Notable Mergers and Acquisitions of the Day 8/22: LEH, KG/ALO, AOC
StreetInsider.com Notable Mergers and Acquisitions of the Day:
- Reuters is reporting that Korea Development Bank has said that Lehman Brothers (NYSE: LEH) is one of its top prospects and the bank may consider buying Lehman.
- King Pharmaceuticals, Inc. (NYSE: KG) has submitted to the Board of Directors of Alpharma Inc. (NYSE: ALO) a proposal to acquire all of the outstanding shares of common stock of Alpharma for $33.00 per share in cash. The proposal is not conditioned on financing. King's all-cash proposal represents a 37% premium over the closing price of Alpharma common stock on August 21, 2008, the last trading day prior to public disclosure of King's proposal, a 49% premium over the closing price of Alpharma common stock on August 4, 2008, the date of King's initial written offer to Alpharma, and a premium in excess of approximately 38% over Alpharma's average closing price during the one, three and twelve-month periods ended August 21, 2008. The proposed price implies a total equity value of approximately $1.4 billion for 100% of the fully diluted share capital and an enterprise value of approximately $1.2 billion.
- Aon Corporation (NYSE: AOC) and Benfield Group Limited announced that the boards of directors of both companies have unanimously approved a definitive agreement under which Aon will acquire Benfield for 3.50 pounds Sterling ($6.55) per share in cash and assume 91 million pounds ($170 million) of Benfield net debt, representing an enterprise value of approximately 935 million pounds ($1.75 billion) on a fully diluted basis. The consideration represents a 29% premium to Benfield's closing stock price on August 21, 2008, the last trading day prior to the announcement of the agreement.
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