Illumina Sees Offer Rejected, MEMSIC Receives Takeover Bid: Merger and Acquisitions Recap
The French waste and water group Veolia Environnement (NYSE:VE) finalizes the divestiture of its American solid waste unit to ADS Waste Holdings at a price of $1.9 billion. The transaction gained approval by United States regulators last week, assuming the completion of certain asset disposals. The sale will help Veolia reduce its net debt by approximately $1.84 billion as it promised to sell off €5 billion, or $6.4 billion, in assets by the end of 2013.
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The genetic sequencing firm Illumina (NASDAQ:ILMN) reports that its peer Complete Genomics (NASDAQ:GNOM) has turned down its takeover offer of approximately $114 million, or $3.30 per share, as was revealed on Friday. In September, the latter had agreed to be acquired for $3.15 per share by BGI-Shenzhen, but in a Wednesday filing, Illumina said that its offer was superior and was neither dependent on financing nor subject to government approval as a foreign investment.
The leading MEMS solution supplier MEMSIC (NASDAQ:MEMS) reported in a Wednesday release that its board received an unsolicited non-binding acquisition proposal from IDG-Accel China Growth Fund II for all outstanding shares of common stock not currently owned by IDG or its affiliates for cash at $4 per share. The firm’s board has set up a special committee comprised of its three independent directors in reaction to the offer.