Notable Mergers and Acquisitions of the Day 8/29: SRVY/MSFT, PMI, IRF/VSH
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- Greenfield Online, Inc. (Nasdaq: SRVY) entered into a merger agreement to be acquired by Microsoft Corporation (Nasdaq: MSFT), via a cash tender offer for $17.50 per share in a transaction valued at approximately $486 million.
In addition, Greenfield Online announced that immediately prior to entry into the merger agreement with Microsoft it had terminated its previously announced merger agreement with affiliates of Quadrangle Group LLC.
On August 26th, Greenfield Online disclosed the $17.50 offer from a 'strategic buyer', but did not mention Microsoft.
- The PMI Group, Inc. (NYSE: PMI) today announced that it has signed a definitive agreement with QBE Insurance Group Limited for the sale and transfer of its Asia operations.
The purchase price is approximately 100% of the net tangible asset value of PMI Asia under U.S. GAAP as of June 30, 2008. The aggregate purchase price payable upon closing is approximately $56 million, subject to adjustment under certain limited circumstances, including in the event of a material adverse change in PMI Asia's business prior to closing. The purchase price will be payable 80% in cash at closing and 20% payable in the form of a promissory note issued by QBE. The promissory note matures and is payable in September 2011, and the actual amount payable on the note will be reduced to the extent that the performance of PMI Asia's existing insurance portfolio as of June 30, 2008 does not achieve specified targets.
Closing is expected to be completed by September or October, 2008.
- International Rectifier Corporation (NYSE: IRF) has unanimously determined that the unsolicited, non-binding proposal by Vishay Intertechnology, Inc. (NYSE: VSH) to acquire all of the outstanding shares of International Rectifier for $21.22 per share in cash is not in the best interests of IR and its shareholders.
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