Notable Mergers and Acquisitions of the Day: Blackstone May Bid for Rio Tinto (RTP), Elsai Buys MGI PHARMA (MOGN)
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- Eisai Co., Ltd. and MGI PHARMA, Inc. (NASDAQ: MOGN) entered into a definitive merger agreement under which Eisai would acquire all of the outstanding shares of MGI PHARMA for US$41.00 per share in an all cash transaction, for a total consideration of approximately $3.9 billion.
- Reckitt Benckiser Group plc and Adams Respiratory Therapeutics (Nasdaq: ARXT) entered into a definitive agreement under which Reckitt Benckiser will tender for the acquisition of Adams for $60 per share in cash, representing a total consideration for Adams' fully diluted share capital of approximately $2.3 billion.
The transaction will be financed by Reckitt Benckiser by cash on hand and existing credit facilities.
- HP (NYSE: HPQ) has signed a definitive agreement to acquire NUR Macroprinters Ltd., a manufacturer of industrial wide-format digital inkjet printers.
HP will be acquiring substantially all the assets of NUR for $117.5 million. Of this amount, $14.5 million will be held in an indemnity escrow account.
- Blackstone Group LP (NYSE: BX) is planning a bid for Rio Tinto (NYSE: RTP) that may include China's sovereign wealth fund.
The London-based Daily Telegraph reported Blackstone has hired lawyers and is in talks with banks for the potential offer. Any offer would compete with a $137 billion takeover proposal from Melbourne-based BHP Billiton Ltd. (NYSE: BHP), the world's biggest mining company.
It has been reported that Blackstone would team up with a Chinese sovereign fund to fund the purchase of BHP Billiton.
A buyout could add as much as a $80 billion to Rio Tinto's existing debt of about $50 billion, thus making Rio Tinto a highly leveraged company.
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