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The spread

After a deal is announced the companies involved usually trade at a discount or premium to the proposed acquisition price. This spread occurs for many reasons the main ones being:
  • The risk of the deal falling apart, usually factors include regulatory issues, shareholders against the deal, financing problems and more
  • The appearance of other interested suitors that may lead to a bidding war
  • The timevalue of money, the deal may take months or even years in highly regulated industries to close meaning a greater discount to the acquisition price
  • Overall industry and market conditions   
Updated 5/22/19:00 EST
 
Announced Target Company Symbol Consideration Details Current Consideration   Spread
5/19/2008 Jazz Technologies JAZ 1.8 Shares of TSEM $1.30 $1.80   38.46%
4/14/2008 Northwest Airlines NWA 1.25 Shares of DAL $6.02 $6.88   14.20%
2/21/2008 HLTH Corporation HLTH 0.1979 shares of WebMD common stock and $6.89 in cash $11.46 $12.48 (B) 8.91%
4/29/2008 Pyramid Breweries  PMID $2.75 Cash $2.56 $2.75   7.42%
5/8/2008 Enliven Marketing Technologies ENLV 0.051 Share of DGIT $0.84 $0.90   6.92%
4/30/2008 FTD Group FTD $7.34 in cash, 0.4087 UNTD $3.31 Note or additonal $2.81 instead of Note $14.43 $15.43 (K) 6.91%
2/20/2008 ProCentury Corporation PROS $20 cash or stock subject to prorata 45%cash, 55% stock $17.25 $18.32 (C) 6.22%
3/13/2008 National Atlantic Holdings Corporation NAHC $6.25 cash $5.90 $6.25   5.93%
4/28/2008 Max & Erma’s Restaurants MAXE $4 Cash $3.78 $4.00   5.82%
3/31/2008 Gilat Satellite Networks GILT $11.40 Cash $10.78 $11.40   5.75%
5/21/2008 Willow Financial  WFBC 0.73 Shares of HNBC $9.30 $9.83   5.65%
4/1/2008 CSK Auto Corporation CAO $1 Cash and $11 worth of ORLY subject to collar and adjustments $11.55 $12.00 (J) 3.90%
5/7/2008 Camco Financial CAFI $13.58 in cash or 0.97 shares FPFC subject prorata 26.5% Cash 73.5%Stock $11.94 $12.40 (L) 3.82%
2/22/2008 ESS Technology ESST $1.64 cash $1.58 $1.64   3.80%
5/16/2008 Optium Corporation OPTM 6.262 Shares of FNSR $10.94 $11.33   3.60%
5/22/2008 Angelica Corporation AGL $22.00 Cash $21.25 $22.00   3.53%
4/28/2008 Wm. Wrigley Jr. Company  WWY $80 Cash $77.31 $80.00   3.48%
4/11/2008 The TriZetto Group TZIX $22 Cash $21.28 $22.00   3.38%
5/12/2008 DRS DRS $81 Cash $78.47 $81.00   3.22%
2/21/2008 ChoicePoint CPS $50 cash $48.44 $50.00   3.22%
5/12/2008 Iomai IOMI $6.60 Cash $6.40 $6.60   3.12%
3/27/2008 Peak International  PEAK $2 Cash $1.94 $2.00   3.09%
4/9/2008 EP MedSystems  EPMD $3 Cash $2.91 $3.00   3.09%
4/30/2008 Atari Inc ATAR $1.68 Cash $1.63 $1.68   3.07%
5/12/2008 Radyne RADN $11.50 Cash $11.19 $11.50   2.77%
5/13/2008 EDS EDS $25 Cash $24.34 $25.00   2.71%
4/14/2008 Clayton Holdings CLAY $6 Cash $5.85 $6.00   2.56%
4/22/2008 Restore Medical  REST $1.60 Cash $1.56 $1.60   2.56%
3/17/2008 NYMEX Holdings, Inc. NMX 0.1323 shares CME & $36 subject to prorata $94.32 $96.42 (E) 2.23%
3/31/2008 AirNet Systems ANS $2.81 Cash $2.75 $2.81   2.18%
4/23/2008 Safeco Corporation SAF $68.25 Cash $66.96 $68.25   1.93%
5/1/2008 NetManage NETM $7.20 Cash $7.08 $7.20   1.69%
2/25/2008 Getty Images GYI $34.00 cash $33.44 $34.00   1.67%
3/10/2008 MASSBANK MASB $40.00 cash $39.38 $40.00   1.57%
4/24/2008 Wendy's International WEN 4.25 shares of TRY $28.84 $29.24   1.39%
4/30/2008 Bois d'Arc Energy BDE $13.65 Cash and 0.165 SGY $24.51 $24.83   1.31%
2/12/2008 GMH Communities Trust GCT Approx $4.34 in cash and 0.07642 of ACC $6.56 $6.63 (D) 1.05%
2/22/2008 CHC Helicopter Corporation FLI Canadian $32.68 $32.47 $32.77 (A) 0.92%
3/31/2008 Ansoft ANST $16.25 Cash & .431882 shares of ANSS $34.00 $34.29   0.84%
4/16/2008 CryoCor CRYO $1.35 Cash $1.34 $1.35   0.75%
5/15/2008 CNET Networks CNET $11.50 Cash $11.42 $11.50   0.70%
4/21/2008 Packeteer PKTR $7.10 Cash $7.06 $7.10   0.57%
4/8/2008 Iomega IOM $3.85 Cash $3.83 $3.85   0.52%
4/16/2008 Industrial Distribution Group IDGR $11.75 Cash $12.04 $12.10   0.50%
2/20/2008 Encysive Pharmaceuticals ENCY $2.35 cash $2.34 $2.35   0.43%
4/4/2008 Draxis Health DRAX $6 Cash $5.98 $6.00   0.33%
4/22/2008 Sirtris Pharmaceuticals SIRT $22.50 Cash $22.47 $22.50   0.13%
3/24/2008 Digimarc Corp DMRC Cash, Fractional Share of ID, Spinoff $11.02 $11.02 (G) 0.00%
3/27/2008 Quipp QUIP   $4.94   (H) 0.00%
3/31/2008 Bentley Pharmaceuticals  BNT $15.02 Cash subject to adjustment and shares of CPEX spinoff $15.39 $15.39 (I) 0.00%
4/7/2008 LifeCell LIFC $51 Cash $51.00 $51.00   0.00%
5/1/2008 Moldflow MFLO $22 Cash $22.07 $22.00   -0.32%
3/16/2008 The Bear Stearns Companies BSC 0.21753 shares JPM  $9.29 $9.21   -0.91%
4/21/2008 Basic Energy Services BAS $6.70 Cash and 0.9195 shares of new Grey Wolf $28.66 $28.36   -1.03%
3/19/2008 Greater Community Bancorp GFLS 0.95 shares VLY & 0.10 Warrant $17.60 $16.73 (F) -4.95%
4/30/2008 Esmark Incorporated  ESMK $17.00 Cash $18.44 $17.00