Notable Mergers and Acquisitions of the Day 05/30: (PBY) (AQQ) (SDRL)

• Pep Boys - Manny, Moe & Jack (NYSE: PBY) reports that buyer The Gores Group has terminated the deal to acquire the company.
  
  The Gores Group has agreed to pay Pep Boys a fee of $50 million and to reimburse Pep Boys for certain merger-related expenses.
  
  In January, Gores Group announced plans to acquire Pep Boys for $15 per share, but in May the takeover group requested a delay in mailing proxies following the company's poor preliminary first quarter results.
  
  
• American Spectrum Realty, Inc. (AMEX: AQQ) has repurchased all of the operating partnership units issued to Evergreen Realty Group, LLC and certain of its affiliates in 2010. The Company had issued the OP Units to Evergreen in connection with its acquisition of assets from Evergreen on January 17, 2010. A total of 800,000 OP Units issued to Evergreen (adjusted from the original 1,600,000 OP Units issued to reflect the Company’s 2011 two-for-one reverse split), were repurchased by the Company for a total of ONE DOLLAR ($1).
  
  As a result of the repurchase, the number of OP Units outstanding (other than those held by the Company), was reduced to 252,463. Holders of OP Units have the option to redeem their OP Units and to receive, at the option of the Company, either (i) one share of common stock of the Company, or (ii) cash equal to the value of one share of common stock of the Company on the date of conversion.
  
  
• Seadrill (Nasdaq: SDRL) has sold 300 million shares in SapuraKencana Petroleum BHD. The proceeds from the transaction will be approximately US$200 million.
  
  The book value of Seadrill's total position in SapuraKencana was US$111 million by the end of the first quarter 2012. A material accounting gain related to Seadrills position in SapuraKencana is expected for the second quarter of 2012. Following the transaction, Seadrill will remain holder of 319.5 million shares in SapuraKencana, corresponding to 6.4% of the outstanding shares.

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