Midweek M&A Madness

Now that the weather has finally warmed up, plenty of M&A bankers are hoping the market for deals will as well.

We’ve noticed a few more targets coming to market in recent weeks and have compiled a list of some of those we’ve come across. Our sources are various news reports and the Buyouts “Seeking Buyers” list.

The following companies (among many others) are either formally considering “strategic alternatives,” reported to be on the block or are rumored to be in sales talks. For prior lists, see below, and send any additions my way.

Coinmach Services Corp., backed by Babcock & Brown, may end up undergoing a debt-for-equity swap with its underwriters due to its heavy debt load, Debtwire reports.

Aetna Inc has hired Bank of America and Credit Suisse Group to help it sell its pharmacy-benefit management business, Reuters reported. … Friends, Britain’s sixth-biggest life insurer by market value, also said it had rejected as “wholly inadequate” a new takeover proposal from Resolution, Reuters reported.

Bermuda-based Seajacks International Ltd. has retained Credit Suisse and First Securities as financial advisors to help it evaluation strategic alternates. The company operates environment liftboats.

USEC, a uranium enrichment company, will explore strategic alternatives after the U.S Department of Energy denied the company’s loan guarantee application.

Petrowest Energy Services Trust, a Calgary oil and gas producer, retained FirstEnergy Capital Corp. to advise it on a strategic review that could lead to a financial restructuring or sale of the company.

Canadian Superior Energy has retained Jennings Capital to help it assess strategic alternatives in its restructuring process.
PRG-Schultz International, a recovery audit services business, has been recommended to pursue strategic alternatives by activist shareholder JANA Partners.

Nexen, a Calgary-based global energy company, announced it is reviewing strategic alternatives for its natural gas and power marketing businesses.

Brynwood Partners was close to selling its troubled baking company Stella D’Oro amid one big mess of a union battle, but those the cookie has apparently crumbled on that situation, the New York Post reported.

The auction for Anheuser Busch’s Central and Eastern European assets has garnered a bid from CVC Capital Partners worth $1.5 billion euros. TPG has also placed a bid but KKR has dropped out, according to reports.

British life insurer Friends Provident ended talks with would-be acquirer Resolution.

Bankrupt Phoenix Coyotes drew one bid from Chicago White Sox baseball team owner Jerry Reinsdorf of up to $148 million, and one letter of intent in its auction.

Dutch bank ING Groep has hired JPMorgan to advise on the sale of its private banking business in Europe and Asia. The sale could garner more than $1 billion.

Nufarm Ltd., Australia’s biggest supplier of farm chemicals, is speculated to be a takeover target for Sinochem Corp., China’s biggest chemicals trader.

Dendreon, a Seattle-based biotechnology company, is rumoured to have retained JPMorgan to explore strategic alternatives, Pharmawire reported.

Previous weeks: Midweek M&A Madness July 22, Midweek M&A Madness July 16, Midweek Madness June 18, Midweek Madness June 10, Midweek M&A Madness May 28, Midweek M&A Madness May 27, Midweek M&A Madness May 13, Midweek M&A Madness May 5