Notable Mergers and Acquisitions of the Day 8/19: CME/NMX, GD, NSSC
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- CME Group Inc. (Nasdaq: CME) and NYMEX Holdings, Inc. (NYSE: NMX) announced that preliminary results indicate the shareholders of both companies have approved the proposed merger.
In addition, preliminary results also show that NYMEX Class A members have voted to approve the related proposals in a separate member vote.
- General Dynamics (NYSE: GD) entered into a definitive agreement to acquire Zurich, Switzerland-based Jet Aviation for CHF 2.45 billion (approximately US$2.25 billion) in cash, from Dreamliner Lux S.a.r.l., a company controlled by the Permira Funds.
The proposed acquisition, which has been approved by the boards of directors of both companies, would be immediately accretive to General Dynamics' earnings. The transaction is subject to normal regulatory approvals, and is expected to close by the end of 2008.
- NAPCO Security Systems Inc. (Nasdaq: NSSC) announced the acquisition of Marks USA - a move that further strengthens NAPCO's comprehensive line of security products. The purchase price for the business and substantially all of the assets was $25 million and the assumption of current liabilities. The Company funded the acquisition with a term loan from its principal lenders.
Marks USA, a long established privately-held company, is located in Amityville, New York and is a leading independent manufacturer of industrial, commercial and institutional locks. Yearly revenue for its fiscal year ended July 31, 2008 approximates $25 million with pre-acquisition EBITDA* of approximately $4 million. Management anticipates that the acquisition will immediately be accretive to NAPCO's per share results.
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