Notable Mergers and Acquisitions of the Day 4/15 (DAL/NWA, PFE/ENCY, MSFT)

April 15, 2008 9:44 AM EDT

StreetInsider.com Notable Mergers and Acquisitions of the Day:

• Delta Air Lines Inc. (NYSE: DAL) and Northwest Airlines Corporation (NYSE: NWA) announced an agreement in which the two carriers will combine in an all-stock transaction with a combined enterprise value of $17.7 billion, creating America's premier global airline. The new airline will be called Delta.
  
  Under the terms of the transaction, Northwest shareholders will receive 1.25 Delta shares for each Northwest share they own. This exchange ratio represents a premium to Northwest shareholders of 16.8 percent based on April 14 closing prices. The transaction is expected to be accretive to current Delta shareholders in year one excluding one-time costs. The merger is subject to the approval of Delta and Northwest shareholders and regulatory approvals. It is expected that the regulatory review period will be completed later this year.
  
  The transaction is expected to generate more than $1 billion in annual revenue and cost synergies.
  
  
• Pfizer Inc (NYSE: PFE) announced that the subsequent offering period of the tender offer by its wholly-owned subsidiary, Explorer Acquisition Corp., to purchase all of the outstanding shares of common stock of Encysive Pharmaceuticals Inc. (NASDAQ: ENCY) at a purchase price of $2.35 per share, net to the seller in cash, without interest thereon and less any required withholding taxes, expired as of 5:00 p.m., New York City time, on April 14, 2008. According to the final report of the depositary for the tender offer, as of the expiration of the subsequent offering period, 69,076,466 shares, representing approximately 85.33% of the outstanding shares of Encysive common stock, were validly tendered and purchased pursuant to the offer.
  
  
• Microsoft Corp. (Nasdaq: MSFT) has completed its acquisition of Danger, Inc., the company announced today. Danger's expertise in building great, intuitive client software for mobile handsets connected to powerful hosted back-end services fosters rich consumer experiences in communication, media sharing, entertainment and personalization. The combined force of Danger and Microsoft strengthens the company's ability to provide innovative mobile experiences to more consumers.
  

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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