Notable Mergers and Acquisitions of the Day 2/11 (MSFT/YHOO, KWD, ACLS)

February 11, 2008 9:53 AM EST

StreetInsider.com Notable Mergers and Acquisitions of the Day:

• Yahoo! Inc. (Nasdaq:YHOO) said the Yahoo! Board of Directors has carefully reviewed Microsoft's (Nasdaq: MSFT) unsolicited proposal with Yahoo!'s management team and financial and legal advisors and has unanimously concluded that the proposal is not in the best interests of Yahoo! and our stockholders.
  
  The Board believes that Microsoft's proposal substantially undervalues Yahoo! including our global brand, large worldwide audience, significant recent investments in advertising platforms and future growth prospects, free cash flow and earnings potential, as well as our substantial unconsolidated investments.
  
  
• After months of protest, Kellwood Company (NYSE: KWD) entered into a merger agreement with Sun Capital providing for a prompt merger if Sun Capital's tender offer is successful on February 12, 2008, and upon the closing of the tender offer Sun Capital owns a majority of the Company's shares. The Board of Directors is now recommending that stockholders tender their shares into the offer. The Board considered a number of factors in making its decision, including its determination that the $21.00 price being offered is fair, the absence of superior bids, and the Company's belief that a majority of the stockholders intend to tender their shares.
  
  
• Axcelis Technologies, Inc.(Nasdaq: ACLS) confirmed that it has received a series of unsolicited letters, from a Japanese company, Sumitomo Heavy Industries, Ltd., in which SHI makes a contingent proposal to acquire Axcelis at a nominal premium of $5.20 per share.
  
  Axcelis said on February 7, 2008, they responded to the Japanese company's letter of February 4, 2008. In its response, Axcelis informed SHI that its Board would be discussing their proposal with its advisors and would respond once the discussions were complete. Instead, the Japanese company chose to not wait for Axcelis to respond and made public its letter of February 11, 2008.
  

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

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