Notable Mergers and Acquisitions of the Day 10/16: KFT/SLE/CBY, GE, IOC, ELOS,
- Kraft (NYSE: KFT) is in talks to sell its Maxwell House coffee brand to Sara Lee (NYSE: SLE), according to reports from the New York Post. A sale could free up additional cash for Kraft to sweeten its hostile bid for Cadbury (NYSE: CBY).
Kraft would not comment on the speculation but told the Post, "the Kraft proposal for Cadbury does not require divestitures and the company is comfortable in its ability to finance the transaction."
Kraft has until Nov. 9 to make a formal offer for Cadbury, according to a deadline set by the British Takeover Panel. - Commenting on NBC Universal on its conference call, General Electric (NYSE: GE) CEO Immelt said they want to be ready for several scenarios for future of the unit, including a possibility of IPO or other partnership. Headline were reported by Reuters.
- InterOil Corporation (NYSE: IOC) received notification from Papua New Guinea's competition authority advising that the application by InterOil's subsidiary for authorisation of the purchase of Shell Oil Products (PNG) Limited, the owner and operator of an aviation fuelling business located at the Jackson International Airport, in Port Moresby, Papua New Guinea announced on July 22nd 2009, has not been approved.
The refusal to authorise the transaction was based on the authority's view that it could have the effect of substantially lessening competition in the relevant market. InterOil intends to explore alternative structures and means by which to deal with the authority's concerns.
- Syneron Medical Ltd. (NASDAQ: ELOS) announced it has signed a definitive agreement to acquire Primaeva Medical, Inc., an aesthetic technology firm based in Pleasanton, CA.
Primaeva developed a minimally invasive RF aesthetic device for the treatment of skin wrinkles and laxity. The proposed acquisition is subject to customary conditions and is expected to close before the end of calendar year 2009. Syneron expects to introduce the non-surgical skin tightening Primaeva technology in 2010.
Syneron will acquire Primaeva for $7 million in cash, with potential additional consideration of up to $23 million in cash contingent on the achievement of commercial milestones. As part of the agreement, Primaeva founder and CEO Bankim Mehta will join the Syneron management team.
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