Mergers and Acquisitions Recap: Google to Tour Motorola Mobility, Micron Rejected

Barclays (NYSE:BCS) will divest its $6.1 billion investment in BlackRock (NYSE:BLK), which comprises a 19.6 percent economic interest in the company. The transaction will take place through an offering and a related repurchase by the United States asset manager of up to $1 billion in shares.

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Micron’s (NASDAQ:MU) offer to acquire the bankrupt company Elpida Memory is rejected by its bondholders as insufficient, says a Reuters report. In reaction, creditors have contacted South Korea’s Hynix (HXSCF.PK) and U.S.-based GlobalFoundries, concerning the possibility of selling the company to them.

Worldwide power manager Eaton (NYSE:ETN) will acquire Cooper Industries (NYSE:CBE), and will become Eaton Global Corp., which will be incorporated in Ireland. The transaction is at $72 per share in cash and stock, with a value of $11.8 billion, and is expected to close in the second half. The stock price represents a 29 percent increase over Cooper’s Friday close, and is around 14 times earnings before interest, taxes, depreciation and amortization, says Bloomberg. The merger is forecast to generate approximately $535 million in yearly synergies by 2016, and be accretive to operating earnings per share at 35 cents in 2014 and 45 cents in 2015. Shares of Hubbell (HUB.A) and Accuity (NYSE:AYI) move up in sympathy.

Bidding participants for Iglo Group are down to three: Blackstone (NYSE:BX), BC Partners and PAI, according to Reuters. Iglo is the largest frozen food company in Europe, and the transaction price could be as high as €2.9 billion. The company was able to increase its revenue and margins last year, even as it operates in a low-growth sector, due to consumers’ preferences switching from frozen foods to fresh or chilled.

Google (NASDAQ:GOOG) plans to conduct a “listening tour” of Motorola Mobility’s (NYSE:MMI) operations, now that the final stage of its purchase of that firm has been passed, says a source to TechCrunch. The inevitable layoffs will follow soon after the event; Motorola currently has 20,500 employees, to Google’s 33,000.

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