Notable Mergers and Acquisitions of the Day 1/29 (EXM, QMAR, BRNC, ALY)

January 29, 2008 10:27 AM EST

StreetInsider.com Notable Mergers and Acquisitions of the Day:

• Excel Maritime Carriers Ltd (NYSE: EXM) agreed to acquire Quintana Maritime Limited (Nasdaq: QMAR) for $13.00 per share in cash per share of Quintana common stock and 0.4084 shares of Excel Class A common stock per share of Quintana common stock.
  
  In the event the average closing price of Excel's Class A common stock during the 15 trading day period ending before the effective date of the merger exceeds $45 per share, this exchange ratio will be adjusted so that the total value delivery per Quintana share including cash is $31.38, unadjusted for dividend payments. Based on Excel's closing price of $33.00 as of January 28, 2008, and unadjusted for dividend payments, the offer represents a total value of $26.48 per share, representing a 57% premium to Quintana's January 28th closing price of $16.89 and a 34% premium to Quintana's 30-day average price.
  
  
• In a 13D filing on Bronco Drilling Co. Inc. (Nasdaq: BRNC) after the close Friday, 21% shareholder Third Avenue Management disclosed a letter to the company saying the merger with Allis-Chalmers Energy ( (NYSE: ALY) is not in the best best interests of shareholders. The firm intends to take action to oppose the merger. The firm said the deal undervalues Bronco Drilling.
  
  Third Avenue Management recommends the Board; Fully consider all other unsolicited bids it may receive, Consider other alternatives to a sale, Reevaluate the structure and terms of the existing deal.
  
  On 1/24, Bronco Drilling agreed to be acquired by Allis-Chalmers in a deal worth approximately $437.8 million, comprised of (a) an aggregate of $280.0 million in cash and (b) Allis-Chalmers common stock having an aggregate value of approximately $157.8 million.
  
  Third Avenue Management was founded by veteran value investor Martin J. Whitman in 1986. Since its founding, the firm has pursued a sole discipline of fundamental value investing.
  

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