' acquisition of Bema in a US$3.1 billion transaction to create a US$7.9 billion major gold producer.
6. Swift Transportation Co., Inc. (NASDAQ: SWFT
) confirmed it received a letter from Jerry Moyes, the Company's largest shareholder, a current Director, and a former Chairman of the Board and CEO of Swift, proposing to acquire all of the Company's outstanding common stock in an all-cash transaction at a price of $29.00 per share.
7. McKesson Corporation (NYSE: MCK
) and Per-Se Technologies, Inc. (NASDAQ: PSTI
) announced that the two companies have signed a definitive agreement under which McKesson will acquire Per-Se for $28.00 per share in cash. The transaction is valued at approximately $1.8 billion
8. ElkCorp (NYSE: ELK
) announced that its management and Board of Directors are engaged in a review of the Company's strategic alternatives, which could include a possible merger or sale of the Company. The Company has retained UBS Investment Bank to assist in this process. Building Materials Corporation of America indicated its interest in merging with the company.
9. Columbia Equity Trust, Inc. (NYSE: COE
) and a subsidiary of JPMorgan (NYSE: JPM
) Asset Management's Special Situation Property Fund announced that Columbia and SSPF have entered into a definitive agreement whereby SSPF will acquire Columbia in an all cash merger valued at approximately $502 million, including the assumption of Columbia's debt of approximately $213 million.
10. NVIDIA Corporation (Nasdaq: NVDA
) signed a definitive agreement to acquire PortalPlayer, Inc. (Nasdaq: PLAY
) for $13.50 per share in cash, which represents a total purchase price of approximately $357 million, or approximately $161 million net of cash on PortalPlayer's balance sheet as of September 30, 2006.
11. NAVTEQ (NYSE: NVT
) agreed to acquire Traffic.com (Nasdaq: TRFC
) for an equity value of approximately $179 million.