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Despite the notion that times are tough, mergers are still happening. If you look back at what we noted, the top 20 companies by market cap had over $335 billion in raw cash that could be used for acquisitions and dividends. Two of those are in deals noted herein. We are seeing some significant merger-arbitrage spreads in five of the existing mergers that are currently in the pipe. These deals are as follows:
- Centennial Communications Corp. (NASDAQ: CYCL) by AT&T Inc. (NYSE: T);
- Harleysville National Corp. (NASDAQ: HNBC) by First Niagara Financial Group (NASDAQ: FNFG);
- Patriot Capital Funding Inc. (NASDAQ: PCAP) by Prospect Capital Corp. (NASDAQ: PSEC);
- Sun Microsystems Inc. (NASDAQ: JAVA) by Oracle Corp. (NASDAQ: ORCL);
- Virgin Mobile USA Inc. (NYSE: VM) by Sprint Nextel Corp (NYSE: S).
We have provided specific background and added in some color to highlight the risks and chances of closure of each deal. There are some significant opportunities here in some of these deals, and some significant risks in others.
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