Notable Mergers and Acquisitions of the Day 10/10: C/WFC/WB, LINE, AVT

October 10, 2008 10:15 AM EDT

• Citi (NYSE: C) announced today that it had reached no agreement with Wells Fargo (NYSE: WFC) following several days of discussions about matters related to Wachovia (NYSE: WB). The dramatic differences in the parties' transaction structures and their views of the risks involved made it impossible to reach a mutually acceptable agreement.
  
  Citi said: "We are proud to have been part of an historic transaction that was supported by all of the federal banking agencies and the Secretary of the Treasury, after consultation with the President, and that we carefully designed to avoid systemic stress and to advance the interests of our shareholders.''
  
  
• Linn Energy, LLC (Nasdaq: LINE) entered into a purchase and sale agreement to sell its deep rights in certain central Oklahoma acreage, which includes the Woodford Shale interval, for cash consideration of $229 million, subject to closing adjustments.
  
  The sale includes no producing reserves and Linn Energy will retain the rights to the shallow portion of this acreage. Linn Energy anticipates closing during the fourth quarter 2008. Pro forma for the transaction, the Company expects to have available capacity of over $600 million, including cash on its balance sheet.
  
  
• Avnet (NYSE: AVT) announced that it plans to acquire Abacus Group PLC (Abacus), through one of its wholly owned subsidiaries, in an all cash offer for GBP 0.55 per share, which equates to an equity value of approximately GBP 42.2 million ($73.0 million) and a transaction value of GBP 105.1 million ($181.8 million) assuming a net debt position for Abacus of GBP 62.9 million ($108.8 million) as of March 31 2008. Founded in 1972, Abacus, with sales of GBP 287 million ($497 million) for its fiscal year ended September 2007, is a leading value-added distributor of electronic components serving customers in 10 countries across Europe. The transaction, which is subject to the completion of a tender offer and EU merger control clearance, is expected to close early in calendar 2009.

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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• Citi
• Wachovia
• Notable Mergers and Acquisitions

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