Notable Mergers and Acquisitions of the Day 8/13 (CVS/LDG, DNA, HRB/AMP)
More News related to AMP
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- Ameriprise Financial (AMP) Prices 36M Shares at $25
- Ameriprise Financial Prices Offering of Common Stock
More News related to CVS
- CtW Investment Group Commends the SEC for Approving Change to Broker Vote Rule in Director Elections
- CVS/pharmacy and MinuteClinic Receive Award of Excellence from National Influenza Vaccine Summit
- The National Council on Aging and CVS/pharmacy Educate Pennsylvania Seniors on Medication Management and How to Save Money on Prescription Drugs
- ARTHUR(R) and CVS Caremark Debut the Winner of the 'ARTHUR/All Kids Can Character Search' June 30 on PBS KIDS GO!(SM)
- Watson Pharmaceuticals Appoints Christopher W. Bodine to Board of Directors
More News related to DNA
- Biogen Idec (BIIB) Announces Decision By Arbitration Panel in Issues with Genentech (DNA)
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- Genentech (DNA) said FDA committee unamiously recommends accelerated approval of Avastin in brain cancer
- Moody's Downgraded Rating On Roche Following Genentech Buyout
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- CVS Caremark Corporation (NYSE: CVS) and Longs Drug Stores Corporation (NYSE: LDG) entered into a definitive agreement under which CVS Caremark will acquire Longs for $71.50 per share in cash for a total purchase price of $2.9 billion including the assumption of net debt.
- Genentech's (NYSE: DNA) special committee responded to Roche's proposal to acquire the company for $89, saying it "substantially undervalues the company."
The special committee does not support the proposal, but said they would consider a proposal at a higher price.
- H&R Block (NYSE: HRB) signed a definitive agreement to sell H&R Block Financial Advisors to Ameriprise Financial, Inc. (NYSE: AMP) The transaction is subject to customary regulatory approvals, and is expected to close in four to six months.
The purchase price is $315 million in cash, and is subject to various adjustments at closing based on changes in the balance sheet and advisor retention. Current book value for HRBFA is slightly less than $300 million. Depending on final adjustments, the transaction is not expected to result in a material gain or loss, although it will generate cash proceeds (including repayment of inter-company liabilities) of approximately $340 million. The transaction will also monetize approximately $175 million of goodwill currently on H&R Block's books.
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