Notable Mergers and Acquisitions of the Day 7/9: ELX/BRCM, DDUP/EMC, IPCR/VR
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- EMC (EMC) Acquires Majority Ownership of Data Domain (DDUP)
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- Chaparral Energy and Refining Energy (URX) Amend Merger Agreement
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- Windstream (WIN) to Acquire Iowa Telecom (IWA) for 0.804/Shares Plus $7.90 in Cash; Deal Valued at $1.1B
- Interactive Data Corp. (IDC) to Acquire Dow Jones OFS Data and Tools Assets
- Emulex Corporation (NYSE: ELX) announced that its Board of Directors has responded to the revised offer by Broadcom Corporation (Nasdaq: BRCM) to acquire Emulex for $11.00 per share in cash, and unanimously rejected the offer. In response, Broadcom said it would cease all efforts to acquire Emulex.
- Data Domain (NASDAQ: DDUP) announced that it has entered into a definitive merger agreement with EMC Corporation (NYSE: EMC). EMC will acquire all of the outstanding shares of Data Domain common stock for $33.50 per share in cash.
Data Domain also announced that it has terminated the previously announced merger agreement with NetApp, Inc. (NASDAQ: NTAP), as revised on June 3, 2009, and has paid NetApp a $57 million termination fee under the terms of that merger agreement.
Data Domain's board of directors has unanimously determined that the definitive merger agreement with EMC and the terms of the EMC tender offer are advisable, fair to and in the best interests of Data Domain and its stockholders, and recommends that Data Domain stockholders tender their Data Domain shares to EMC.
- IPC Holdings, Ltd. (Nasdaq: IPCR) announced that its Board of Directors has unanimously approved a definitive amalgamation agreement with Validus Holdings, Ltd. (NYSE: VR). Under the terms of the agreement, holders of IPC common stock will receive $7.50 per share in cash and a fixed exchange ratio of 0.9727 Validus shares for each IPC share.
Upon closing of the transaction, IPC shareholders will receive approximately $424 million cash in aggregate and will own approximately 38% of the combined company on a fully diluted basis (with Validus's shareholders owning approximately 62%).
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