M&A update: TD Financial pays $8.5 billion for Commerce Bancorp - BloggingBuyouts

M&A update: TD Financial pays $8.5 billion for Commerce Bancorp - BloggingBuyouts: "PDL BioPharma (NASDAQ: PDLI), a biopharmaceutical company, announced that its board of directors will actively seek offers for the sale of the company. PDLI is recently trading up $1.63 to $23 in pre-open trading. Alex Brown says, 'our sum-of-the-parts analysis suggests a takeout value of $30-$37 per share.' PDLI reported annual 2006 revenues of $414 million. PDLI has a market cap of $2.5 billion. PDLI over all option implied volatility of 37 is below its 26-week average of 44 according to Track Data, suggesting decreasing price risk."