November 26th Merger Arbitrage Activity

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Includes: CSE, FINL, GCO, GLYT, MTB, NOK, NVT-OLD, PHG, PRTR, RSTO, SHLD, UBS
by: Merger Arbitrage Investing

Lighting maker Genlyte (GLYT) agreed to a buyout offer of $95.50 per share from Philips (NYSE:PHG), in a $2.7 billion deal that is expected to close in the first quarter of 2008.

Genesco (NYSE:GCO) received a federal subpoena for records related to buyout negotiations with The Finish Line (NASDAQ:FINL) due to a lawsuit filed by UBS (NYSE:UBS) attempting to nullify an agreement to finance the buyout of Genesco. Genesco stated that they will continue to attempt to force Finish Line to complete the merger.

M&T Bank (NYSE:MTB) stated that they have received all approvals required to complete their buyout of Partners Trust (PRTR), and that they expect the deal to close by November 30.

Navteq (NVT-OLD) announced that they will hold a special meeting of shareholders to vote on the proposed merger with Nokia (NYSE:NOK).

TierOne (TONE) issued a release that said Institutional Shareholder Services has recommended that its shareholders approve the proposed acquisition by commercial lender CapitalSource (NYSE:CSE) for $652 million in cash and stock.

Sears (NASDAQ:SHLD) made an offer of $6.75 per share for Restoration Hardware (RSTO), which is less than one percent higher than the $6.70 per share buyout Restoration Hardware agreed to earlier this month.