(UNTD) July 17, 2008 (9:55a) - Preliminary Proxy Statement Filed

The companies have filed the first amended proxy statement for this transaction with the SEC.

It will be noted again at this time that the merger proxy in this case is extremely lengthy and is very likely the reason for the initial filing delay and failure to obtain an SEC review waiver.

Nevertheless, as stated earlier today, an effective proxy will probably be out before the end of next month, facilitating an FTD shareholder meeting and close before the end of September 2008.

*Diebold, Incorporated (DBD) - United Technologies Corp. (UTX)

July 17, 2008 (9:15a) - Status Report

This entry will note that UTX officials have disclosed that there has been no progress in this proposed transaction since May, as DBD continues to withhold financial data from UTX.

Once again, there is absolutely no surprising development here as DBD is not expected to cooperate with UTX unless the offer is increased well above the current $40/share offer. As UTX continues to show no signs that it intends to make a serious offer here, there continues to be no reason to anticipate a formal agreement, or even serious negotiations, at any point in the near future.

Northwest Airlines (NWA) - Delta Air Lines (DAL)

July 16, 2008 (9:40a) - EC Review Suspended

The European Commission has suspended its review of this transaction due to the following:

"The Commission has requested further information pursuant to Art. 11 and a new provisional deadline will be indicated once this information has been provided for."

This is not an entirely surprising development given that the EC is very likely working with the Department of Justice, as discussed briefly on June 24 as a possibility. Although EC review suspensions are infrequent, in this case it is definitely not perceived as a major concern for the transaction's timing or overall success.

Presumably, the companies will provide any/all requested information to the EC in a timely fashion, and the regulator will set a second review deadline in August or September. EC approval will very likely be granted on or before the second deadline date.

Bois d'Arc Energy, Inc. (BDE) - Stone Energy Corporation (SGY)

July 15, 2008 (3:05p) - Preliminary Proxy Statement Filed

SGY has filed the first amended proxy statement for this transaction with the SEC.

Both companies' shareholder meetings have been scheduled on August 27, 2008, for shareholders of record as of July 18, 2008.

As the SEC is now expected to clear the proxy statement before the end of this month -- and no other regulatory approvals are required -- this transaction will very likely close on or about August 27, 2008.

Apria Healthcare (AHG) - The Blackstone Group (BX)

July 15, 2008 (11:50a) - Initial Analysis

This appears to be a fairly routine Blackstone acquisition where timing to close will be determined by Blackstone's current motivation and AHG's ability to quickly submit the first proxy statement and clear the proxy review without major delays.

There is no indication that the SEC review for this deal will be terribly difficult or lengthy, as AHG's recent history does not include many revised or late filings, or other encounters with the regulator. The company has had a few late quarterly reports within the last few years, but none of these resulted in an SEC review or amendment. Therefore, the SEC review can be expected to go the standard 45 to 60 days if a waiver is not granted. Assuming the first proxy is filed within the next two weeks, this should translate into an AHG shareholder meeting in very late September or early October of this year.

With respect to Blackstone, it has shown both the ability to rapidly conclude deals , stall on deals according to varying circumstances, or quickly terminate deals as seen very recently in the ADS situation. Currently, there is no reason to anticipate Blackstone delaying this deal, although there appears to be a fairly significant level of shareholder lawsuits related to the transaction. This situation will naturally be monitored for develops over the next few months, but it not expected to evolve into major problems.

The current close projection is the last week of September, or first week or two of October, depending on the SEC proxy review.

Hercules Inc. (HPC) - Ashland Inc. (ASH)

July 15, 2008 (8:40a) - Initial Analysis

This proposed merger is not in any way comparable to the recently announced ROH-DOW transaction, despite some similar products and end use areas associated with the two. That being said, this combination looks to be fairly safe from any regulatory interest as HPC adds products the ASH currently does not have in its portfolio. The difference between the two respective product lines is ASH is essentially a specialty chemicals manufacturer, while HPC is essentially a manufacturer of specialty additives or modifiers for water-based systems.