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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   -7.81%
 
A Based on fx ratio of 1 USD for 0.99727 CAD
B Cash subject to downward adjustment
C Based on prorata of 45%cash and 55%stock with conversion rate of 2.5 shares of MIG
D Approx $7.44 in cash and 0.07642 of ACC
E Based on .1323 share of CME and $36 Cash
F Value of Warrant not Factor into Consideration Calculation
G Assumes Digimarc shares outstanding at closing of deal to be 22,041,002 with shareholders receiving a total of 10,245,902 shares of ID or 0.46486 per share and $5.44 cash per share. Based on these assumptions valuation of spinoff if given on 1 to 1 base is -$1.24.
H Illinois Tool Works Inc. will acquire Quipp for a price between $4.30 and $5.65 per share in cash, with the definitive price to be determined based on adjustments relating to the amount of Quipp's cash and cash quivalents and specified indebtedness prior to consummation of the transaction.
I Cash is subject to adjustment and assumes CPEX value is the difference between market value and cash consideration.
J Cash subject to reductions exchange ratio max at .4285 and min at .3673
K United Online may elect to increase the per share cash consideration payable to FTD's stockholders by $2.81 in full substitution of the Notes
L Camco shareholders will be entitled to receive either $13.58 in cash or 0.97 shares of First Place common stock Subject to prorata 26.5% Cash 73.5% stock Stock exchange ratio may also change