Notable Mergers and Acquisitions of the Day 3/23: SU/PCZ, CXR, CF, ORCL, TFX
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- Notable Mergers and Acquisitions of the Day 3/23: SU/PCZ, CXR, CF, ORCL, TFX
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- Suncor Energy Inc. (NYSE: SU) and Petro-Canada (NYSE: PCZ) announced that they have agreed to merge the two companies. On completion of the proposed transaction, Suncor's existing shareholders will own approximately 60% and Petro-Canada shareholders will own approximately 40% of the merged company.
It will feature a common share exchange through which Petro-Canada common shareholders will effectively receive 1.28 common shares of the merged company for each common share of Petro-Canada they own and each Suncor common shareholder will receive one common share of the merged company for each common share of Suncor they own. The exchange ratio represents an approximate 25% premium for the Petro-Canada shares to the 30-day weighted-average trading price of such shares.
- Cox Enterprises is commencing a cash tender offer for all of the outstanding publicly held minority interest in Cox Radio, Inc. (NYSE: CXR) for $3.80 per share in cash, or a total payment of approximately $69.1 million, including fees and expenses. The proposal represents a 15.2% premium over Friday's closing price and a 21.8% premium over the ten-day volume weighted average closing price.
- CF Industries Holdings, Inc. (NYSE: CF) announced that its board of directors has reaffirmed its intention to pursue a business combination with Terra Industries Inc. (NYSE: TRA). See more here.
- Teleflex Incorporated (NYSE: TFX) has completed the previously announced sale of its 51% share of Airfoil Technologies International - Singapore Pte. Ltd., a joint venture between General Electric Company (NYSE: GE) and Teleflex, to GE.
- Oracle (Nasdaq: ORCL) agreed to acquire Relsys International, Inc., a leading provider of drug safety and risk management solutions with advanced analytics for the health sciences industry. The transaction is subject to customary closing conditions and is expected to close in the first half of calendar year 2009.
To see all the Mergers & Acquisitions for today in real-time go to Mergers+and+Acquisitions
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