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1. Not Sure Entrust Deal Will Go Through at This Price
4/13/2009 12:53 PM EDT
Entrust (ENTU) announced an agreement to be acquired for $1.85 a share in cash.Last November, Empire Capital, which owns 20% of ENTU at an average cost of $2.61/share, entered into a settlement agreement with the company in an effort to avoid a proxy contest for board representation. As part of the settlement, Empire was given board observation rights (i.e., a non-voting position) so long as it maintained an ownership above 10%. Since Empire will remain underwater with this deal, I'm waiting to see how it weighs in.
2. Genworth Misses TARP DeadlinePaul Rubillo
4/13/2009 12:34 PM EDT Not sure if anyone saw the news late Friday where Genworth (GNW - Get Report) missed the TARP deadline by failing to become a bank-holding company in time. Genworth had planned to acquire a "mom and pop" bank called Interbank, but the acquisition didn't progress quickly enough. Genworth says now that the deal is off, since the only reason it tried to buy the bank in the first place was to achieve "bank holding" status in order to access TARP funds. The stock is down 21% today.