M&A Madness! These Companies are Gobbling Up Growth
The week started with a crowd of mergers and acquisitions as companies are gaining more confidence in the recovery. Let’s take a look at today’s M&A Madness:
1) Duke Energy (NYSE:DUK) Powers Up with Progress Energy (NYSE:PGN): North Carolina based power company Duke Energy announced it will buy Progress Energy for $13.7 billion. Both companies have approved the deal for a 4% premium on a three month average of PGN shares. Investors should be very concerned that this deal will receive major scrutiny from the NC Utilities Commission.
2) Hugh Hefner Goes Monogamous with Playboy (NYSE:PLA): For years Playboy has been rumored to be in play. Now, founder Hugh Hefner has decided to throw shareholders out of bed … and he’s giving them $6.15 a share to leave. Shares in the adult entertainment company are up ~17%.
3) DuPont (NYSE:DD) Gobbling Up Denmark’s Danisco (PINK:DNSCY): DuPont is looking to add more revenue to its agriculture and nutrition division — which already accounts for nearly one-third of sales. The chemical conglomerate has offered $5.8 billion to acquire Danish food additives and enzymes company Danisco.
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