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.

Neo Material Technologies Inc., backed by Pala Investments AG, is believed to be an acquisition target, according to Dow Jones.

Smith & Hawken, the luxury garden supply retailer owned by Scotts Miracle-Gro, will liquidate its assets.

Noveko International Inc, a Canadian medical equipment maker, said it is considering all possible options for its Bolduc Leroux Inc unit.

Bankrupt SCO Group Inc. seeks a buyer for its Unix operation.

Protective Products of America Inc., a Sunrise, Fla.-based maker of bullet-proof vests hired Farlie Turner & Co. to pursue strategic alternatives.

Icagen Inc., a listed drug developer based in North Carolina, hired JPMorgan to advise it on strategic alternatives.

IPC Holdings Ltd, a listed business, continues to explore offers from suitors despite having signed a confidentiality agreement with Validus Holdings. The company rejected a merger offer from Max Capital Group.

Emrise Corp., a listed electronics maker based in New Jersey, hired Boenning & Scattregood as its financial advisor while it explores strategic alternatives.

Phoenix Coal Inc., a thermal coal reserve business based in Kentucky, has retained Cormark Securities to assist it in pursuing strategic alternatives.

Tegal Corp. retained the services of Cowen and Co. LLC to explore its strategic alternatives, including potential sale. Liquidation is also on the table. Tegal is a California-based computer chip maker.

OmniComm Systems, Inc., an OTC-traded data capture business for clinical trials retained Emerging Growth Equities, Ltd. as its strategic financial advisor to assist in evaluating strategic alternatives.

Green Dragon Gas, a Chinese energy business, has appointed Goldman Sachs to assist the board in evaluating strategic alternatives to the funding of its development plans.

Deutsche Telekom, owner of T-Mobile, appointed advisers to discuss strategic alternatives for T-Mobile UK. Vodafone has expressed interest in the business according to reports.

Prime Restaurants Royalty Income Fund, based in Canada, has put itself up for the. The business operates East Side Mario’s, Casey’s restaurants and Prime pubs.

Bankrupt Nexient Learning, based in Toronto, will sell itself.

Design Within Reach, a furniture retailer, will delist from Nasdaq and trade on the Pink Sheets as it seeks strategic alternatives. According to the website SiliconBeat: “Two directors associated with the San Francisco private equity firm JH Partners resigned from the company’s board last month “to eliminate any conflicts of interest that might arise if JH Partners, were to propose an acquisition or financing transaction in connection with” Design Within Reach’s “ongoing process to review strategic alternatives.”

Image Entertainment, a film distributer, has retained Houlihan Lokey to help it explore strategic alternatives after its merger with Nyx Acquisitions fell through.

No longer for sale: Heely’s

Previous weeks: 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