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NIKE Inc. to buy Umbro Plc for $641 million
The Beaverton, Ore.-based sportswear manufacturer and supplier agreed to acquire all share capital of Cheshire, U.K.-based Umbro for $4 a share, consisting of $3.96 cash and 3.98 cents in a previously declared dividend, a premium of 18.2 percent, and of 62.5 percent over the closing price on the last trading day prior to the announcement that Umbro had been approached. The transaction will be funded by existing cash resources.
Seller financial advisor: JPMorgan Cazenove
Bidder financial advisor: Merrill Lynch
Seller legal advisor: Lovells
Bidder legal advisor: Baker & McKenzie
Wal-Mart Stores Inc. to buy at least 37.9 percent of Seiyu Co. for $430 million
Bentonville, Ark.-based Wal-Mart agreed to buy the stake in the Tokyo-based chain of stores for $1.22 a share, a 60.9 percent premium. The offer price values all of Seiyu at $1.139 billion. Wal-Mart now owns 50.9 percent of Seiyu. It will acquire all outstanding preferred B shares and C preferred shares. Wal Mart wants to own more than two-thirds of Seiyu common with this tender offer
Seller financial advisor: Merill Lynch
Bidder financial advisor: Citigroup; Dresdner Kleinwort; UBS; Nikko Cordial Securities
Seller legal advisor: Mori Hamada & Matsumoto
Bidder legal advisor: Not Available
Omniture Inc. to buy Visual Sciences LLC for $369 million
Orem, Utah-based Omniture, a provider of online business optimization software, agreed to acquire San Diego-based Visual Sciences in an exchange of 0.49 shares of Omniture common for each share, and $2.39 cash, a premium of 3.9 percent. In 2006, WebSideStory Inc., a provider of on-demand web analytics and internet search services, acquired Visual for $57.3 million. After this acquisition, Visual stockholders will own 13.7 percent of the combined company on a pro forma basis. The combined company will be able to provide enhanced products and services, accelerate investments, and exploit new opportunities. It is expected to close in early to mid 2008.
Seller financial advisor: Goldman Sachs
Bidder financial advisor: Credit Suisse
Seller legal advisor: O'Melveny & Myers (Advising Goldman Sachs)
Bidder legal advisor: Not Available
Cisco Systems Inc. to buy Navini Networks Inc. from Arcapita Inc., Austin Ventures LP, Granite Ventures LLC, Intel Capital, Investor AB, Lehman Brothers Private Equity, Sequoia Capital, and Sternhill Venture Management for $330 million
San Jose-based Cisco, the telecom, network, and internet equipment manufacturer, agreed to buy the San Jose-based wireless broadband networking equipment company from its previous owners, based in the U.S. and in Sweden. Terms call for payment in cash and assumed options. The acquisition is in line with Cisco’s strategy of expanding WiFi and WiFi-Mesh portfolios and IP Next-Generation Network vision to enable it to deliver any service to any device over any network and provide premium end-to-end connected experience. The acquisition will enable Cisco to open IP-based broadband wireless architectures and accelerate the rollout of new applications and services. The acquisition is expected to close in the second quarter of Cisco's 2008 fiscal year.
Seller financial advisor: Citigroup
Bidder financial advisor: Internal
Seller legal advisor: Wilson Sonsini Goodrich & Rosati
Bidder legal advisor: Fenwick & West
Inverness Medical Innovations Inc. to buy Alere Medical Inc. from TA Associates Inc. for $302 million
Waltham, Mass.-based Inverness, a manufacturer of diagnostic products, agreed to buy the Reno, Nev.-based provider of health and care management services from Boston-based TA for $125 million cash and $177 million in common stock. TA had backed the management of Alere Medical in acquiring the company for $175 million in April. This acquisition complements Inverness Medical's cardiac diagnostic technologies and will also provide them with an opportunity to enter the disease management industry. Alere revenues are expected to be approximately $77 million in 2007. Completion is expected prior to the end of the year.
Seller financial advisor: JPMorgan
Bidder financial advisor: Covington Associates
Seller legal advisor: Not Available
Bidder legal advisor: Foley Hoag
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