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% | ||||||||||||||||
| 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% | ||||||||||||||||||||||||||