And then there were seven
Back on Jan. 14, we sent FootnotedPro subscribers a list with our Top 10 M&A picks for 2011. Earlier today, the news crossed our inboxes that yet another company on that list — Lawson Software (LWSN) was in fact being acquired in a $2 billion deal. While a deal for Lawson had been expected for the past two months (ever since Reuters broke a story that the company had hired Barclays Capital to explore a possible sale) and news of the pending deal leaked out yesterday via a cached news release that was picked up by the Wall Street Journal, it was not a done deal until this morning.
The deal is valued at $2 billion and Lawson investors will get about $11.25 a share in cash — news that already has several plaintiffs law firms circling since Lawson stock had been trading at over $12 a share for the past five weeks in anticipation of the deal. When we first highlighted Lawson, back on Jan. 14, the stock was trading at around $9.30.
Taken with Smurfit-Stone (SSCC) and Pride International (PDE) — two other companies that appeared on our Top 10 target list that have since announced deals — that brings the FootnotedPro batting average up to .300, which, we’re told, is enough to get some people into the Baseball Hall of Fame (not that we’re really interested in that).