Exhibit (c)(2)(iii)
M&A TRANSACTIONS ANNOUNCED 1/1/2005 - 12/15/2010
ACQUIROR OWNS 65%-85% OF TARGET PRIOR TO TRANSACTION AND 100% AFTER TRANSACTION; TRANSACTION VALUE > $10 MILLION
Source: FactSet Mergerstat as of December 15, 2010.
Announced | | Completed | | Transaction Status | | Target Company Name | | Target Ticker | | Acquirer Company Name | | % of Target Shares Owned Prior to Transaction | | % Sought | | % Owned After Transaction | | Transaction Value (USD) | | Enterprise Value | | 1 Day Premium | | 1 Week Premium | | 1 Month Premium | | 90 Day Premium | | 180 Day Premium | | 360 Day Premium |
12/15/10 | | | | Pending | | Alcon | | ALC | | Novartis AG | | 77.0 | | 23.0 | | 100.0 | | $ 12,900.0 | | $ 46,865.0 | | 3.4% | | 4.7% | | 3.2% | | 1.3% | | 14.8% | | 2.9% |
09/13/10 | | | | Pending | | Consolidated Capital Institutional Properties | | XXLOD | | AIMCO Properties LP | | 76.7 | | 23.3 | | 100.0 | | 112.2 | | 112.8 | | 0.0% | | 0.0% | | 0.0% | | NA | | NA | | NMF |
08/26/10 | | | | Pending | | Wesco Financial Corp. | | WSC | | Berkshire Hathaway, Inc. | | 80.1 | | 19.9 | | 100.0 | | 499.6 | | 2,163.2 | | 8.6% | | 8.2% | | 3.2% | | (8.6%) | | (0.3%) | | 16.8% |
07/12/10 | | | | Pending | | Playboy Enterprises, Inc. | | PLA | | Rizvi Traverse Management LLC, Playboy Enterprises, Inc. /Hefner/ | | 69.5 | | 30.5 | | 100.0 | | 142.1 | | 283.9 | | 39.6% | | 32.9% | | 39.6% | | 65.7% | | 31.3% | | 132.1% |
03/22/10 | | | | Pending | | Bancinsurance Corp. | | BCIS | | Bancinsurance Corp. /Private Group/ | | 74.2 | | 25.8 | | 100.0 | | 11.4 | | 34.7 | | 70.0% | | 79.0% | | 58.0% | | 139.4% | | 58.3% | | 112.2% |
06/02/10 | | 08/30/10 | | Completed | | Gerdau AmeriSteel Corp. | | GNA | | Gerdau SA | | 66.3 | | 33.7 | | 100.0 | | 3,508.3 | | 6,670.0 | | 51.1% | | 56.9% | | 45.7% | | 32.2% | | 39.9% | | 45.9% |
03/21/10 | | 06/01/10 | | Completed | | CNX Gas Corp. | | CXG | | CONSOL Energy, Inc. | | 83.3 | | 16.7 | | 100.0 | | 1,095.5 | | 5,906.3 | | 24.2% | | 25.6% | | 37.8% | | 30.5% | | 27.4% | | 47.1% |
09/04/09 | | 10/22/09 | | Completed | | Odyssey Re Holdings Corp. | | ORH | | Fairfax Financial Holdings Ltd. | | 72.6 | | 27.4 | | 100.0 | | 1,041.5 | | 3,434.1 | | 29.4% | | 29.7% | | 40.5% | | 67.7% | | 55.9% | | 65.2% |
07/06/09 | | 09/21/09 | | Completed | | Woodbridge Holdings Corp. | | WDGH | | BFC Financial Corp. | | 77.9 | | 22.1 | | 100.0 | | 17.9 | | 371.4 | | 26.2% | | 21.8% | | (7.5%) | | 78.0% | | 131.7% | | NMF |
06/29/09 | | 11/18/09 | | Completed | | First Advantage Corp. | | FADV | | The First American Corp. | | 74.0 | | 26.0 | | 100.0 | | 231.6 | | 902.1 | | 18.9% | | 34.8% | | 12.4% | | 30.9% | | 10.0% | | (4.1%) |
03/25/09 | | 06/05/09 | | Completed | | Hearst-Argyle Television, Inc. | | HTV | | The Hearst Corp. | | 82.0 | | 18.0 | | 100.0 | | 867.5 | | 1,215.3 | | 115.3% | | 150.0% | | 174.4% | | (58.7%) | | (28.2%) | | NMF |
03/23/09 | | 05/29/09 | | Completed | | Cox Radio, Inc. | | CXR | | Cox Enterprises, Inc. | | 78.4 | | 21.6 | | 100.0 | | 481.8 | | 780.9 | | 45.5% | | 47.7% | | (5.1%) | | (4.0%) | | (21.3%) | | NMF |
08/12/08 | | 09/29/08 | | Completed | | UnionBanCal Corp. | | UB | | The Bank of Tokyo-Mitsubishi UFJ Ltd. | | 65.4 | | 34.6 | | 100.0 | | 3,512.8 | | 17,939.9 | | 26.3% | | 28.6% | | 80.4% | | 36.7% | | 36.7% | | 22.5% |
