Stock Takeovers and Speculation Buzz: M&A Weekly Recap
Here’s your Cheat Sheet to this week’s M&A headlines:
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Late Friday, Brady Corporation (NYSE:BRC) purchased Precision Dynamics Corporation from the strategic private-equity firm Water Street Healthcare Partners in a cash transaction for $300 million. PDC sees annual sales of around $173 million and is a leader in identification products, mostly for the healthcare market. The buyer is a global leader in identification solutions.
The independent oil and gas firm Mexco Energy Corporation (AMEX:MXC) acquired 100 percent of the outstanding ownership interests of a limited liability company which owns non-operated working interests in more than 200 wells that produce mostly oil. The cash purchase price of $1.15 million was funded from the buyer’s $4.9 million bank credit facility. The properties are located in 16 counties of New Mexico, Texas, and North Dakota and this acquisition is effective January 1st.
Clean Harbors (NYSE:CLH) finalized its purchase of Safety-Kleen on Friday, a top supplier of parts cleaning, environmental services and the largest re-refiner and recycler of used oil in North America. The acquisition was an all-cash transaction of about $1.25 billion and was financed through a combination of $289 million in cash, $370 million in net proceeds from its recently completed follow-on offering of common stock, and $591 million in net proceeds from its recently concluded Senior Notes offering.
Kinross Gold Corporation (NYSE:KGC) refutes a Wednesday statement by Southridge Enterprises (SRGE.PK) which reported a joint partnership between itself and Kinross concerning the Cinco Minas and Gran Cabrera properties in Mexico. The press release contained several statements in regards to the value and status of the joint venture, along with a quote from a Kinross employee. In a quote from the later release, the former said that, “Kinross wishes to make clear that there is no such joint partnership, joint venture or other similar such arrangement or agreement in place, and nor do we expect there to be such a joint partnership, agreement, acquisition, investment or other equivalent transaction involving Kinross and Southridge in the foreseeable future.”