Notable Mergers and Acquisitions of the Day 7/28 (IBM/ILOG, SRE/ENSI, AME)
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- IBM (NYSE: IBM) announced an agreement to acquire ILOG (Nasdaq: ILOG). IBM will combine its business process management, business optimization, and service oriented architecture technologies with ILOG's Business Rules Management Systems software.
The cash tender offer will be at a price of EUR 10 per ordinary share and the U.S. dollar equivalent per American Depositary Share based on the Euro/U.S. dollar exchange rate as of the settlement of the tender offers, amounting to an aggregate purchase price of approximately EUR 215 million or approximately $US340 million on a fully diluted basis. This price represents a premium of approximately 56 percent compared to ILOG's one month average of closing share prices prior to July 28, 2008, and a 37 percent premium to the closing price of Friday, July 25.
- Sempra Energy (NYSE: SRE) and EnergySouth, Inc. (Nasdaq: ENSI) announced a definitive merger agreement for Sempra Energy to acquire EnergySouth for $510 million in cash. Shareholders of EnergySouth will receive $61.50 per share for their EnergySouth stock.
Shares of EnergySouth closed at $50.16 on Friday.
Central to the transaction will be Sempra Energy's acquisition of the assets of EnergySouth's subsidiary, EnergySouth Midstream, Inc., including a majority ownership in two large, high-cycle underground natural gas storage facilities that, when fully developed, will have capacity of 57 billion cubic feet (Bcf) of natural gas serving the nation's fastest-growing natural gas markets.
- AMETEK, Inc. (NYSE: AME) agreed to acquire the programmable power business of Xantrex Technology, Inc. for $120 million in cash.
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