06/26/08 | | 08/28/08 | | Completed | | Five Star Products, Inc. | | FSPX | | National Patent Development Corp. | | 76.0 | | 24.0 | | 100.0 | | 31.9 | | 37.0 | | 17.7% | | 17.7% | | 23.1% | | (31.0%) | | (2.4%) | | (37.5%) |
03/10/08 | | 01/02/09 | | Completed | | Nationwide Financial Services, Inc. | | NFS | | Nationwide Mutual Insurance Co. | | 66.3 | | 33.7 | | 100.0 | | 2,411.6 | | 8,956.8 | | 37.8% | | 28.7% | | 24.3% | | 18.4% | | 18.4% | | (0.5%) |
02/22/07 | | 09/28/07 | | Completed | | Great American Financial Resources, Inc. | | GFR | | American Financial Group, Inc. | | 81.0 | | 19.0 | | 100.0 | | 222.4 | | 879.3 | | 13.2% | | 15.0% | | 12.5% | | 6.2% | | 6.2% | | 23.1% |
11/20/06 | | 04/12/07 | | Completed | | Hanover Direct, Inc. | | HNVD | | Chelsey Direct LLC | | 68.5 | | 31.5 | | 100.0 | | 34.1 | | 37.9 | | (79.2%) | | (80.0%) | | (77.3%) | | (80.0%) | | NMF | | NMF |
11/06/06 | | 07/19/07 | | Completed | | Moscow CableCom Corp. | | MOCC | | Renova Media Enterprises Ltd. | | 81.0 | | 19.0 | | 100.0 | | 16.0 | | 159.7 | | 29.1% | | 25.9% | | 46.3% | | 24.8% | | 42.8% | | 166.0% |
03/21/06 | | 05/25/06 | | Completed | | Erie Family Life Insurance Co. | | ERIF | | Erie Indemnity Co., Erie Insurance Exchange | | 75.1 | | 24.9 | | 100.0 | | 75.3 | | 328.8 | | 6.7% | | 13.8% | | 16.4% | | 14.1% | | 14.1% | | (0.6%) |
01/19/06 | | 01/19/06 | | Completed | | Dreyer's Grand Ice Cream Holdings, Inc. | | NA | | Nestle SA | | 67.0 | | 33.0 | | 100.0 | | 2,595.0 | | 7,863.4 | | 0.1% | | 0.1% | | 0.4% | | NA | | NA | | NA |
10/14/05 | | 10/14/05 | | Completed | | OSE USA, Inc. | | OSEE | | Orient Semiconductor Electronics Ltd. | | 72.7 | | 27.3 | | 100.0 | | 37.1 | | 37.7 | | (40.0%) | | (40.0%) | | (40.0%) | | 0.0% | | 0.0% | | (28.6%) |
10/10/05 | | 01/06/06 | | Completed | | Micro Therapeutics, Inc. | | MTIX | | ev3, Inc. | | 70.2 | | 29.8 | | 100.0 | | 108.7 | | 377.7 | | 33.0% | | 40.8% | | 33.7% | | 94.6% | | 94.6% | | 91.3% |
05/04/05 | | 02/03/06 | | Completed | | Aricent, Inc. | | 532266 | | Flextronics International Ltd. | | 69.7 | | 30.3 | | 100.0 | | 99.9 | | 412.6 | | 4.3% | | 15.0% | | 14.9% | | NA | | NA | | NA |
03/04/05 | | 05/16/05 | | Completed | | Siliconix, Inc. | | SILI | | Vishay Intertechnology, Inc. | | 80.4 | | 19.6 | | 100.0 | | 199.3 | | 711.1 | | 16.9% | | 19.5% | | 5.6% | | (9.4%) | | (9.4%) | | (23.3%) |
02/21/05 | | 07/21/05 | | Completed | | Eon Labs, Inc. | | ELAB | | Novartis AG | | 67.7 | | 32.3 | | 100.0 | | 829.9 | | 2,694.0 | | 11.0% | | 7.8% | | 24.2% | | 29.8% | | 29.8% | | 7.1% |
01/27/05 | | 04/20/05 | | Completed | | Genencor International, Inc. | | GCOR | | Danisco A/S | | 84.0 | | 16.0 | | 100.0 | | 268.5 | | 1,233.2 | | 23.9% | | 22.4% | | 18.7% | | 24.0% | | 24.0% | | 44.1% |
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| | | | | | Source: FactSet Mergerstat as of December 15, 2010. | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | Mean | | 20.5% | | 23.3% | | 22.5% | | 21.8% | | 26.1% | | 35.9% |
| | | | | | | | | | | | | | | | | | | | Median | | 21.4% | | 22.1% | | 17.5% | | 24.0% | | 21.2% | | 22.5% |