$Wavecom (WVCM) - Sierra Wireless (SWIR)

January 6, 2008 (10:50a) - Status Report

Other than a routine investor presentation provided by SWIR yesterday, there have been no developments in this offer situation since the 12/23/08 WVCM Board meeting. Although a WVCM response and acceptance remains anticipated very shortly, the complete lack of information indicates some further delays are possible, if not probable, with respect to SWIR commencing the tender offer process.

Unless WVCM formally accepts the offer within the next few days, a fairly high chance exists for a successful deal completion slipping into the latter part of February, or perhaps early March of this year. WVCM is expected to issue some type of formal response before the end of next week, at the latest.

$Indevus Pharmaceuticals (IDEV) - Endo Pharmaceuticals (ENDP)

January 6, 2009 (10:05a) - Initial Analysis

This appears to be an extremely clean combination from a competition standpoint, as ENDP is engaged almost exclusively in non-generic pain management products (Lidoderm being the company's primary product), while IDEV focuses on areas such as overactive bladder (OAB), hypogonadism, prostate cancer, and other various urinary tract problems. Based on research to this point, there are absolutely no overlapping products associated with the proposed transaction.

Possible delaying factors exist with non-U.S. regulators, as IDEV actively markets and sells many of its products in Germany, Ireland, Italy, Spain and the United Kingdom, among other countries. It will be noted that in recent months, regulators in these jurisdictions have been extremely accommodating in clearing merger cases quickly in tender offer transaction such as this. Therefore, any delays will be minimal for this deal.

Assuming ENDP launches its tender offer for IDEV before the end of this week, or very early next week, the company should have virtually no difficulty completing the transaction by the third week of February 2009.

$Datascope Corp. (DSCP) - Getinge AB

January 6, 2009 (9:00a) - Status Report

As of this entry, the FTC has still not granted consent to the DSCP's divestiture agreement announced in late November of last year.

Despite the fact that some regulatory interest was anticipated in this deal, the current delay is highly unusual, and somewhat perplexing, as concessions such as those offered by DSCP are routinely accepted without much delay by the current FTC. While it can be speculated that the holiday period may be partially to blame for the continued HSR review, it seems that more than six weeks would be ample time for the FTC to fully assess the impact of the divestiture agreement. Obviously, this has not occurred.

Although this publication remains very confident that the FTC will clear this transaction without much further delay, it must be pointed out that there is a chance that DSCP's divestiture plan failed to address the primary competition issue which was believed to center on specific types of vascular grafts (such as peripheral vascular grafts), which in turn was believed to be included in the broad "endoscopic vessel harvesting" unit being offered for divestiture. At this time there is no reason or evidence to suggest that the unit in question does not alleviate any/all vascular graft competition issue, but the continued FTC review certainly suggests that this is possible.

In short, Getinge will very likely need to extend the current tender offer at least another ten days and perhaps deeper into January in order to allow the FTC to complete its review. Again, FTC clearance continues to be anticipated without extraordinary delays, regardless of the current situation.

Embarq Corporation (EQ) - CenturyTel, Inc. (CTL)

January 5, 2009 (9:25a) - Pennsylvania PUC Status

According to aPennsylvania PUC official, the "items" associated with this case have not been finalized as of yet, and therefore the case file can not be published to the PUC's website for public use. The primary item in question is the public hearing date, which will be established at this Friday's pre-hearing conference involving the companies, PUC staff, ALJ and interested third parties.