Mergers and Acquisitions Recap: Micron’s Buyout of Elpida CHALLENGED, Komatsu Doesn’t Want JOY
Micron’s (NASDAQ:MU) $750 million acquisition of the bankrupt Japanese chipmaker Elpida, is challenged by a group of the latter’s bondholders, who told a Tokyo district court that they intend to submit an alternative proposal to Micron’s bid. It isn’t certain if the group has sufficient votes to derail the deal, however.
Truck maker Komatsu decides that it does not want to acquire Joy Global (NASDAQ:JOY) after all, following its conclusion that few synergies would be had, with which to help its move into underground mining equipment. Joy Global’s low valuation and industry mergers and acquisitions had made it the subject of takeover chatter in the first place.
Duke Energy (NYSE:DUK) CEO Jim Rogers appears Tuesday before a hearing of the North Carolina Utilities Commission regarding the ouster of Bill Johnson, which took place only hours following the closure of Duke’s purchase of Progress Energy. The Commission has said that it might not have authorized the merger had it known about the “management structure”, and it does have power to rescind its approval.
Bristol-Myers Squibb (NYSE:BMY) initiates its $31 per share tender offer to purchase Amylin Pharmaceuticals (NASDAQ:AMLN), which is in effect until August 7th. Such a deal that would enlarge BMY’s portfolio of diabetes treatments.
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