It’s like, totally tubular…

valley.jpegAt the risk of dating myself by dredging up Valley Girl speak, the merger proxy filed by industrial tubing company NS Group Inc. (NSS) earlier this week was, um, totally tubular. And it deserves a rare gold star. That’s because unlike a lot of other companies that require investors to piece together several different charts and read numerous footnotes in order to figure out what the top executives and directors are making off of a particular deal, NSS puts it into one very handy-to-read chart on pg. 22. So without so much as a squint, you can see that the 11 directors and officers will receive nearly $44 million once the $1.46 billion acquisiition by IPSCO Inc. (IPS) is completed. Under the all cash deal, NSS’s top executives will clearly do well: CEO Rene Robichaud, 47, will wind up with just shy of $19 million, which includes a hefty $3.56 million in severance and another $4.5 million in tax gross ups. But NSS’s investors also win too. At the beginning of 2004, the stock was trading at under $10 a share. The all-cash deal with IPSCO is worth $66 a share. regulars know that I look at a lot of merger deals and this is the first one that I’ve come across where this information — normally described as the dry-sounding “interests of certain executives and directors” — is spelled out so clearly. Let’s hope this is a sign of better things to come for investors.

P.S. I won’t be posting on Monday because of the Jewish holiday — analyzing SEC filings on an empty stomach is simply too difficult! I’ll be back with a fresh post on Tuesday morning. For those readers who celebrate, happy new year!