As you may recall, Talecris Biotherapeutics Holdings Corp (TLCR) is one I'm looking at currently in merger arbitrage, scheduled to close in the 4th quarter 2010. Reportedly, Grifols will be buying TLCR for $19 plus 0.641 shares of newly issued Grifols stock for each share of TLCR.
See my earlier post for the specifics, but at the time I wrote, we were looking at a current discount on the closing price of $2.36 dollars per share of Talecris when it was trading at $24.00. Assuming the deal closes before December 31, 2010 that is a non-annualized return of 9.8%, or 47% annualized from the date of my post.
Today, trading is up on TLCR to $24.34 on release of strong 3rd quarter earnings. No further news yet about the merger, but strong 3rd quarter earnings for TLCR is definitely a positive. I'll be anxiously awaiting further details.
Stay tuned!
No comments:
Post a Comment