Notable Mergers and Acquisitions of the Day 5/19: BKUNA/TD/GS, DAI, KONA

May 19, 2009 10:18 AM EDT

• According to reports from the Wall Street Journal, Toronto-Dominion Bank (NYSE: TD) could team up with Goldman Sachs (NYSE: GS) to bid for BankUnited Financial (Nasdaq: BKUNA), as the bank seeks a buyer or faces a possible seizure by regulators.
  
  The FDIC's auction of BankUnited ends today, which was pushed back from last Thursday.
  
  BankUnited had assets of $13.1 billion and deposits of $8.7 billion as of March 31, but was "critically undercapitalized" by regulators in January. The bank was given a deadline to find capital or a buyer, but that deadline has since lapsed without compliance, making the bank subject to enforcement actions.
  
  Other bidders for the bank include a consortium led by former North Fork Bancorp CEO John Kanas, that includes, Carlyle Group, Blackstone Group Centerbridge Capital Partners LLC and WL Ross & Co. Private equity firm J.C. Flowers & Co. could also be interested.
  
  
• Daimler AG (NYSE: DAI) has acquired an equity stake of nearly 10% of Tesla Motors Inc. This investment deepens the relationship between the inventor of the automobile and the newest member of the global auto industry. Tesla is the only production automaker selling a highway capable electric vehicle in North America and Europe.
  
  The two companies have already been working closely to integrate Tesla's lithium-ion battery packs and charging electronics into the first 1,000 units of Daimler's electric smart car. In order to benefit from each other's know-how, the investment enables the partners to collaborate even more closely on the development of battery systems, electric drive systems and in individual vehicle projects.
  
  
• Kona Grill, Inc. (Nasdaq: KONA) confirmed that it has received an unsolicited expression-of-interest from Mill Road Capital L.P., the Company's second largest shareholder, to acquire all of the Company's outstanding shares in a cash merger transaction at $4.60 per share, for each of the approximately 6.5 million shares of Company common stock currently outstanding.
  
  The Company said that its Board of Directors, in consultation with the Company's outside financial advisors and legal counsel, will evaluate Mill Road's proposal carefully and in due course, within the context of the overall Company's strategic and financial plans, and will respond to the proposal appropriately in the best interest of all of the Company's shareholders.

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

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Related Entities

• Goldman Sachs
• JC Flowers & Co.
• Wilbur Ross
• The Carlyle Group
• Notable Mergers and Acquisitions
• FDIC
• Mill Road Capital

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