M and A Navigator: Deal pipeline -10 May.
MANews-(C)2009-2016
The following is a list of deals covered in detail by M and A Navigator this week:
-COWEN CLOSES ACQUISITION OF FOUR CRT CAPITAL BUSINESSES
US-based financial services firm Cowen Group, Inc. (NASDAQ: COWN) has closed the acquisition of CRT Capital Group LLC's credit products, credit research, special situations and emerging markets units, the company said.
The transaction for Cowen is expected to be mildly accretive to book value and slightly dilutive to tangible book value in the first year. CRT will be renamed Cowen Credit Research and Trading. CRT will use the proceeds from the transaction to invest further in its Equities, Banking and Rates businesses.
Status: Closed
-TRIBUNE PUBLISHING POPS A POISON PILL
US-based media company Tribune Publishing Co.'s (NYSE: TPUB) board of directors has adopted a limited duration shareholder rights plan, the company said.
Tribune said that the rights plan was adopted in response to the April 12, 2016 unsolicited acquisition proposal from Gannett Co., Inc. (NYSE: GCI) to acquire all the outstanding shares of Tribune Publishing common stock for USD 12.25 per share in cash and was designed to deter any attempt to obtain control of the company in a manner or on terms that are not in the best interest of shareholders.
Status: Bidding
-FARMERS NATIONAL INSURANCE TO ACQUIRE BOWERS GROUP
US-based financial services firm The Farmers National Bank of Canfield has entered into a definitive agreement providing for the acquisition of the Bowers Insurance Agency, Inc. and intended merger of the Bowers Group with Farmers' Farmers National Insurance, LLC insurance agency subsidiary, the firm said.
The strategic merger is expected to enhance Farmers' current company and product line up, and offer broader options of commercial, farm, home, and auto property/casualty insurance carriers to meet all the needs of all Farmers' customers.
Status: Agreed
-CHINA MOLYBDENUM UNIT TO ACQUIRE FREEPORT STAKE IN CONGO COPPER MINE FOR USD 2.65BN
Chinese mining company China Molybdenum Co., Ltd's CMOC Ltd. subsidiary has entered into a definitive agreement with US-based mining company Freeport-McMoRan Inc. (NYSE: FCX) to acquire 100% of its interest in Freeport-McMoRan DRC Holdings Ltd., which holds Freeport's indirect 56% interest in the Tenke Fungurume copper-cobalt mine located in the Democratic Republic of the Congo, CMOC said.
The agreed purchase price is USD 2.65bn in cash plus contingent consideration of up to USD 120m, which consists of a USD 60m payment if the average realised copper price exceeds USD 3.50 per pound, and a USD 60 m payment if the average realised cobalt price exceeds USD 20 per pound, both during the two-year period ending 31 December 2019.
Status: Agreed
-JAB BEECH TO BUY US DONUT RETAILER KRISPY KREME FOR USD 1.35BN
US-based donut retailer Krispy Kreme Doughnuts, Inc. (NYSE: KKD) has agreed to be acquired by US-based investment company JAB Beech Inc. for USD 21 per share in cash, or a total equity value of approximately USD 1.35bn, the company said.
JAB Beech is an indirect controlled subsidiary of JAB Holding Company in which BDT Capital Partners is a minority investor alongside JAB. The agreement, which has been unanimously approved by Krispy Kreme's board of directors, represents a premium of approximately 25% over the company's closing stock price on 6 May 2016.
Status: Agreed
-SWEDISH OIL AND GAS GROUP PA RESOURCES TO SELL OFFSHORE TUNISIA LICENSES TO ETAP
Subsidiaries of Swedish oil and gas group PA Resources AB (STO: PAR) (OSE: PAR) have executed a sale and purchase agreement with Tunisian national oil company ETAP, The, to sell their entire licence interests onshore and offshore Tunisia, to ETAP, the group said.
Those subsidiaries are PA Resources Tunisia Ltd., Hydrocarbures Tunisie Didon Ltd., Hydrocarbures Didon Jersey Ltd. and Hydrocarbures Tunisie Corp. The sale is subject to customary government consents but the company does not anticipate any issues given the identity of the buyer.
Status: Agreed
-UK COMPEITION AND MARKETS CLEARS JRJR NETWORKS ACQUISITION OF BETTERWARE
The United Kingdom government agency has cleared the acquisition by US-based direct-to-consumer company JRJR 33, Inc., d/b/a JRJR Networks (NYSE MKT: JRJR) (formerly CVSL Inc.) of UK-based direct-to-consumer company Betterware Ltd., the company said
JRJR Networks wasformerly known as CVSL Inc. Under that name, the company bought 100% of Betterware Ltd. last October. With about 5,000 distributors, Birmingham-based Betterware conducts business throughout the UK and Ireland.
Status: Closed
-TAQNIA SPACE, SKYWARE AND CRESCENT FORM JV WITH KACST SAUDI ARABIA
Saudi satellite operator Taqnia Space, terminal solutions and satellite RF electronics Skyware and Saudi communications technology company Crescent have signed a joint venture agreement in...
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