American Commercial Lines Inc./Platinum Equity
On October 18, 2010, American Commercial Lines Inc. (Nasdaq: ACLI) announced that they have entered into an agreement to be acquired by a Platinum Equity affiliate for a consideration of $33 per share, or $777 million total.
Under the terms of the agreement, ACL stockholders, other than GVI Holdings, Inc. and certain of its affiliates, will receive $33.00 in cash for each share of ACL common stock they hold. GVI will receive $31.25 in cash for each share of ACL common stock it holds if the transaction closes before December 31, 2010 and $33.00 per share thereafter.
The transaction is expected to close in Q410.
ACL has been granted a 40-day "go shop" period.
BofA Merrill Lynch is serving as financial advisor to ACL. Hogan Lovells US LLP is serving as legal counsel to ACL and Richards, Layton & Finger, P.A. is serving as legal counsel to the Special Committee of ACL's Board of Directors.
Latham & Watkins LLP is serving as legal counsel to Platinum Equity.
Under the terms of the agreement, ACL stockholders, other than GVI Holdings, Inc. and certain of its affiliates, will receive $33.00 in cash for each share of ACL common stock they hold. GVI will receive $31.25 in cash for each share of ACL common stock it holds if the transaction closes before December 31, 2010 and $33.00 per share thereafter.
The transaction is expected to close in Q410.
ACL has been granted a 40-day "go shop" period.
BofA Merrill Lynch is serving as financial advisor to ACL. Hogan Lovells US LLP is serving as legal counsel to ACL and Richards, Layton & Finger, P.A. is serving as legal counsel to the Special Committee of ACL's Board of Directors.
Latham & Watkins LLP is serving as legal counsel to Platinum Equity.
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American Commercial Lines (ACLI) Announces End of Period to Solicit Alternative Merger Offers
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Notable Mergers and Acquisitions of the Day 10/18: NU/NST, PLD, ACLI
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American Commercial Lines (ACLI) Enters $777M Merger Agreement with Platinum Equity
