Notable Mergers and Acquisitions of the Day 1/7: SAY, DSCP, GSK/GNLB
- Satyam Computer Services Ltd. (NYSE: SAY) Co-Founder, Chairman B. Ramalinga Raju resigned today after admitting that he falsified earnings and assets.
A few week's ago Satyam made a failed attempt to merge the company will two entities controlled by his family. He claimed it was an attempt to plug 50.4 billion rupees of "fictitious" cash of the company's balance sheet.
He said profits have been inflated for "several years."
Shares of Satyam plunged in overseas trading on the news.
- Getinge AB today announced that it will extend its previously announced $53.00 per share cash tender offer for all of the outstanding shares of Datascope Corp. (NASDAQ: DSCP) until 12:00 midnight, New York City time, at the end of January 13, 2009, as such time may be extended. All other terms and conditions of the Offer remain unchanged.
As of the close of business on January 6, 2009, approximately 14,770,365 shares of Datascope common stock, representing approximately 93% of the total outstanding shares of Datascope common stock, had been validly tendered and not withdrawn in the Offer.
- GlaxoSmithKline plc (NYSE: GSK) announced the successful completion of the tender offer by its wholly-owned subsidiary Gemstone Acquisition Corporation for shares of common stock of Genelabs Technologies, Inc. (Nasdaq: GNLB). The tender offer expired at 12:00 midnight, New York City time, on Tuesday, January 6, 2009.
The depositary for the tender offer has advised GSK that shareholders of Genelabs have tendered and not withdrawn a total of approximately 39,250,243 shares of Genelabs common stock. These shares, together with the shares beneficially owned by GSK and its wholly-owned subsidiaries, represent approximately 88.55% of the outstanding shares of Genelabs on a fully diluted basis. Gemstone has accepted for payment all Genelabs shares tendered in the offer.
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