Notable Mergers and Acquisitions of the Day 8/25: BRCM/AMD, PDS/GW
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- Broadcom Corporation (Nasdaq: BRCM) and AMD (NYSE: AMD) announced that the companies have entered into a definitive agreement for Broadcom to acquire AMD's digital TV (DTV) business.
In connection with the acquisition, Broadcom will pay approximately $192.8 million in cash in exchange for AMD's DTV assets. A portion of the consideration payable to AMD will be placed into escrow pursuant to the terms of the definitive asset purchase agreement. The board of directors of each company has approved the transaction and shareholder/stockholder approval of the transaction is not required by either company.
- Precision Drilling Trust (NYSE: PDS) and Grey Wolf, Inc. (AMEX: GW) announced that their Board of Trustees and Board of Directors, respectively, unanimously approved a definitive merger agreement pursuant to which Precision will acquire Grey Wolf.
Under the terms of the agreement, Grey Wolf shareholders will receive $5.00 in cash and 0.1883 newly-issued Precision trust units for each Grey Wolf common share on a fully-diluted basis, for aggregate consideration of $1.12 billion in cash and 42.0 million Units. Grey Wolf shareholders will be able to elect to receive cash or Units, subject to pro-ration.
The consideration represents approximately a 4.5% increase in the aggregate number of Units offered to Grey Wolf shareholders since Precision’s last public announcement of its intention to acquire Grey Wolf.
- OAO Severstal announced Friday that its mining division, Severstal Resources, intends to acquire the business of PBS Coals Corporation by way of an acquisition of Penfold Capital Acquisition Corporation following a business combination of PBS and Penfold for an all cash purchase price of C$8.30 per share, implying an enterprise value of US$1.3 billion.
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