Notable Mergers and Acquisitions of the Day 11/05: S/CLWR, CPO/BG, IVGN
- Federal regulators are giving Sprint Nextel Corp. (NYSE: S) the approval to spin off and merge its new WiMax wireless broadband network with that of Clearwire Corp. (Nasdaq: CLWR).
In a 5-0 vote Tuesday, the FCC approved a plan to combine Sprint's Xohm network with Clearwire's WiMax-like network.
Google (Nasdaq: GOOG), Intel Corp. (Nasdaq: INTC) and a group of cable companies are investing billions into the $14.6 billion venture, which will have the Clearwire's name.
- Corn Products International, Inc. (NYSE: CPO) notified Bunge Limited (NYSE: BG) of its Board of Directors' intent to withdraw its recommendation in favor of adoption of the previously announced merger agreement with Bunge and recommend against adoption of the merger agreement.
In the event that Corn Products withdraws or changes its recommendation of the merger, Bunge will have the right to require that Corn Products hold a meeting of its stockholders to vote on the adoption of the merger agreement or to terminate the merger agreement and seek reimbursement from Corn Products for up to $10 million of Bunge's expenses in connection with the merger.
- Invitrogen Corporation (NASDAQ: IVGN) announced progress against its integration plans regarding its pending merger with Applied Biosystems.
The company announced that three members of the Applied Biosystems' Board of Directors have been named to the Board of the new company, effective upon closing. The new members are: George F. Adam, Jr., Chairman of Recondo Technology, Inc.; Arnold J. Levine, Ph.D., professor at the Institute for Advanced Study; and William H. Longfield, retired Chairman and Chief Executive Officer of C.R. Bard, Inc. They will join the nine current members of Invitrogen's Board of Directors as Directors of the new company when the transaction closes.
A new name for the combined entity will go into effect upon transaction close. The name of the new company will be Life Technologies Corporation and its shares will trade on the NASDAQ under the ticker symbol of LIFE. Instruments and systems solutions will continue to be sold under the Applied Biosystems brand name, while the combined company's broad offering of reagents will be sold under the Invitrogen brand name.
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