Friday, February 05, 2010

Hardinge and Air Gas

It’s been an interesting week for M&A activity despite the big sell off in the market. The first deal that comes to mind is Hardinge, Inc. (Ticker: HDNG), which is fighting a hostile takeover from Industrias Romi, a Brazilian toolmaker. Industrias Romi made an unsolicited bid of $8.00 in cash for Hardinge, Inc and the stock is currently trading above the bid price. I picked up a few shares of Hardinge, Inc at $8.09. I’m expecting a higher bid from Industrias Romi.

Another similar hostile takeover scenario taking place is with Air Gas (Ticker: ARG). Today Air Products (Ticker: AIR) made an unsolicited bid of $60 in cash for Air Gas. Air Gas is also trading above the $60 bid price. Guess what? I also bought a few shares of Air Gas at $60.38. It’s going to be interesting to see how this plays out...

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