M&A update: Tribune (TRB), Cablevision (CVC) deals near completion
Posted by: in Financials and AnalyticalsFiled under: Top deals, Financials and analyticals, Engagements, Shareholders
Tribune Co. (NYSE: TRB) closed at $28.12. Sam Zell announced on April 2, 2007 that his group would pay TRB shareholders $34 per share. The closing has been expected to occur in the fourth quarter of 2007. Alex Brown stated on October 2, “We continue to believe the transaction will close successfully, and reiterate our Purchase rating and $34 price target.” TRB November option implied volatility of 44 is above its 26-week average of 25 according to Track Data, suggesting more massive price risks.
Cablevision Systems Corp. (NYSE: CVC), a leading entertainment and communications company controlled by the Dolan family, closed at $34.79. The Dolan family’s proposal of taking CVC private at $36.26 a share will be voted on at special meeting of CVC shareholders on October 24. CVC has secured board and special committee approval. CVC December call option implied volatility is at 19; puts are at 23, near its 26-week average of 23 according to Track Data, suggesting non-directional price risks.
Daily M&A Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.
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