Notable Mergers and Acquisitions of the Day 10/06: EMR/AVCT, SYKE/ICTG, NTRI/WMT, AMMD/CPTS

October 6, 2009 10:45 AM EDT

• Emerson (NYSE: EMR) agreed to acquire Avocent Corporation (NASDAQ: AVCT) in an all-cash tender offer of $25 per share, or approximately $1.2 billion.
  
  Avocent closed at $20.52 yesterday.
  
  The purchase is expected to close around January 1, 2010, pending customary regulatory approvals and acceptance of the offer by Avocent stockholders holding a majority of Avocent shares.
  
  
• Sykes Enterprises Incorporated (Nasdaq: SYKE) and ICT Group (Nasdaq: ICTG) have entered into an agreement where Sykes will acquire ICTG. Sykes will pay $15.38 per share of ICTG common, fully diluted, for a total of $263 million. The conversion will be one share of ICTG converted into $7.69 cash and Sykes stock worth $7.69. $15.38 represents a 46% over the closing price of ICTG as of October 5th, 2009.
  
  Sykes expects to realize synergies of up to $20 million annually. The acquistion is supposed to be neutral to Sykes earnings per diluted share in 2010.
  
  For the six months ended June 30th, 2009, ICTG's revenues were $194.4 million. ICTG ended the second quarter with $42.3 million in cash and cash equivalents on the balance sheet.
  
  
• Shares of weight management company Nutrisystem, Inc. (Nasdaq: NTRI) are rising 20% in after-hours action Monday after the company announced a deal with mega-store Walmart (NYSE: WMT) to offer the Nutrisystem 14-Day Starter Program for the first time in the retail channel.
  
  The Nutrisystem program will debut in over 3,200 Walmart locations in the first week of October, and will be available on Walmart.com.
  
  VP Will Auchincloss commented, "Walmart provides us with a new and valuable distribution channel to broaden our customer base and build awareness of our product at the retail."
  
  
• American Medical Systems Holdings, Inc. (NASDAQ: AMMD) today announced the divestiture of its female sterilization assets and technology to Conceptus, Inc. (NASDAQ: CPTS) for $23.6 million. Also, as a result of this asset sale agreement, and separate agreements completed with third parties, AMS eliminated all existing and potential obligations and liabilities under previous agreements associated with the Ovion technology. The asset sale agreement also releases Conceptus from any future royalty obligations to AMS.
  
  "We are pleased with the outcome of this transaction, as it supports our strategy to focus on addressing unmet needs in our established pelvic health markets while at the same time maximizing the return to our shareholders of this nonstrategic asset," stated Tony Bihl, President and CEO of AMS.

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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