Mergers and Acquisitions Recap: OCZ BUYOUT Chatter, Petronas WANTS Progress Energy Res
Shares of OCZ Technology Group, Inc. (NASDAQ:OCZ) pop, on new chatter that Seagate Technology (NASDAQ:STX) wants to acquire the firm in order to reinforce its solid-state drive position. It’s said that Seagate is offering approximately $1 billion, split between $475 million to $550 million in cash and $450 million to $525 million in stock, which represents more than twice what OCZ is worth, counting the latest offer. Some observers are very dubious that Seagate would ever shell out that much.
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Canadian gas producer Petronas has raised its acquisition bid for Progress Energy Res (PRQNF.PK) to C$22 per share, or approximately C$5.8 billion, from an earlier offer of C$20.45 a share following the receipt of an unsolicited offer from an unidentified third party. Cnooc Limited’s (NYSE:CEO) recent purchase of Nexen has ignited speculation that more Chinese firms might be looking for energy assets in North America.
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