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It may be Independence Day week, but it appears that there are a number of companies willing to sell their independence to the highest bidder.- XM SATELLITE RADIO HOLDINGS INC (NASDAQ: XMSR)
- BUILDING MATERIALS HOLDING CORPORATION (NYSE: BLG)
Word is that there's more than one bid out for the satellite radio company. We know about the merger agreement with Sirius Satellite Radio Inc's (NASDAQ: SIRI), so who's the other party? Or, is there another party? Some are convinced it's just talk. No names are even floating around. But for XM to walk away from Sirius would cost them a $175M break-up fee. They'd have to really be serious about another offer to do that.
In May, Robert L .Chapman of Chapman Capital, the "activist investor", said Building Materials Holding Corp. should consider selling all or parts of itself. Then he upped his stake to 8.1% in the residential construction services provider. Now comes word that the company may have hired, or be in the process of hiring, a strategic advisor.
STILL FLYING AROUND
- QUEST DIAGNOSTICS INCORPORATED (NYSE: DGX)
There's renewed speculation that the U.S. medical testing company is ready to be purchased. Shares have been up; option volume is busy. Quest, of course, isn't talking. But this one has been around for months.
- MACY'S INC (NYSE: M)
The stock is moving higher again amid continued speculation of a takeover.
- Cyberonics Inc (NASDAQ: CYBX): The medical devices maker has fallen short of Wall Street expectations and the stock is sputtering along. Some analysts say holders of the stock should get out. But maybe not yet, as word has spread that the company may be in the final stages of selling itself...Archer Daniels Midland Company (NYSE: ADM) is said to have hired a strategic advisor...Travelzoo Inc (NASDAQ: TZOO) continues to be the subject of a possible takeover, as are Juniper Networks Inc (NASDAQ: JNPR), Jefferies Group Incorporated (NYSE: JEF) and Cleveland Cliffs Inc (NYSE: CLF).
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Reader Comments (Page 1 of 1)
7-12-2007 @ 7:50AM
EMIL J KOVACH JR said...
RE: 175 Million Break Up Fee, If XM Walks Away.
That Only Applies If Merger Is Approved, And They Decline To Finish Deal.
And Yes, There Are Others Looking At XM, And Sirius, For That Matter.
There Are FAR MORE CREATIVE Ways To Market Both These Providers, Unfortunately, This Merger Talk Has Put EVERYTHING On Hold.
It's Not Over, Till It's Over.
EMIL J KOVACH JR
9-10-2007 @ 12:56PM
steve said...
With yesterdays sale of 270k shares of XM stock by XMSR own director, does this suggest the acquisition by SIRIUS may be closer then what we think? A $3mil. sell-off tells me he certainly think so....... Also, does the FCC have to approve the merger????