Notable Mergers and Acquisitions of the Day 7/16 (CLF/ANR, CVG/INTV, ASYT)
StreetInsider.com Notable Mergers and Acquisitions of the Day:
- Cleveland-Cliffs Inc (NYSE: CLF) and Alpha Natural Resources, Inc. (NYSE: ANR) announced a definitive merger agreement under which Cleveland-Cliffs will acquire all outstanding shares of Alpha in a cash and stock transaction valued at approximately $10 billion.
Under the terms of the agreement, for each share of Alpha common stock, Alpha stockholders would receive 0.95 Cleveland-Cliffs common shares and $22.23 in cash. Based on Cleveland-Cliffs’ closing stock price on July 15, 2008, Alpha stockholders would receive $128.12 per share, which represents a premium of 35% to Alpha’s closing stock price on July 15, 2008.
- Convergys Corporation (NYSE: CVG) and Intervoice, Inc. (NASDAQ: INTV) approved a definitive merger agreement under which Convergys will acquire Intervoice for $335 million in cash or $8.25 per share.
- Asyst Technologies, Inc. (Nasdaq: ASYT) received an unsolicited letter from Aquest Systems Corp. expressing an interest in exploring a potential acquisition of Asyst for $6.50 in cash per share. Consistent with its fiduciary duties, Asyst's Board of Directors is reviewing the expression of interest in consultation with its financial and legal advisors.
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