• Most Popular
  • Most Shared

Hostile offers hit highest level in 3 years

Thu Jul 2, 2009 1:39pm EDT

Stocks

   

PHILADELPHIA, July 2 (Reuters) - Hostile and unsolicited takeover offers in June hit their highest level in more than three years as companies with strong balance sheets and resilient stock prices went on the offensive to make acquisitions.

Stocks  |  Mergers & Acquisitions  |  Global Markets  |  Private Capital

The month of June included 14 hostile takeover offers, such as Silvercorp Metals Inc's (SVM.TO) bid for Klondex Mines Ltd (KDX.TO), according to data from Thomson Reuters.

That marked the highest level of unsolicited deal activity since March, 2006, the data showed.

Last month also included a healthy amount of competing bids, where other suitors entered the fray on an existing deals.

Data storage company EMC Corp (EMC.N) offered to buy Data Domain Inc DDUP.O, disrupting Data Domain's existing pact with NetApp Inc (NTAP.O).

The number of competing bids, however, has been roughly consistent this year and stood below activity in 2006-2007, when the merger market was more robust, according to Thomson Reuters. March, 2007, for example had 19 competing deals.

July already saw one competing offer, with Flagstone Reinsurance Holdings Ltd (FSR.N) bidding for IPC Holdings Ltd IPCR.O, a reinsurance company fending off another unsolicited bidder -- Validus Holdings Ltd (VR.N). (Reporting by Jessica Hall, editing by Leslie Gevirtz) (For more M&A news and our DealZone blog, go to here)

Stocks
Mergers & Acquisitions
Global Markets
Private Capital


More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets