Notable Mergers and Acquisitions of the Day 5/15 (YHOO, CBS/CNET, GE)
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- CBS Corporation Completes Acquisition of CNET Networks; Merges Operations Into New, Expanded CBS Interactive Business Unit
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- Activist investor Carl Icahn said he will move forward with plans to elect a slate of directors to Yahoo! (Nasdaq: YHOO) Board of Directors. His full slate of Board members includes: Lucian Bebchuk, Frank J. Biondi, Jr., John H. Chapple, Mark Cuban, Adam Dell, Carl C. Icahn, Keith A. Meister, Edward H. Meyer, Brian S. Posner and Robert K. Shaye.
- CBS Corporation (NYSE: CBS.A) (NYSE: CBS) has entered into an agreement to acquire CNET Networks, Inc. (Nasdaq: CNET). Under the terms of the agreement, CBS will make a cash tender offer for all issued and outstanding shares of CNET Networks for $11.50 per share, representing an equity value of approximately $1.8 billion.
CNET closed at $7.95 yesterday.
The Board of Directors of CNET Networks has unanimously approved the merger agreement and unanimously recommends that CNET Networks stockholders accept the tender offer and tender their shares.
The transaction is subject to customary conditions and is expected to be completed in the third quarter of this year.
- According to reports from the Wall Street Journal, General Electric (NYSE: GE) plans to start an auction to sell its appliances business, citing sources familiar with the matter. The report said General Electric hired Goldman Sachs to run the auction, which could fetch between $5-$8 billion.
The news is consistent with CEO Jeffrey Immelt's plan to exit slower-growing industrial businesses and focus on higher-growth businesses, the report said.
A sale would be an end of an era for GE, which has been involved in selling appliances for more than 100 years.
To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions
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