Notable Mergers and Acquisitions of the Day 5/9 (CC/BBI, HRS, STLD)
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- Notable Mergers and Acquisitions of the Day 5/9 (CC/BBI, HRS, STLD)
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- Notable Mergers and Acquisitions of the Day 5/9 (CC/BBI, HRS, STLD)
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- Circuit City Stores, Inc. (NYSE: CC) retained Goldman Sachs & Co. to assist the company in exploring strategic alternatives to enhance shareholder value.
Circuit City also said it will allow Blockbuster (NYSE: BBI) and Icahn to conduct additional due diligence, subject to customary confidentiality arrangement, related to Blockbuster's proposal to acquire the company.
In April, Blockbuster offered to acquire Circuit City for at least $6 per share.
Circuit City also announced that it has reached an agreement with shareholder Wattles Capital Management, LLC regarding board representation that will avert a proxy contest. Wattles Capital has encouraged and fully supports the exploration of strategic alternatives that the board has commenced.
- Reports from the Wall Street Journal, Harris Corp (NYSE: HRS) is exploring strategic options, including a possible sale.
The paper said possible suitors could include Raytheon (NYSE: RTN), BAE Systems, and Northrop Grumman (NYSE: NOC).
- After the close, Steel Dynamics, Inc. (Nasdaq: STLD) announced that wholly-owned subsidiary OmniSource Corporation and Recycle South have executed a definitive agreement whereby OmniSource will acquire the remaining equity interests in Recycle South, one of the largest regional scrap metal recycling companies in the nation.
Under the deal, OmniSource, which already owns 25 percent of Recycle South, will acquire the remaining equity interests in a transaction valued at approximately $500 million.
To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions
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