Notable Mergers and Acquisitions of the Day 7/14 (BUD, YHOO/MSFT, WMI/RSG)

July 14, 2008 9:31 AM EDT

StreetInsider.com Notable Mergers and Acquisitions of the Day:

• InBev and Anheuser-Busch (NYSE: BUD) entered into an agreement to combine the two companies, forming the world's leading global brewer. Anheuser-Busch shareholders will receive $70 per share in cash, for an aggregate equity value of $52 billion.
  
  The combination of Anheuser-Busch and InBev will create the global leader in the beer industry and one of the world's top five consumer products companies. On a pro-forma basis for 2007, the combined company would have generated global volumes of 460 million hectoliters, revenues of $36.4 billion (euro 26.6 billion) and EBITDA of $10.7 billion (euro 7.8 billion).
  
  
• This weekend, Yahoo! Inc. (Nasdaq: YHOO) rejected a joint proposal from Microsoft (Nasdaq: MSFT) and Carl Icahn which included the acquisition of Yahoo!'s search business by Microsoft and the immediate replacement of the current Board and removal of the top management team at the company.
  
  Yahoo said the proposal was made on Friday evening and that it was given less than 24 hours to accept the proposal, the fundamental terms of which Microsoft and Mr. Icahn made clear they were unwilling to negotiate.
  
  Yahoo said its rejection of the proposal was based on a number of factors, including:
  1. Current agreement with Google has superior financial value and less complexity and risk.
  2. The Microsoft/Icahn proposal would preclude a potential sale of all of Yahoo! for a full and fair price, including a control premium.
  3. Yahoo!'s remaining non-search businesses would be overseen by Mr. Icahn's slate of directors, which has virtually no working knowledge of Yahoo!'s businesses.
  4. The Microsoft/Icahn proposal would require the immediate replacement of the current Board and removal of the top management team at Yahoo!.
  
  
• Waste Management, Inc. (NYSE: WMI) made a proposal to the Board of Directors of Republic Services, Inc. (NYSE: RSG) to acquire all of Republic's outstanding common stock for $34.00 per share in cash.
  
  Waste Management's proposal represents a premium of approximately 22% over the closing price of Republic stock on July 11, 2008, the last trading day prior to public disclosure of Waste Management's proposal.

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• Carl Icahn

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?