Notable Mergers and Acquisitions of the Day 06/21: (FSS)/(MMM) (SUNH) (NUE)


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June 21, 2012 10:43 AM EDT Send to a Friend
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  • Federal Signal Corporation (NYSE: FSS) has signed a definitive agreement to sell its Federal Signal Technologies, LLC business to 3M Company (NYSE: MMM) for $110 million in cash, subject to post-closing adjustments. The transaction is subject to closing conditions and regulatory approvals, and is expected to be completed in the second half of 2012.

    Federal Signal intends to use the proceeds from the transaction primarily to reduce debt. Jefferies & Co., Inc. advised Federal Signal on the transaction, and Thompson Coburn LLP served as Federal Signal's legal counsel.

    Federal Signal will host an investor conference call as a follow up to this announcement at 11 a.m. EST, Monday, June 25, 2012 with Dennis J. Martin, president and CEO, William G. Barker, senior vice president and CFO, and Jennifer L. Sherman, CAO, senior vice president, general counsel and secretary.

  • After the market closed Wednesday, Sun Healthcare Group, Inc. (Nasdaq: SUNH) said it signed a definitive agreement for the acquisition of Sun Healthcare (Sun) by Genesis HealthCare (Genesis). The combined company will be able to strengthen its core business lines and enhance its collective ability to provide the highest quality patient care while meeting the current challenges facing the healthcare industry.

    Under the terms of the merger agreement, Genesis will acquire Sun for $8.50 per share of common stock in cash, resulting in a transaction value of approximately $275 million net of cash and debt acquired. Sun Healthcare's Board of Directors unanimously approved the transaction.

  • Nucor Corporation (NYSE: NUE) has completed the acquisition of the membership interest of Skyline Steel LLC and its subsidiaries for the purchase price of approximately $605 million. Skyline Steel LLC is now a wholly owned subsidiary of Nucor Corporation and will maintain its headquarters in Parsippany, New Jersey. Nucor expects the acquisition to be accretive in the next full fiscal year of ownership.

    Skyline Steel LLC is a premier steel foundation distributor serving the U.S., Canada, Mexico and the Caribbean. Skyline distributes high quality products to service the most challenging applications including marine construction, bridge and highway construction, heavy civil construction, storm protection, underground commercial parking, and environment containment projects in the infrastructure and construction industries.
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