M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

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Thursday, May 3, 2007

Thursday Deal News

Announced Deals

Ahold NV, the Dutch supermarket group, yesterday announced an agreement to sell U.S. Foodservice, its subsidiary at the center of a 2003 accounting scandal, to Clayton, Dubilier & Rice Fund VII LP and Kohlberg Kravis Roberts & Co in a deal valued at $7.1 billion.  Ahold is seeking shareholder approval of the deal at an Extraordinary General Meeting to be held on June 19, 2007.

The Airline Partners Australia consortium comprising Macquarie Bank Ltd. and TPG Inc. (formerly known as Texas Pacific Group) making a AUD10.82 billion takeover offer Australia's Qantas Airways Ltd. announced that it had purchased 32.96% of Qantas in their offer, below the 70% required for its bid to succeed. The group is likely to extend their offer for another two weeks.

Cablevision Systems Corp. yesterday announced an agreement with the the Dolan family to take the cable operator private for $36.26 per share in a deal valued at $22 billion (see my posts from yesterday commenting on the deal here and here).

The Dow Jones board yesterday announced that it would take no action with respect to the News Corp.s' $5 billion dollar proposal to acquire the company in light of the opposition of its controlling shareholders, the Bancroft Family.

OAO Norilsk Nickel, the Russian mining company, today announced an all-cash offer valued at CDN5.3 billion Canadian dollars and topping or nickel miner LionOre Mining International Thursday.  The offer tops a rival offer from U.K.-based Xstrata Plc.

Urban American Management Corp. and City Investment Fund have purchased a series of buildings in Harlem and one on Roosevelt Island that total nearly 4,000 apartments for $940 million according to the New York Observer.

VWR International, Inc., a laboratory supply company owned by private equity shop Clayton, Dubilier & Rice, Inc., yesterday announced a definitive agreement to be acquired by another private equity shop, Madison Dearborn Partners.  Terms of the transaction were not disclosed though CDR payed $1.7 billion for the company two years ago.

Other/Rumored

Biosite, Inc., the medical diagnostic equipment maker, yesterday announced that it has entered into a revised merger agreement with Beckman Coulter, Inc. raising Beckman Coulter's offer to acquire Biosite‚Äôs to $90.00 per share, or approximately $1.67 billion in total, an increase of $5.00 per share.  The raised offer bests one made by Inverness Medical (Reports say Inverness is likely to counter)

Jones Apparel Group, Inc. announced that it has made the strategic decision to exit or sell some of our moderate product lines by year end 2007. These product lines represent 2007 net revenues in 2007 of approximately $300 million.

http://lawprofessors.typepad.com/mergers/2007/05/thursday_deal_n.html

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