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Deal Digest: March 24, 2008

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Published March 24, 2008 at 11:24 AM

Stay tuned to TheDeal.com for updates to these stories and more.

J.P. Morgan Chase & Co.-Bear Stearns Cos.
J.P. Morgan Chase has quintupled the per-share price it will pay for troubled investment bank Bear Stearns, and it will take on part of the Federal Reserve's exposure to get all parties to back the deal.

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In a statement Monday, J.P. Morgan Chase said it will pay 0.21753 of a share or about $10 for each share of Bear Stearns, up from an exchange ratio of 0.05473 announced on March 16. With the purchase of newly issued Bear Stearns shares agreed to Monday, J.P. Morgan Chase is now agreeing to pay about $2 billion for Bear Stearns, up from the headline price or $240 million announced a week ago.

Marathon Acquisition Corp.-Global Ship Lease Inc.
Meanwhile, blank-check company Marathon Acquisition Corp. agreed to buy a majority stake in London-based Global Ship Lease in a deal that values the owner and operator of container ships at about $1 billion.

Global Ship Lease is currently a subsidiary of French container-shipping company CMA CGM SA.

SolarWinds Inc.
SolarWinds, a venture-backed network management software company, filed to go public Friday with an initial target of raising as much as $250 million.

The Austin, Texas-based company, which Bain Capital Venture Integral Investors LLC and Insight Ventures recapitalized in December 2005, gave no details as to a target offer price or shares to be sold in its initial prospectus filed with the U.S. Securities and Exchange Commission.

Synopsys Inc.-Synplicity Inc.
Synopsys, which makes software and IP for semiconductor design and manufacturing, agreed to buy Synplicity, a supplier of innovative field programmable gate array, for $188 million.

Aloha Air Group Inc.
Sky-high oil prices claimed their first airline industry victim on Thursday, as Aloha Air landed in bankruptcy protection for the second time since 2004. Aloha also blamed predatory pricing by a competitor for the move.

OAO Severstal-Sparrows Point
Confident that the U.S. economy will recover, Russian steelmaker OAO Severstal agreed Friday to buy the Sparrows Point steel mill in Baltimore from ArcelorMittal for $810 million in cash.

Stay tuned to TheDeal.com for updates to these stories and more.

- The editors



See Bear Stearns story on TheDeal.com
See Global Ship story on TheDeal.com
See SolarWinds story on TheDeal.com



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