Notable Mergers and Acquisitions of the Day 8/26: LEH, SRVY, NUE
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- The Korea Development Bank may have to yield to “intensifying” government pressure and abandon its tentative merger talks with Lehman Brothers (NYSE: LEH) as the government authorities in Seoul continue to fight to prop-up the plunging won.
Sources close to the state-run Korea Development Bank told The Times that the bank was now set to pull out of negotiations with Lehman.
KDB’s management has reportedly been told by government officials over the past two days that the financial commitment required to buy Lehman represented “too great a risk at a difficult time”.
- Greenfield Online, Inc. (Nasdaq: SRVY) said its Board of Directors has determined, in accordance with the terms of the merger agreement between Greenfield Online and affiliates of Quadrangle Group LLC, that the takeover proposal received by it from a Fortune 100 strategic buyer as a result of its “go-shop” activities, pursuant to which Greenfield Online's stockholders would receive $17.50 per share in cash, constitutes a superior proposal. The offer from the Strategic Buyer is not contingent on the receipt of financing.
On August 25, 2008, the Board gave written notice to Quadrangle that it intends to terminate the merger agreement in three calendar days to enter into a definitive agreement with respect to the superior proposal received from the Strategic Buyer. As a result, Greenfield Online will be entitled to terminate the merger agreement if Quadrangle does not, prior to August 29, 2008, make such adjustments in the terms and conditions of the merger agreement so that the takeover proposal from the Strategic Buyer ceases to constitute a superior proposal. In the event of a termination of the merger agreement by Greenfield Online, Quadrangle will be entitled to a $5 million fee.
- Nucor Corporation (NYSE: NUE) announced that its wholly owned subsidiary, Harris Steel, Inc., has completed the acquisition of the stock of Ambassador Steel Corporation, based in Auburn, Indiana, for a cash purchase price of approximately $185 million.
The transaction includes the shares of Ambassador's affiliate, Delta Erecting. At closing, Harris Steel also repaid Ambassador's bank debt of approximately $136 million, which primarily financed the company's working capital requirements. Ambassador's working capital, excluding this debt, was approximately $165 million at the end of July.
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