Notable Mergers and Acquisitions of the Day 1/10: [(WBMD) (FOSL) (SLG)]

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WBMD Hot Sheet

Overall Analyst Rating:
NEUTRAL ( Down

Down)

EPS Growth %: -143.8%

WebMD Health Corp. (Nasdaq: WBMD) announced termination of discussions regarding potential corporate transaction. WebMD also announced today that, in late 2011, the independent directors of its Board of Directors commenced a process to consider strategic alternatives to enhance stockholder value.

In connection with such process, the Board of Directors formed a Special Committee of independent directors, which was advised by independent financial and legal advisors. The Special Committee, with its advisers, had discussions with several potential acquirers of the Company. The Company allowed such potential acquirers to conduct a due diligence investigation of the Company's business. The Special Committee has terminated these discussions with potential acquirers and its process to review a potential sale of the Company.
Fossil, Inc. (Nasdaq: FOSL) announced today that it has entered into an agreement to acquire Skagen Designs, Ltd. and certain of its international affiliates for approximately $225 million in cash, subject to a working capital adjustment, and 150,000 shares of Fossil, Inc. common stock.

In addition, the sellers may receive up to 100,000 additional shares of Fossil common stock if Fossil's net sales of Skagen-branded products exceed certain thresholds. Skagen Designs, based in Reno, Nevada, manufactures, markets and distributes watches, jewelry, sunglasses and clocks. The acquisition, which is subject to certain conditions, including regulatory approval, is expected to be finalized in February 2012.
SL Green Realty Corp. (NYSE: SLG), has entered into an agreement to acquire 10 East 53rd St., a 37-story, 390,000-square-foot Midtown Manhattan office building. The purchase price is $252.5 million, or approximately $647 per square foot.

The property, with floor plates ranging between 8,400 and 16,300 rentable square feet, is currently 91 percent leased. Over the next three years, leases for approximately 60 percent of the property’s rentable square footage expire, providing SL Green the opportunity to take advantage of what SL Green management believes are in-place rents that are substantially below market.

SL Green intends to implement a significant capital improvement program along with a targeted leasing and marketing campaign to reposition and reintroduce the building in the marketplace. The Company has entered into a joint venture agreement with an institutional partner, and will hold a 55% stake in the venture and act as general partner.