Tuesday, August 16, 2011

Back In Kinetic Concepts and Some Pharmaceutical Product Development

I’ve jumped back into Kinetic Concepts (Ticker: KCI) today at an average price of $68.05. As you may know, this company has agreed to be acquired by Apax Partners for ~ $5 billion or $68.50 in cash. Today, Bloomberg reported that Bain Capital and Avista Capital Partners are trying to put an offer together that tops Apax Partners. We’ll likely hear soon if we get a higher offer as Kinetic Concept’s “go shop” period expires next week. The big question for Bain and Avista is obtaining favorable debt financing, which I think is doable.

I also picked up some Pharmaceutical Product Development, Inc. (Ticker: PPDI) at $32.50. This company has announced that it is exploring strategic alternatives. Bloomberg reported that the Carlyle Group is in exclusive negotiations with the company.

In terms of my other risk arb plays, I’m still holding China Fire and Security Group, Inc. (Ticker: CFSG) and Varian Semiconductor Equipment Associates, Inc. (Ticker: VSEA). I expect both of these will close by early to mid Q4.

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