Notable Mergers and Acquisitions of the Day 05/29: (TDY)/(LCRY) (FDX) (CFX) (KGC)/(AU)
- Market Wrap: Durable Goods Order Outpace in Oct.; GoPro's Drone Ambitions; New Home Sales Fall Flat
- Deere & Co. (DE) Tops Q4 EPS by 26c
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- U.S. Durable Goods Orders Show Surprise 0.4% Gain in Oct.; Inventories Rise to Highest-Ever Level
- GoPro (GPRO) Aims to Launch Consumer Drones Late Next Year
- Teledyne Technologies Incorporated (NYSE: TDY) and LeCroy Corporation (Nasdaq: LCRY) jointly announced today that they have entered into a definitive agreement that provides for the merger of LeCroy Corporation with a wholly-owned subsidiary of Teledyne. Pursuant to the transaction, Teledyne will acquire all of the outstanding common shares of LeCroy for $14.30 per share payable in cash. The aggregate value for the transaction is approximately $291 million, taking into account LeCroy’s stock options, stock appreciation rights and net debt as of March 31, 2012. The transaction was unanimously approved by the Boards of Directors of Teledyne and LeCroy. In addition, LeCroy directors and executive officers, including founder Walter LeCroy, have agreed to vote their shares in favor of the transaction.
Stifel Nicolaus Weisel is acting as exclusive financial advisor and Bingham McCutchen LLP and Fish & Richardson are acting as legal counsel to LeCroy. Needham & Company is acting as exclusive financial advisor and McGuireWoods LLP is acting as legal counsel to Teledyne.
- FedEx Corp. (NYSE: FDX) signed an agreement to acquire the Brazilian transportation and logistics company, Rapidão Cometa Logística e Transportes S.A., the latest step in FedEx’s strategy for profitable growth in Latin America. The acquisition will further enhance FedEx Express international and Brazil business offerings and continues a long-term commitment to the growing Latin American region.
This acquisition will afford FedEx Express’s customers access to Rapidão Cometa’s nationwide domestic transportation and logistics network. FedEx expects that the transaction, which is subject to customary closing conditions, will close in the third quarter of 2012. The acquisition of Rapidão Cometa, which has been one of FedEx’s authorized representatives in Brazil for the past 11 years, will supplement the FedEx Express service portfolio in Brazil and continue its Latin America expansion through key strategic investments.
After this transaction is completed, FedEx Express will be able to seamlessly offer all international services to Rapidão Cometa customers, who will have direct access to the FedEx international network connecting more than 220 countries and territories worldwide, enhancing customers’ business flexibility and speed to market. FedEx customers will have access to domestic package and freight services, logistics and distribution services.
- Colfax Corporation (NYSE: CFX), announced the acquisition of the 91% interest in Soldex S.A. held by Inversiones Breca S.A. and its affiliates. The transaction values Soldex S.A. at $235 million, including the assumption of debt.
- Kinross Gold Corporation (NYSE: KGC) has entered into a purchase and sale agreement with subsidiaries of AngloGold Ashanti Ltd. (NYSE: AU), pursuant to which Kinross will sell its 50% interest in the Crixas gold mine (Serra Grande), located in the State of Goias, Brazil, to AngloGold Ashanti for gross cash proceeds of US$220 million. AngloGold Ashanti is the other 50% owner and operator of Crixas.
Kinross' share of Crixas' proven and probable gold reserves was approximately 375,000 ounces as of December 31, 2011, and its share of forecast production for 2012 was approximately 70,000 gold equivalent ounces. The Company expects to provide updated production guidance for 2012 with its second quarter earnings announcement.
The completion of the transaction is subject to the receipt of certain required regulatory approvals and other customary conditions of closing. The transaction is expected to be completed during the second quarter of 2012.
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