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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.

P&G is in late stage talks with Cerberus Capital Management and Warner Chilcott to sell its prescription drug business, according to the Wall Street Journal.

Yahoo is considering the sale of Yahoo Small Business and HotJobs.

Bain, Primus, Carlyle and MBK are seeking Taiwanese partners to jointly bid on AIG Taiwan.

UnitedHealth Group, a Philadelphia-based insurer, is in talks to purchase Health Net Inc., which had announced it was for sale in recent weeks, according to Reuters.

Tegal Corp. (Nasdaq: TGAL) plans to explore its strategic alternatives. The Petaluma, Calif.-based company, which designs and makes plasma etch and deposition systems used to produce integrated circuits, hired Cowen & Co. to serve as an adviser. For its fiscal year ended March 31, Tegal posted a loss of $7.9 million on revenue of $13.1 million, a marked decline from earnings of $18.1 million on revenue of $32.9 million the year before.

Wilton, Conn.-based Startech Environmental Corp. (OTCBB: STHK) said it isn’t interested in the 65 cents per share tender offer from Friendly LRL Holdings LLC of Geneva, Switzerland. Startech believes it can achieve greater long-term value through other strategic alternatives that are under consideration. The company invited Friendly LRL Holdings to make an equity investment. Startech makes and sells plasma processing equipment that destroys both hazardous and non-hazardous waste (such as medical waste, chemical waste and other specialty wastes) and produces metals, plasma converted gas or other commodities from the by-products.

Hirsch International Corp. has received an MBO offer from its CEO and has a 20-day go-shop period. The company’s special committee is using Burnham Securities as its advisor.
Solex Resources Corp., based in Vancouver, initiated a process to consider and respond to various strategic opportunities, brought about by an unsolicited offer from a third party.

Tii Network Technologies, a telecommunications equipment company, will explore strategic alternatives after rejecting a takeout offer from Wilcom.

Buckeye Partners, based in Breinigsville, Pa., has determined its pipeline system that that transports natural gas liquids from Colorado to Kansas is non-core and is actively marketing it.

Cossette, Canada’s biggest marketing communications company, has formed a special committee to review a bid from its former executive and co-founder.

Advanced Materials Group Inc., which is bankrupt and based in Garland, Texas, is seeking a buyer for the company.

Capitol Bancorp Ltd., based in Belleville, Ill., is seeking a buyer for 51% of its interest in Bank of Belleville unit.

London-based Solar Integrated Technologies has retained Thomas Weisel Partners to assist the company’s board of directors and management in evaluating strategic alternatives.

BBZ Resource Management Inc., which is bankrupt and based in Arizona, is seeking a buyer for the company.

CCS Medical Holdings Inc., which is bankrupt and based in Clearwater, Flor., is seeking a buyer for the company.

Fleetwood Enterprises Inc, a bankrupt housing unit business, is seeking a buyer for its manufactured housing business unit. Cavco Industries Inc. and Third Avenue Trust Value Fund were named potential bidders for the California-based business.

International Textile Group Inc., a unit of Invesco Ltd’s WL Ross & Co. LLC subsidiary, is seeking a buyer for its bankrupt Global Safety Textile Holdings Inc. unit, based in Greensboro, N.C.

Hayes Lemmerz International Inc., a bankrupt wheels and brake components company based in Northville, Mich., is seeking a buyer for the company.

LakeWest Group LLC, a bankrupt management consulting services business based in Cleveland, Ohio, is seeking a buyer for the company.

MI Developments Inc.’s Magna Entertainment Corp. is seeking a buyer for its MEC Pennsylvania Racing Services Inc. unit.

Oceanaire Inc., a bankrupt, Minnesota-based seafood restaurant operator, is seeking a buyer for the company.

Proliance International Inc., a bankrupt maker of radiators, heater cores, air conditioning parts basede in Connecticut, is seeking a buyer for the company.

Prospect Medical Holdings Inc., based in California, is seeking a buyer for certain business unit.

Pyramid Saimira Theatre Ltd of India is seeking a buyer for its US businesses and assets. The transaction was to include the assets of its FunAsia and Pyramid Saimira Entertainment America Inc. units, and DesiPages magazine. Concurrently, Pyramid disclosed that it was seeking a buyer for its Malaysian businesses and assets.

Ritz Camera Centers Inc., based in Maryland and bankrupt, is seeking a buyer for its 400 stores unit, via auction.

Sea Launch Co. LLC, which is bankrupt, is seeking a buyer for itself, a lift services business based in Long Beach, Calif.

Siboney Corp., an educational software business based in Missouri, is seeking a buyer for certain assets.

Amcor Ltd. is seeking a buyer for its Kent, Wash.-based Sunclipse Inc. unit. International Paper Co. was named potential bidder.

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