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Bemis Receives Regulatory Approval for Acquisition
Bemis Company announced that the U.S. District Court
for the District of Columbia has signed an order, approving Bemis` acquisition
of the Food Americas operations of Alcan Packaging, a business unit of
international mining group Rio Tinto plc (LON: RIO; ASX: RIO), subject to
certain conditions.
The Food Americas operations recorded 2009 net sales of
approximately $1.4 billion and operate 23 plants in North America, South
America, and New Zealand. With this agreement, Bemis has satisfied the U.S.
regulatory approval requirements necessary to complete the acquisition. Bemis
expects the transaction to close as soon as possible.
The order signed by the court requires Bemis to divest certain Alcan Packaging
Food Americas packaging assets in the United States after closing. The packaging
assets that will be divested represent approximately $100 million in annual net
sales and include two facilities with production equipment used to produce
packaging for fresh meat and retail natural cheese products.
Feb 25 · 9:15:00 PM · Source: Reuters
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by Michael Oliveto
Glatfelter Completes Acquisition of Concert Indust
Glatfelter announced today that it has completed its previously announced acquisition of Concert Industries Corp. from Brookfield Special Situations Management Limited, an affiliate of Brookfield Asset Management for $235 million subject to a post-closing working capital adjustment.
Glatfelter financed the acquisition through a combination of cash on hand, proceeds from the 7 1/8% unsecured senior notes issued on February 5, 2010 and borrowings under its existing revolving credit agreement.
Glatfelter will operate Concert as a third business unit along with its Specialty Papers and Composite Fibers business units.
Feb 15 · 7:21:00 PM · Source: Environmental Expert · Related: Brookfield Asset Management Inc
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by Michael Oliveto
Terra Industries to Be Acquired for $4.1 Bil Cash
Terra Industries announced that the Company's Board of Directors has unanimously approved a definitive merger agreement under which Yara International ASA (OSLO: YAR.OL) ("Yara") will acquire all of the outstanding shares of Terra common stock for US$41.10 per share in cash. The transaction has a total equity value of approximately US$4.1 billion. The US$41.10 per share cash purchase price represents a 23.6% premium over Terra's closing price on February 12, 2010, the last trading day prior to today's announcement.
"Our Board is unanimous in its firm belief that this transaction is compelling for our shareholders, customers, and employees" said Henry Slack, Chairman of the Board of Terra. "In December Terra paid a special cash dividend of $7.50 per share to our shareholders, and with this transaction, we have delivered a significant premium for their investment in Terra."
Feb 15 · 6:48:00 PM · Source: Company Press Release
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by Michael Oliveto
Airgas Board Rejects Air Products’ $5 Bil Buyout
Industrial gas supplier Airgas rejected the unsolicited $5 billion buyout bid from larger rival Air Products and Chemicals Inc., calling it a "bargain basement price."
In a letter to Air Products CEO John McGlade, Airgas said the $60 per share offer, as well as an earlier bid of $62 per share, "grossly" undervalues the company. Airgas also noted that, with the current depressed prices for many companies in the market, it is a "terrible" time to sell the business.
Feb 15 · 5:27:00 PM · Source: Las Vegas Sun
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by Michael Oliveto
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