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Midweek M&A Madness

It’s summer slowdown season, and M&A bankers are feeling the fizzle. Here are some potential target ideas, rumored or official, to jumpstart your deal pipeline.

Our sources are various news reports and the Buyouts “Seeking Buyers” list.

For prior lists, see below, and send any additions my way.

Jones Soda, a publicly traded soft drink business, said there is “substantial doubt” that the company can continue as a going concern. The company is looking into possibility of public or private offerings of debt or equity securities, joint ventures with one or more strategic partners and other strategic alternatives.

ING Groep NV is looking to sell assets to raise money to pay back its emergency government aid but has not received offers that suit its desired price.

Coalcorp Mining Inc has resumed operations at its La Fancia mine, which it announced was a candidate for divestiture last week.

Sapa Holding AB, a North Carolina aluminum company, must divest its aluminum sheathing manufacturing plant in Catawba in order to proceed with its merger with  or Indalex Holdings. Alternatively, Indalex may divest its aluminum sheathing facility in Burlington.

E.ON, a German utility business, plans to divest 10 billion Euros worth of operations by 2010.

Long Island University is in the process of evaluating options with regard to its radio station, WLIU 88.3FM, including a direct sale to, or an operating agreement with, another public broadcasting station, community organization or other entity.

Spansion Inc. continues to pursue strategic alternatives through its restructuring process, which could include a sale of its wireless chip unit, which is worth between $200 million and $300 million. The company was rumoured to have received interest from Elpida Memory Inc., based in Japan.

Neurobiological Technologies, Inc., a central nervous system drug developer, continues to review strategic alternatives.

Nautilus Inc., the maker of Bowflex exercise equipment, is looking to sell its commercial business to focus on its consumer business. The company is operating at a loss.

Highbury Financing Inc., an OTC-traded investment management company, has hired Sandler O’Neill & Partners to advise its special committee on the exploration of strategic alternatives.

Pet Valu, Inc., based in Ontario, continues to pursue strategic initiatives.

ImaRx Therapeutics, development-stage biopharmaceutical company based in Washington, continues to explore strategic alternatives for the assets it has not yet divested.

Brainhunter Inc., a staffing company based in Toronto, is reviewing strategic alternatives, including refinancing of its debt and the possible sale of portions of the business or all of the business.

Cossette Inc., a Canadian communication services business, has retained Ogilvy Renault LLP as its legal advisors and BMO Capital Markets as financial advisors. The company has received a letter from Cosmos Capital requesting due diligence access.

Sara Lee is still considering the divestiture of its international household and personal care business, which includes Ambi Pur air freshener and Sanex body wash, after receiving expressions of interest.

First Banks Inc., a St. Louis-based lender with more than two dozen branches in the Chicago market, said it hired Hovde Financial Inc. to possibly sell its Windy City franchise.

Fortress International Group stated that “management continues to explore various strategic alternatives, including business combinations, private placements of debt or equity securities and sales of a division or some or all of our assets or a sale of the entire company.” in its second quarter earnings call.

Previous weeks: Midweek M&A Madness August 6, Midweek M&A Madness July 29, 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