Mergers and Acquisitions: El Paso Mulls Kinder Morgan Bid, Bottomline Acquires Intuit
In a statement that implies no better deal in sight, Glencore pronounced its $37 billion takeover of Xstrata “fair” for all shareholders at current levels. Until now, many had hoped for a ‘Plan B’.
El Paso (NYSE:EP) is giving its shareholders the rest of the week to think about their votes on its $23 billion plus acquisition by Kinder Morgan (NYSE:KMI). The meeting was originally scheduled for Monday but was pushed forward to Friday, and although the purchase will probably pass, El Paso is allowing investors the extra days to ponder a judge’s recent criticism of some of the acquisition participants.
Bottomline Technologies (NASDAQ:EPAY) plans to acquire commercial banking firm Intuit (NASDAQ:INTU) from its financial services segment for $20 million. Bottomline will partner with Intuit in cross promotions and mutual sales efforts targeted towards financial institutions.
Brainware, a developer of scanner software that extracts data from paper and electronic documents, has been purchased by Lexmark (NYSE:LXK) for $148 million in cash. Lexmark’s Perceptive Software unit, which hosts a selection of content-management software products, will be the new location of Brainware.
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