Notable Mergers and Acquisitions of the Day 7/2: JNJ/ELN, FCSX/IAAC, LSTR
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- Johnson & Johnson (NYSE: JNJ) and Elan Corporation plc (NYSE: ELN) announced a definitive agreement whereby Johnson & Johnson will acquire substantially all of the assets and rights of Elan related to its Alzheimer's Immunotherapy Program (AIP Program), through a newly formed company. In addition, Johnson & Johnson, through its affiliate, will invest $1 billion in Elan in exchange for newly issued American Depositary Receipts (ADRs) of Elan which will represent 18.4% of Elan's outstanding ordinary shares.
In consideration for the transfer of these rights and assets, Elan will receive a 49.9% equity interest in the newly formed Johnson & Johnson company that will acquire the AIP Program. Elan will be entitled to a 49.9% share of the profits and certain royalty payments upon the commercialization of products under the collaboration with Wyeth.
- International Assets Holding Corporation (Nasdaq: IAAC) and FCStone Group, Inc. (Nasdaq: FCSX) announced that they have signed a to merge in a share swap that creates a combined company with a market capitalization of approximately $260 million.
- Exelon Corporation (NYSE: EXC) increase in its offer to acquire all of the outstanding NRG (NYSE: NRG) common stock in an all-stock transaction with a fixed exchange ratio of 0.545 of a share of Exelon common stock for each NRG share, a 12.4% increase over the initial exchange offer of 0.485. Exelon's increased offer represents value of over $3 billion to NRG shareholders.
Based on yesterday's close the deal is worth $28.10 per share to NRG shareholders, versus yesterday's NRG close of $26.05.
- Hewitt Associates (NYSE: HEW) has acquired the remaining interest in BodeHewitt AG & Co KG, a German pensions and benefits consulting specialist, from Bayerische Hypo- und Vereinsbank AG (HVB).
- Landstar System (Nasdaq: LSTR) announced the acquisition of two supply chain transportation integration companies, Premier Logistics, Inc. (Premier) and A3 Integration LLC.
- Exelon Corporation (NYSE: EXC) increase in its offer to acquire all of the outstanding NRG (NYSE: NRG) common stock in an all-stock transaction with a fixed exchange ratio of 0.545 of a share of Exelon common stock for each NRG share, a 12.4% increase over the initial exchange offer of 0.485. Exelon's increased offer represents value of over $3 billion to NRG shareholders.
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