A couple of quasi-hits

Autonomy voluntarily delisted its ADRs recently, citing the costs to remain public in US exchanges as being too high. Autonomy was exchanging the shares for cash, with the value determined by the underlying shares traded on London Stock Exchange. With the shares appreciating around 15% since I bought them last year, this offer represents an equivalent premium. If this is considered the same(?) as a normal stock repurchase, the transaction also has tax advantages.Autonomy is still a takeover target, but the only way to play it is to buy shares on the LSE. Expect more voluntary delistings as Sarbannes-Oxley takes its toll.

Cardiac Science (DFIB) entered into a merger agreement with Quinton (QUIN). The transaction looks complicated, and the market seems to think that the deal is not positive, going by the sharp decline in Cardiac Science's shares. I believe that the merger is a good one in the long term, with the combine being a target ultimately for GE or Siemens, to compete with Philips. I own Cardiac Science shares, which have now lost around 40% of their value.