Mergers and Acquisitions Update: Murphy Oil Spins Off Unit, Larry Flint News

Murphy Oil Corporation (NYSE:MUR) says it will spin off its domestic downstream unit into an independent entity. The firm also authorizes a $2.50 per share special dividend plus a $1 billion repurchase program and is still trying to sell its downstream operations in the United Kingdom. Murphy continues to review its options with respect to “selected assets.”

Stryker Corporation (NYSE:SYK) will purchase the privately-held Israeli company Surpass Medical for $100 million and as much as an additional $35 million in milestone payments. The latter develops stent tech that utilizes a mesh design and delivery system for the redirection of blood flow away a brain aneurysm, thus permitting a stable clot to form.

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In a new addition to his adult entertainment collection, Larry Flynt acquires the pay-per-view movie distributor New Frontier Media (NASDAQ:NOOF) at a price of around $33 million. His bid of $2.02 a share marks a 55% premium to Monday’s closing price. Shares are up more than 50 percent in mid-afternoon trading.

Hillenbrand (NYSE:HI) purchases the privately held German company Coperion Capital from Deutsche Beteiligungs for €408 million. The acquisition strengthens the American firm’s process-equipment unit, but the transaction also includes the assumption of €76 million of net debt along with a pension liability of €100 million.

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