Hostile offers hit highest level in 3 years
PHILADELPHIA (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.
The month of June included 14 hostile takeover offers, such as Silvercorp Metals Inc's bid for Klondex Mines Ltd, 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 offered to buy Data Domain Inc, disrupting Data Domain's existing pact with NetApp Inc.
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 bidding for IPC Holdings Ltd, a reinsurance company fending off another unsolicited bidder -- Validus Holdings Ltd.
(For more M&A news and our DealZone blog, go to here)
© Thomson Reuters 2009 All rights reserved
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