Notable Mergers and Acquisitions of the Day 6/15: CAV, DF, CX

June 15, 2009 9:39 AM EDT
  • Cavalier Homes, Inc. (Amex: CAV) announced that its Board of Directors has entered into a definitive merger agreement for the Company to be acquired by Addison, Alabama-based Southern Energy Homes, Inc.

    Terms of the agreement call for the payment of $2.75 cash for each outstanding share of common stock. Southern Energy Homes, Inc., a wholly owned subsidiary of Clayton Homes, is the industry leader in producing top-quality, customizable homes.

    "The agreed share price represents a 23% premium over Friday's closing stock price in an all-cash offer to acquire Cavalier Homes," stated Bobby Tesney, Cavalier Homes' Chief Executive Officer. "Given the current economic conditions and the tough operating environment of the manufactured housing industry, the proposed merger with Southern Energy Homes represents a tremendous opportunity to maximize shareholder value.

    "Our Board of Directors unanimously approved the proposed merger with Southern Energy Homes and believes this transaction is in our shareholders' best interests," Tesney added.

    The Company expects to complete the transaction in the third quarter of 2009, subject to final documentation and other customary conditions, as well as the approval of Cavalier Homes' stockholders. Upon completion of the transaction, Cavalier Homes, Inc. will become a wholly owned subsidiary of Southern Energy Homes.

  • Dean Foods Company (NYSE: DF) announced its agreement to acquire the Alpro division of Vandemoortele N.V., Belgium's largest privately-held food company. The transaction's price is approximately euro 325 million. It is expected to be completed in the third quarter.

    With its Alpro(R) soya and Provamel brands, Alpro is the European leader in branded soy-based beverage and food products with net sales of approximately euro 260 million in 2008. Alpro has five manufacturing sites in Belgium, the United Kingdom, France and the Netherlands, and employs approximately 750 people.

  • CEMEX, S.A.B. de C.V. (NYSE: CX), announced today that it has reached an agreement to sell its Australian operations to Holcim Group for approximately A$2.02 billion. The agreement is subject to fulfillment of various closing conditions, including confirmatory due diligence, regulatory approvals and funds from buyer financing being disbursed, among others. The maximum period of time to meet all closing conditions is six months.
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