Notable Mergers and Acquisitions of the Day 2/14 (NWS/YHOO, CFC/BAC, MFW)
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- According to reports from the Wall Street Journal, News Corp (NYSE: NWS) and Yahoo! (Nasdaq: YHOO) are in talks to combine MySpace and News Corp's other Internet properties with Yahoo!. The move would help Yahoo! fend off Microsoft's (Nasdaq: MSFT) unsolicited $45 billion takeover bid.
- In an amended 13D filing on Countrywide Financial Corp. (NYSE: CFC), SRM Fund Management disclosed a 5.48% stake in the mortgage company, up from the 5.2% stake the firm disclosed a few weeks ago. The firm also continues to believe the merger with Banc of America (NYSE: BAC) undervalues the company. The firm sent a letter to the company against the merger.
In the letter the firm said, "We believe that the merger transaction with Bank of America is not in the best interests of its shareholders. We are extremely concerned that the value to be received by shareholders based upon the proposed terms of the merger represents less than half of the book value of the Company as of the end of the fourth quarter 2007. We also believe that the Company’s acceptance of the proposed terms of the merger and the Board’s approval of those terms are inconsistent with management’s disclosures concerning its financial position and business prospects during the third and fourth quarters of 2007."
- M & F Worldwide Corp. (NYSE: MFW) announced that it has entered into a definitive agreement for M & F Worldwide to acquire the Data Management business of Pearson plc for $225 million in cash, subject to post-closing adjustments.
To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions
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