Mergers and Acquisitions Recap: Exxon Mobil’s Negotiations, Quest Software at the Bottom
Exxon Mobil (NYSE:XOM) is in the midst of negotiations with CLP Holdings (CLPHY.PK) in a deal in which the latter company plus China Southern Power Grid would buy Exxon’s remaining 60 percent stake in Hong Kong’s Castle Peak Power. CLP already owns 40 percent. The deal could be worth up to HK$22 billion ($2.83 billion) to Exxon, according to Royal Bank of Scotland analyst Jenny Cosgrove.
The proposed acquisition of Quest Software (NASDAQ:QSFT) by Insight Ventures is at a price at the bottom for the industry, opines Bloomberg, and it could attract better offers by companies that range from IBM (NYSE:IBM) to Dell (NASDAQ:DELL). JPMorgan agrees, noting that QSFT is worth 22 percent more than the proposal, looking at its sales and cash flow.
In a deal in which the amount was undisclosed, Emerson Electric (NYSE:EMR) buys Avtron Loadbank, and that the company will join its Network Power ASCO business unit.
‘Large’ shareholders of CVR Energy (NYSE:CVI) responded positively to activist investor Carl Icahn’s message to them, and he now extends his tender offer for that company, according to CNBC. Icahn promises CVR shareholders that if he is successful in his buyout he will sell the company at a premium.
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