Notable Mergers and Acquisitions of the Day 7/17 (MER, ONNN/CATS, ABX)
StreetInsider.com Notable Mergers and Acquisitions of the Day:
- CNBC's Charlie Gasparino reports that Merrill Lynch (NYSE: MER) has agreed to sell its stake in Blooomberg LP for $4.5 billion. Gasparino said Merrill will not sell its large stake in Blackrock (NYSE: BLK)
- ON Semiconductor Corporation (Nasdaq: ONNN) and Catalyst Semiconductor, Inc. (Nasdaq: CATS) signed a definitive merger agreement providing for the acquisition of Catalyst Semiconductor by ON Semiconductor in an all-stock transaction in which Catalyst shareholders will receive 0.706 shares of ON Semiconductor common stock for each share of Catalyst common stock they own.
Based on the closing stock price of ON Semiconductor on July 16, 2008, this represents a value to Catalyst Semiconductor shareholders of approximately $6.24 per share. Catalyst Semiconductor closed at $4.06 yesterday.
- Barrick Gold Corporation (NYSE: ABX) announced it has submitted a binding all cash offer of $6.75 per share for a total cost of $410 million to the Board of Directors of Cadence Energy Inc.
Barrick's offer to acquire Cadence is an innovative response to energy cost challenges facing the mining industry. Cadence's production is expected to provide a long term economic hedge of about one-quarter of Barrick's annual direct oil consumption and a considerable portion of its natural gas consumption.
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