Notable Mergers and Acquisitions of the Day 6/2: GM, CAM/NTG, HLND/HPGP

June 2, 2009 10:02 AM EDT

• One day after filing bankruptcy, General Motors (NYSE: GM) announced it has entered into a memorandum of understanding with a buyer for HUMMER, its premium off-road brand.
  
  The sale is expected to close by the end of third quarter of this year and is subject to customary closing conditions, including receipt of applicable regulatory approvals.
  
  The deal is expected to secure more than 3,000 U.S. jobs in manufacturing, engineering and at HUMMER dealerships around the country. The transaction also includes plans by the investor to aggressively fund future HUMMER product programs. Under terms of the MoU, the identity of the purchaser and proposed financial terms of the agreement are not being released at this time.
  
  
• Cameron (NYSE: CAM) and NATCO Group Inc. (NYSE: NTG) have entered into an agreement under which Cameron will acquire NATCO in an all-stock transaction that values NATCO at approximately $780 million, based on Cameron's closing stock price on June 1, 2009.
  
  Under the agreement, NATCO shareholders would receive 1.185 shares of Cameron common stock in return for each of NATCO's approximately 20.3 million shares outstanding.
  
  The transaction is worth $38.45 per NATCO share based on yesterday's closing price of Cameron, versus a close of $31.03 yesterday.
  
  
• The Hiland companies, Hiland Partners, LP (Nasdaq: HLND) and Hiland Holdings GP, LP (Nasdaq: HPGP), today announced that each of the Hiland companies has signed a separate definitive merger agreement with an affiliate of Harold Hamm, pursuant to which affiliates of Mr. Hamm have agreed to acquire for cash all of the outstanding common units of each of the Hiland companies that are not owned by Mr. Hamm, his affiliates or Hamm family trusts.
  
  In the mergers, Hiland Partners' unitholders will receive $7.75 in cash for each common unit they hold and Hiland Holdings' unitholders will receive $2.40 in cash for each common unit they hold.
  
  HLND closed at $5.74 yesterday and HPGP closed at $1.87.

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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• Notable Mergers and Acquisitions
• Bankruptcy

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