Mergers & Acquisitions: EMI Rivals Bid for Scraps

The for-profit educational business, Apollo Group (NASDAQ:APOL), has agreed to buy computer-based math instruction firm Carnegie Learning in a $75 million deal.

Wal-Mart’s (NYSE:WMT) acquisition of a 51% stake in South African retailer Massmart has been appealed by the country’s government. Both Wal-Mart and Massmart are undergoing legal proceedings in an attempt to gain approval of the $2.4 billion deal.

ValueClick (NASDAQ:VCLK) will buy privately-held Dotomi in an attempt to increase the company’s ability to deliver display advertising for major retailers. ValueClick will pay an up-front consideration of $295 million for Dotomi.

Ingersoll Rand (NYSE:IR) is discussing a sale of its Hussmann refrigeration business to private equity firm Clayton Dubilier & Rice for $750 million or less. Hussmann provides supermarkets and food retailers with display cases, refrigeration systems, and beverage coolers. Ingersoll Rand bought Hussmann in 2000 for $1.5 billion.

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First-round bids for EMI music group ranged between $3 billion and $4 billion. Citigroup (NYSE:C) is auctioning off the company, which includes both a recording and publishing business, after seizing it in February. Rivals Sony (NYSE:SNE), Universal, Warner Music, and BMG are among the early bidders. EMI will now begin the process of due diligence and will likely return for a second round of bidding in September. Final sales figures will depend on whether the business is sold as a whole or in pieces. The publishing business owns copyrights to 1.3 million songs.