This Week's Scheduled M&A Activity
On Monday, August 27, Whole Foods' (WFMI) tender offer for Wild Oats (OATS) ends. This is the last hurdle to the closing of this merger since the FTC's appeal of the merger on antitrust grounds was denied. The merger could close as early as Monday.
Also on Monday, Pediatric Services of America (PSAI) shareholders will vote on a $16.25 per share buyout offer from Portfolio Logic. The deal is expected to close by the end of August.
On Tuesday, shareholders of Pioneer Companies (PONR) will vote on an offer from Olin (OLN) to merge the two companies. Pioneer shareholders will receive $35 if the merger is completed.
A tender offer for Accredited Home Lenders (LEND) by Lone Star ends on Tuesday, after being extended from August 14 at the request of Accredited. Lone Star has been attempting to back out of the merger agreement, prompting a lawsuit from Accredited, stating that they have met all conditions of the merger, and that Lone Star has no grounds to terminate the merger agreement.
On Wednesday, shareholders from Alltel, Friendly's (FRN), and ECI Telecom (ECIL)will vote to approve takeover offers, and on Thursday, Infrasource Services (IFS) shareholders will vote to approve on offer from Quanta Services (PWR) for 1.223 shares of stock for each share of Infrasource.
Finally, HP's (HPQ) tender offer for Opsware (OPSW) expires on Thursday. The merger is expected to close in October, and already has received antitrust approval in the US.
Another interesting note in the M&A arena is that no public companies in the US accepted a deal to be acquired last week. It seems that the days of "Merger Mondays" may be over. However, several deals did close last week as expected.
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