M and A Navigator: Deal pipeline -3 October.
M2 EQUITYBITES-October 3, 2016-M and A Navigator: Deal pipeline -3 October
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The following is a list of deals covered in detail by M and A Navigator this week:
-PROCTER AND GAMBLE WRAPS EXCHANGE OFFER IN SALE OF BEAUTY BRANDS
US-based beauty company The Procter and Gamble Company's (NYSE: PG) exchange offer has ended for shares of P/G common stock in connection with its transaction to separate its global fine fragrances, salon professional, cosmetics and retail hair color businesses, along with select hair styling brands, the company said.
In the transaction, P/G transferred the assets and liabilities of P/G Specialty Beauty Brands, other than specified excluded brands, to Galleria Co., a wholly owned subsidiary of P/G created to facilitate the transaction, and Galleria Co. will merge with a subsidiary of US-based beauty company Coty Inc. (NYSE: COTY) and become a wholly owned subsidiary of Coty.
Status: Agreed
-AXACTOR ACQUIRES GERMAN DEBT COLLECTOR ALTOR GROUP FOR EUR 17.7M
Norwegian debt collection and debt purchase firm Axactor AB (OSE: AXAO) has closed the acquisition of German debt purchase/debt collection company Altor Group, the firm said.
The company is pleased to announce that on 30 September 2016, the acquisition was successfully completed. As part of the completion procedure Axactor has paid EUR 17.7m (USD 19.89m) to the sellers for 100% of the shares in Altor Group. Altor is an independent debt purchase/debt collection company in Germany with EUR 2bn under management. The company has a strong position in the financial sector for both 3rd party collection and debt portfolio acquisitions.
Status: Closed
-VIACOM BOARD FORMS SPECIAL COMMITTEE TO EVALUATE NATIONAL AMUSEMENTS PITCH
The board of directors of media company Viacom Inc. (NASDAQ: VIAB) has formed a special committee of independent directors to evaluate the request by Sumner Redstone's National Amusements that Viacom explore a potential combination with US-based media firm CBS (NYSE: CBS), the company said.
National Amusements, directly and through subsidiaries, owns approximately 80% of the class A (voting) common stock of both Viacom and CBS. The special committee is comprised of independent directors Thomas May and Nicole Seligman, who will act as co-chairs, and Kenneth Lerer, Judith McHale, Ronald Nelson and Charles Phillips. The special committee has retained Debevoise and Plimpton LLP as its independent legal advisor, and expects to retain an independent financial advisor. Late last week, National Amusements asked the boards of CBS and Viacom to consider a potential combination of the companies.
-CH ROBINSON CLOSES AUD 300M ACQUISITION OF AUSTRALIA, NEW ZEALAND FREIGHT FORWARDER APC LOGISTICS
US-based transportation and third-party logistics company C.H. Robinson (NASDAQ: CHRW) has closed the acquisition of Australia, New Zealand freight forwarding and customs brokerage services provider APC Logistics, the company said.
This deal was announced on 31 August. The two companies have had a long-standing exclusive agent relationship for business in Australia and New Zealand. The agreement is subject to certain customary closing conditions, including regulatory approval.
Status: Closed
-CONSOLIDATED TOMOKA ACQUIRES NORTH CAROLINA PROPERTY FOR USD 9.2M
Florida, US-based real estate company Consolidated-Tomoka Land Co. (NYSE MKT: CTO) has purchased a 116,000 square-foot property situated on approximately 10.64 acres in Raleigh, North Carolina for approximately USD 9.2m, the company said. This At Home Property is leased to a subsidiary of At Home Group, Inc. with a term of approximately 13 years having commenced in September 2014.
The lease is absolute triple-net, with no landlord responsibilities and includes annual rent increases. This property was acquired in the mid-range of the company's cap rate guidance for 2016. The acquisition transaction was part of a 1031 like-kind exchange utilising proceeds received from the recently-announced 14-property portfolio sale.
Status: Closed
-CHICAGO'S HOYNE SAVINGS BANK TO ACQUIRE PROSPECT FEDERAL SAVINGS BANK
Chicago, US-based bank holding company Hoyne Financial Corp and its Hoyne Savings Bank have agreed to acquire US-based Prospect Federal Savings Bank, the company said.
After the merger, the combined savings bank will have assets of approximately USD 500m and USD 86m in equity and operate a network of eight branches throughout the Chicagoland area. Upon the successful completion of the merger, Prospect will merge with and into Hoyne, and Hoyne will continue as the surviving institution and will retain its mutual holding company form of ownership.
Status: Agreed
-MONSTER WORLDWIDE RECOMMENDS SHAREHOLDERS ACCEPT RANDSTAD OFFER
The board of US-based employment website operator Monster Worldwide, Inc. (NYSE: MWW) is recommending that shareholders tender into Dutch human resources services provider Randstad Holding nv's (AMS: RAND) 3.40 per share cash offer for the company, Monster said.
In August, the companies inked a definitive agreement under which Randstad will acquire Monster. Under the terms of the merger agreement, Randstad will pay USD 3.40 per share in cash, or a total purchase price of approximately USD 429m (enterprise value). The offer has been extended and is now scheduled to expire on 28 October at 12:00 midnight ET.
Status: Agreed
-SONY CLOSES ACQUISITION OF REMAINING HALF OF SONY/ATV MUSIC PURBLISHING
Japanese media company Sony Corp.'s Sony Corp. of America has closed an agreement with the estate of Michael Jackson to obtain full ownership of Sony/ATV Music Publishing LLC by acquiring the 50% interest in Sony/ATV held by the estate, the company said.
In March, the parties signed a binding memorandum of understanding regarding the deal. The deal calls for total payments of 750m US dollars, which includes a lump sum payment by SCA of...
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