Notable Mergers and Acquisitions of the Day 8/18: RTP, VIRL, XPRT
- Rio Tinto (NYSE: RTP) has received a binding offer from Amcor to acquire the majority of the Alcan Packaging businesses, comprising Alcan Packaging global pharmaceuticals, global tobacco, food Europe and food Asia divisions, for a total consideration of US$ 2.025 billion.
Rio Tinto recently announced the sale of the Alcan Packaging food Americas division to Bemis Company, Inc (NYSE: BMS) for US$1.2 billion. The remaining Beauty packaging division will be divested separately.
A period of exclusivity with Amcor has been agreed, and Rio Tinto will respond to this binding offer following consultation with the relevant European works councils.
Rio Tinto Guy Elliot said, "We have already agreed to asset sales of US$6.6 billion over the last 18 months, despite the challenging financial markets."
- Virage Logic Corporation (NASDAQ: VIRL) announced its intent to acquire publicly held ARC International plc, a leading provider of consumer IP to OEM and semiconductor companies globally. The proposed acquisition would expand Virage Logic's ability to serve the global semiconductor market by complementing its existing portfolio of physical IP and standards-based advanced interface IP with ARC's widely accepted processor IP, a necessary component for complex System-on-Chip (SoC) integrated circuits.
The proposed all-cash transaction values ARC at 16.25 pence per share, or an equity value of approximately 25.2 million ($41.0 million) on a fully-diluted basis. The Directors of ARC have recommended unanimously that ARC's shareholders accept the offer.
- LECG Corporation (NASDAQ: XPRT) announced it has entered into definitive agreements to merge with SMART Business Advisory & Consulting, LLC (SMART), a privately held provider of business advisory services, and to receive a $25 million cash investment from SMART's majority shareholder, Great Hill Partners.
Under the agreements, LECG will issue approximately 10.9 million shares of common stock having a value of $39.9 million to acquire all of SMART's outstanding shares, and LECG will issue approximately 6.3 million shares of a newly created Series A Convertible Redeemable Preferred Stock at a purchase price of $3.96 per share in exchange for a $25 million cash investment in the combined company. The company anticipates these transactions will be accretive in 2010.
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