Notable Mergers and Acquisitions of the Day 3/17: LECO, DFZ, SHFL
StreetInsider.com Notable Mergers and Acquisitions of the Day:
- Lincoln Electric Holdings, Inc. (Nasdaq: LECO) announced that its Asian subsidiary, The Lincoln Electric Company Pte., Ltd., has signed definitive agreements to expand its welding consumables business in China by acquiring 100% control of Jinzhou Jin Tai Welding and Metal Co., Ltd., a welding wire business in Jinzhou, China.
Lincoln Asia Pacific currently owns 48% of Jin Tai, and the remaining 52% is held by Taiwan-based Kuang Tai Metal Industrial Co., Ltd. ("Kuang Tai") and other partners. Jin Tai's sales in 2008 were approximately $200 million. In light of the currently depressed global economic environment and the forecast for Jin Tai's earnings in 2009, the Company expects that the transaction would be modestly dilutive to 2009 earnings.
- R.G. Barry Corporation (Nasdaq: DFZ) announced that its Board has reviewed and unanimously rejected as not being in the best interest of its shareholders the unsolicited proposal to acquire the Company made January 28, 2009 by Mill Road Capital.
- Shuffle Master, Inc. (NASDAQ: SHFL) and Elixir Gaming Technologies, Inc. (AMEX: EGT) jointly announced they have entered into an agreement pursuant to which Elixir Gaming has sold to Shuffle Master its intellectual property related to Elixir Gaming's card shuffling and card deck checking equipment, including the RandomPlus Shuffler, the ShufflePro Shuffler, and the DeckChecker. In connection with this acquisition, Shuffle Master will also purchase Elixir Gaming's remaining finished-goods inventory of products in this category.
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