Mergers and Acquisitions Recap: Sarah Lee’s Coffee, Illumina Gets Support
eResearch Technology (ERT) is acquired by Genstar Capital for approximately $400 million, or $8 per share, which is a small premium over Monday’s closing price of $7.84.
The majority portion of Becton Dickinson’s (NYSE:BDX) Discovery Labware division will be purchased by Corning (NYSE:GLW), in a deal that the company says will reinforce its portfolio of life sciences products, and abet reaching its revenue target of $10 billion over the next few years. Corning will pay for the acquisition with $730 million in cash.
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In a deal in which terms were undisclosed, Sara Lee (NYSE:SLE) has purchased Express Coffee of Brazil. The acquisition “substantially expands” the branding and consumer connection platform of the Pilao coffee brand in Brazil, according to Sara Lee.
Gene-sequencing firm Illumina (NASDAQ:ILMN) has picked up more support in its resistance to Roche’s (RHHBY.PK) hostile takeover attempt: proxy adviser Glass Lewis recommends that shareholders support Illumina’s board in its proxy fight, joining ISS and Egan-Jones. For its part, the company says that it appreciates having the three notable shareholder advisers alongside in its fight.
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