Notable Mergers and Acquisitions of the Day 06/25: (BUD) (RIMM) (LINE) (QSFT) (FNF)/(JAX)
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- Anheuser-Busch InBev SA (NYSE: BUD) is closing in on acquiring the remaining amount of Grupo Modelo it doesn't already own for a rumored purchase price of $12 billion (though Bloomberg recently shot out a headline that a deal might be valued $20 billion. The first number might be cash consideration while the second might include debt).
According to reports out Monday morning, AB InBev could announce a deal later this week, though nothing had been finalized yet. The company already holds a 50 percent non-controlling interest in Modelo.
- Research In Motion (Nasdaq: RIMM) could break apart portions of its company as it looks to shore up operations.
According to Bloomberg, citing The Sunday Times, RIM might look to unload its handset-manufacturing unit or possibly sell a stake in the entire company. Another option would be a split it off into a separately-traded public company.
The most ideal candidate cited in a stake acquisition is Microsoft (Nasdaq: MSFT). Korea's Samsung may have been considered a potential suitor in the past, though the company quieted that rumor just days after it surfaced.
Other companies pegged for a potential purchase include Facebook (Nasdaq: FB) and Amazon.com (Nasdaq: AMZN).
- LINN Energy, LLC (Nasdaq: LINE) announced today that it signed a definitive purchase agreement to acquire properties in the Jonah Field, located in the Green River Basin of southwest Wyoming, from BP America Production Company for a contract price of $1.025 billion, subject to closing conditions and a preferential right of purchase. The company anticipates the acquisition will close on or before July 31, 2012, and will be financed with proceeds from borrowings under its revolving credit facility.
- Quest Software, Inc. (Nasdaq: QSFT) announced the receipt of a proposal from a strategic bidder to acquire all of the outstanding shares of Quest common stock for $27.50 per share in cash.
The Company’s Board of Directors, acting through the special committee of independent directors established by the Company’s Board of Directors, determined that the proposal constitutes a Superior Proposal, as such term is defined in the Agreement and Plan of Merger dated March 8, 2012, as amended on June 19, 2012, among Quest and affiliates of Insight Venture Management, LLC and Vector Capital. In making its determination, the Special Committee consulted with its independent financial advisors and outside legal counsel.
- Fidelity National Financial, Inc. (NYSE: FNF) today announced the signing of a definitive agreement to merge J. Alexander's Corporation (Nasdaq: JAX) with a subsidiary of American Blue Ribbon Holdings, Inc., a newly formed, majority owned subsidiary of FNF, in a transaction which values the equity of J. Alexander's at approximately $72 million.
Immediately after the merger, J. Alexander's will be combined with the current restaurant operations of ABRH, LLC, a majority-owned restaurant operating subsidiary of FNF with total annual revenue of approximately $1.3 billion. American Blue Ribbon owns and operates 674 restaurants in 43 states under six different restaurant concepts, including Bakers Square, Max & Erma's, Village Inn, Stoney River Legendary Steaks, O'Charley's and Ninety Nine, as well as the APC award winning pie bakery Legendary Baking. Following the transactions, the total combined annual revenue of the restaurant operating company will be approximately $1.5 billion.
Under the merger agreement, shareholders of J. Alexander's may elect to receive per share $12 in cash or a combination of $3 in cash and one share of Class A common stock of ABRH, subject to pro-ration at closing so that the J. Alexander's shareholders that receive stock will own a total of 49.9% of the shares in ABRH.
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