M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

Thursday, April 26, 2007

Today's Takeover News Round-up

Alcoa, Inc. announced yesterday that it is exploring a disposition of its packaging and consumer businesses which include the iconic and useful product aluminum foil.  The business currently constitutes 10% of Alcoa's revenue.  Alcoa is also exploring strategic alternatives for their AFL wire harness and aluminum casting operations

Applebee's International Inc. announced that it had received several proposals to be acquired.  They also announced a settlement of the proxy contest launched against it by investor Richard Breeden giving him and one of his nominees board seats.

Computer Sciences Corporation agreed to acquire competitor Covansys Corporation for $1.3 billion cash.

Harman International, the audio company, announced an agreement to be acquired by Kohlberg, Kravis & Roberts and Goldman Sachs' private equity fund for approximately $8 billion.

Hilton Hotels Corp. announced today that it had agreed to sell up to 10 European Hilton-brand hotels to a fund managed by Morgan Stanley Real Estate for $770 million.  They also today closed the sale of the 132 hotel Scandic chain to EQT for approximately US$1.1 billion.

TheStreet.com, Inc. yesterday announced the acquisition of the remaining 50.1% stake in Stockpickr.com that it did not already own.  According to the press release, "Stockpickr.com boasts a unique Web 2.0 offering in a forum where people who want to learn how the rich get richer meet to compare and exchange investment strategies and techniques." [Insert Cramer joke here]

Wendy's International Inc., announced yesterday that its board had formed a special committee of independent directors to investigate all strategic options for Wendy's (read, a sale/leveraged buy-out). 

Do What Tastes Right . . . 


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