Notable Mergers and Acquisitions of the Day 02/05: (DELL) (PX) (VMED)/(LBTYA) (ATX)

February 5, 2013 9:59 AM EST Send to a Friend
* Dell Inc. (Nasdaq: DELL announced it has signed a definitive merger agreement under which Michael Dell, Dell’s Founder, Chairman and Chief Executive Officer, in partnership with global technology investment firm Silver Lake, will acquire Dell.

Under the terms of the agreement, Dell stockholders will receive $13.65 in cash for each share of Dell common stock they hold, in a transaction valued at approximately $24.4 billion. The price represents a premium of 25 percent over Dell’s closing share price of $10.88 on Jan. 11, 2013, the last trading day before rumors of a possible going-private transaction were first published; a premium of approximately 35 percent over Dell’s enterprise value as of Jan. 11, 2013; and a premium of approximately 37 percent over the average closing share price during the previous 90 calendar days ending Jan. 11, 2013. The buyers will acquire for cash all of the outstanding shares of Dell not held by Mr. Dell and certain other members of management.

For more color on the deal, click here.

* Praxair, Inc. (NYSE: PX) entered into an agreement to acquire NuCO2 INC. from Aurora Capital Group, a Los Angeles, California based private equity firm, for $1.1 billion in cash. The transaction is subject to customary conditions to closing, including regulatory approval, and is expected to close by the end of the first quarter of 2013.

NuCO2 is the leading national provider of beverage carbonation solutions in the United States to the restaurant and hospitality industries with 162,000 customer locations and 900 employees. The business is expected to generate full year sales in 2013 of about $250 million and EBITDA of about $115 million. The acquisition is expected to be neutral to slightly accretive to Praxair’s 2013 earnings per share.

* Virgin Media Inc. (Nasdaq: VMED) notes the recent press speculation in relation to a possible corporate transaction between Virgin Media Inc. and Liberty Global, Inc. (Nasdaq: LBTYA).

Virgin Media confirms that it is in discussions with Liberty Global, Inc., a leading international cable company, concerning a possible transaction. Any such transaction would be subject to regulatory and other conditions.

A further announcement will be made in due course.

* After markets closed Monday, A.T. Cross Company (Nasdaq: ATX) announced that it is exploring strategic alternatives for its Cross Accessory Division.

The Cross Accessory Division is a market leading provider of Cross fine writing instruments and related products. Founded in 1846, the Cross brand is a favorite of successful professionals and corporations and is recognized globally for style, innovation, craftsmanship and quality.

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