Notable Mergers and Acquisitions of the Day 4/7 (YHOO/MSFT, NVS/ACL, DFS/C)
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- In a publicly disclosed letter this weekend to Yahoo! (Nasdaq: YHOO), Microsoft's (Nasdaq: CEO) Steve Ballmer threatened a proxy contest and a possible lower bid due to Yahoo!'s unwillingness to enter serious negations on a buyout.
Ballmer said if they can't reach agreement within the next three weeks, they will be compelled to take the offer directly to shareholders, including the initiation of a proxy contest to elect an alternative slate of directors for the Yahoo! board. Ballmer also said, "If we are forced to take an offer directly to your shareholders, that action will have an undesirable impact on the value of your company from our perspective which will be reflected in the terms of our proposal."
- Nestle S.A. and Novartis AG (NYSE: NVS) reached an agreement pursuant to which Nestle will sell 74 million of its shares of Alcon, Inc. (NYSE: ACL) common stock to Novartis in a cash transaction at a price of $143.18 per share.
Once consummated, Novartis would own a minority stake in Alcon of approximately 25 percent of Alcon's outstanding shares, while Nestle would remain Alcon's majority shareholder with approximately 52 percent of Alcon' outstanding shares.
According to The Wall Street Journal, Novartis will eventually spend around $39 billion to purchase all the shares of Alcon.
- Discover Financial Services (NYSE: DFS) today announced that it will acquire Diners Club International from Citi (NYSE: C), resulting in a global payments network with increased transaction volume and worldwide acceptance of Discover Network cards once the networks are fully integrated.
According the the agreement, Discover will purchase the business for $165 million.
To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions
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