Notable Mergers and Acquisitions of the Day 4/14 (BBI/CC, DAL/NWA, CLAY)
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- Blockbuster Inc. (NYSE: BBI) offered to acquire Circuit City Stores, Inc. (NYSE: CC) for at least $6.00 per share in cash, subject to due diligence. Blockbuster said their offer may go as high as $8 per share.
The offer was made in a letter sent to Circuit City Chairman/CEO Philip Schoonover on February 17th on behalf of the Blockbuster Board of Directors, which fully supports the offer. Blockbuster said Circuit City has failed to provide due diligence necessary to allow Blockbuster to make a definitive proposal.
Blockbuster made its proposal public because it believes the shareholders of Circuit City should have the opportunity to participate in determining the destiny of the company.
- According to various media reports, Delta Air Lines (NYSE: DAL) and Northwest Airlines (NYSE: NWA) may unveil their much-anticipated merger deal as early as tomorrow following a Northwest board meeting.
The deal could value Northwest at about $3 billion, although terms are still being negotiated.
Disagreements with pilots could still complicate or stall the merger. Delta and its unionized pilots remained in talks over the weekend related to a post-merger contract.
- Clayton Holdings, Inc. (Nasdaq: CLAY) agreed to be acquired by an affiliate of private equity firm Greenfield Partners, LLC for $6.00 per share, or approximately $134 million, plus the repayment of $23.8 million of debt.
Clayton Holdings closed at $4.82 on Friday, making the agreement at a 24% premium.
To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions
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