Notable Mergers and Acquisitions of the Day 7/8 (PPG, NSTR, NUE)
StreetInsider.com Notable Mergers and Acquisitions of the Day:
- PPG Industries (NYSE: PPG) has signed an agreement with an affiliate of funds managed by Kohlberg & Company, LLC, Mount Kisco, N.Y., under which PPG will divest its automotive glass and services business to a new company formed by Kohlberg.
PPG will receive $330 million in gross cash proceeds plus a minority ownership interest of approximately 40% in the new company, subject to closing adjustments. Net of payments to former minority interests, transaction fees, expenses and taxes, the transaction will result in approximately $270 million in cash to PPG.
- Northstar Neuroscience, Inc., (NASDAQ: NSTR) said its Board of Directors has reviewed the proposal from Tang Capital Partners to enter into negotiations to acquire Northstar for $2.25 per share and concluded that the proposal is not in the best interests of all shareholders.
- Nucor Corporation (NYSE: NUE) today announced that it has completed the acquisition of 50% of the stock of Duferdofin - Nucor S.r.l., for a purchase price of approximately $658 million. The investment by Nucor values the new venture at around 6.3 times adjusted EBITDA.
Duferdofin - Nucor S.r.l. operates a steel melting and bloom/billet caster in San Zeno, Italy as well as rolling mills in Pallanzeno in the Piedmont region and Giammoro in Sicily. Total production in 2007 was approximately one million tons. A new merchant bar mill is under construction at the Giammoro plant and is expected to be fully operational in late 2008. The new mill at the Giammoro plant is expected to produce approximately 450,000 tons.
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