Notable Mergers and Acquisitions of the Day 10/28: HUN, JNJ, VNO/LXP
Tweet Send to a Friend
Up)- Hexion Specialty Chemicals, Inc. announced today that late last night Hexion received correspondence from counsel to affiliates of Credit Suisse (NYSE: CS) and Deutsche Bank (NYSE: DB) stating that the banks do not believe that the solvency opinion of American Appraisal Associates and the solvency certificate of Huntsman Corporation's (NYSE: HUN) Chief Financial Officer meet the condition of the commitment letter, and stated that as a result the banks do not plan to fund the proposed closing of the merger scheduled for this morning. Accordingly, Hexion does not expect the merger to close today.
Hexion strongly disagrees with the banks’ position and has advised them of their obligation to fulfill the financing commitment for the merger. While Hexion intends to meet and work with the banks today to try to complete the merger, if the banks do not fund their commitment, Hexion will vigorously enforce all of its contractual rights.
- Johnson & Johnson (NYSE: JNJ) today announced that it has acquired HealthMedia, Inc., a privately held company located in Ann Arbor, Michigan, that creates web-based behavior change interventions. Terms of the transaction were not disclosed.
- Vornado Realty Trust (NYSE: VNO) has agreed to purchase 8.0 million common shares (out of a block of 18.7 million being sold) of Lexington Realty Trust (NYSE: LXP) for $5.60 per share. These shares were previously held by an affiliate of Apollo Real Estate Advisors III, L.P. The shares are being sold with 50% financing recourse solely to the shares purchased.
Assuming redemption for Lexington Realty Trust shares of the approximately 8.1 million common units of Lexington Master Limited Partnership which Vornado already owns, Vornado will own approximately 16.1 million of Lexington Realty Trust’s common shares.
You May Also Be Interested In
- 50-Day SMA Crossers 05/20: (ELN) (ACI) (AAPL) Above; (MRK) (TLAB) (CLSN) Below
- Notable 52-Week Highs and Lows of the Day 05/15: (RAD) (SCTY) (TSO) High; (SHZ) (AU) Low
- StreetInsider.com Pre-Open Movers 5/17: (HALO) (ORMP) (CLSN) Higher; (ARUN) (ADSK) (BRCD) Lower (more...)
Create E-mail Alert Related Categories
Special ReportsRelated Entities
Credit Suisse, Deutsche Bank
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
