SC 13E3 filings

Here are my notes on some recent SC 13E3 filings:

Pegasus Solutions, Inc.

Merger valued at $9.50 a share. Currently trading at $9.39.

Yadkin Valley Company

1-for-50 reverse stock split valued at $78.00. Currently trading at $97.50 a share.

Asconi Corporation

1-for-30 Reverse Stock Split valued at $1 a share. Currently trading at 30 cents a share.

Badger State Ethanol, LLC

Reclassification of Class A member units to Class A-1 member unit for holders of fewer than 20 units. I can't find any trading information on the units.

The Sports Authority, Inc.

Merger valued at $37.25 a share. Currently trading at $36.98.

Foodarama Supermarkets, Inc.

Merger valued at $53 a share. Currently trading at $52.

Masonite International Corporation

Went private in the spring of 2005. I think this is a bug in the SEC's script.

Obsidian Enterprises, Inc.

Went private on March 17. (Timothy S. Durham is also related to this transaction.)

Scheid Vineyards Inc.

1-for-5 Reverse Stock Split valued at $9.25. Currently trading at $6.64.

Stratford American Corporation

Merger valued at $0.80 a share. Currently trading at 78 cents.

Instrumentation Laboratory S.p.A.

Tender offer valued at U.S.$0.98 per ADS. Currently trading at 50 cents.

Lafarge North America Inc.

Tender offer valued at $75.00 per share. Currently trading at $83.86.

Cruzan International, Inc.

Went private on March 22.

Rogers Wireless Communications Inc.

Went private in 2004. Another bug, I think.

William Lyon Homes

Tender offer valued at $93.00. Currently trading at $97.30.

Chiron Corp.

Tender offer valued at $45 a share. Currently trading at $45.70. This is an interesting case. Novartis is trying to by Chiron, which made news recently because it is major supplier of flu vaccine. But it isn't clear how shareholders will vote, since two proxy advisory services covering the deal are split.

These notes cover March 20 to March 30, and as you can see, there aren't any real prospects here. Most of these filings cover tender offers and mergers, which are too competitive. Anyone can make money if they guess the outcome correctly. Yadkin Valley Company is trading (very thinly) above the offer price. Asconi Corporation would be only be worth $29 if someone gave you 29 shares, so the commission would kill me. Scheid Vineyards pays out only $37. So far, I don't see any worthwhile deals.