VideoDealmaking activity doubled to $7.04 billion — albeit from the prior week's nearly comatose level — while most of the merger-and-acquisition buzz surrounded Microsoft Corp.'s $44.6-billion hostile bid for Yahoo Inc. Deals aren't included in the weekly totals until an agreement is signed at some level.
There were 49 deals proposed as of Saturday, up from 33 in the prior week. In that earlier period, the total value of North American transactions was $3.4 billion, according to data provided to CFO.com by mergermarket .
Last week's activity, through Saturday, Feb. 3, brought year-to-date totals to 282 deals worth $38.9 billion, far off the 2007 pace, when 495 deals, worth $151.49 billion, were struck as of Feb. 3.
Quintana Maritime to buy Excel Maritime Carriers for $2.12 billion
Quintana definitively agreed to be acquired by Excel Maritime Carriers Ltd., and directors of both companies approved the merger. Quintana, based in Glyfada, Greece, provides dry bulk marine transportation services in Greece and internationally. Athens-based Excel owns and operates carriers of so-called dry bulk goods — including iron ore, coal, grains, bauxite, fertilizers, and steel products — and transports cargoes worldwide. Both companies trade on U.S. exchanges. The offer of $13 cash and 0.4084 of a share of Excel Class A common stock for each Quintana share represents a total per-share value of $26.48, a premium of 56.8 percent. The transaction is expected to close in the second quarter.
Seller financial advisor: Citigroup
Bidder financial advisor: Deutsche Bank
Seller legal advisor: Morgan Lewis & Bockius
Bidder legal advisor: White & Case; and Gr. J. Timagenis Law Office
Inverness Medical Innovations Inc. to buy Matria Healthcare Inc. for $1.12 billion
Marietta, Ga.-based Matria definitively agreed to be acquired by Waltham, Mass.-based Inverness for a combination of $6.50 in cash and $32.50 in convertible preferred stock. The $39-a-share offer represents a premium of 27 percent. Medical Innovations Inc, a company based in Waltham, MA. Both boards have approved the merger. Not counting assumed debt, the deal is valued at $835.2 million. he transaction is expected to close in the second quarter.
Seller financial advisor: SunTrust Robinson Humphrey Capital Markets
Bidder financial advisor: Covington Associates; and UBS
Seller legal advisor: Troutman Sanders
Bidder legal advisor: Goodwin Procter
GE Oil and Gas unit of General Electric Co. to buy the Pressure Control business of Hydril Co. LP for $1.11 billion
Florence, Italy-based GE Oil and Gas's purchase is of the Pressure Control business of Houston-based Hydril, an engineering, manufacturing, and marketing concern that is a subsidiary of Tenaris SA of Buenos Aires, which makes steel tubes. Hydril was acquired by Tenaris in May 2007, and sale of the Pressure Control division is part of the earlier transaction. Completion is anticipated in June 2008.
Seller financial advisor: Morgan Stanley
Bidder financial advisor: Internal
Seller legal advisor: Mitrani Caballero Ojam; Sullivan & Cromwell
Bidder legal advisor: Weil Gotshal & Manges
Tata Chemicals Ltd. to buy General Chemical Industrial Products Inc. from Harbinger Capital Partners for $1 billion
Mumbai-based Tata Chemicals, a maker of inorganic chemicals, fertilizer, and food additives, agreed to acquire East Hanover, N.J.-based General Chemical, a maker of natural soda ash. The seller, Harbinger Capital, of South Birmingham, Ala., is a private equity firm.
Seller financial advisor: Not Available
Bidder financial advisor: Lazard; and Standard Chartered
Seller legal advisor: Paul Weiss Rifkind Wharton & Garrison; and Akin Gump Strauss Hauer & Feld
Bidder legal advisor: Hogan & Hartson
MCC Development Corp. to buy a 37 percent stake in Robertson's Ready Mix Ltd. for $900 million
Henderson, Nev.-based MCC, an investment holding company for cement and concrete businesses, is 70 percent owned by Tokyo-based Mitsubishi Materials Corp., and 30 percent owned by manufacturing giant Mitsubishi Corp. The stake it agreed to buy in Robertson's Ready Mix, based in Corona, Calif., adds to the current 33-percent stake, bring the total share it owns to 70 percent. The transaction is expected to close this year.
Seller financial advisor: Not Disclosed
Bidder financial advisor: Not Disclosed
Seller legal advisor: Not Disclosed
Bidder legal advisor: Not Disclosed
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