Mergers and Acquisitions Recap: Talbots Finds a Suitor, Vulcan Materials Lives
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Victory at last. Control of refiner CVR Energy (NYSE:CVI) finally goes to Carl Icahn, as a minimum of 63 percent of its shares that are not already owned by Icahn affiliates were tendered to his $30 per share offer. However, the ‘activist investor’ is carrying his bid over until May 18, in hopes of ending up with more than 90 percent, in which case he intends to merge CVR with an affiliate, or even sell his acquisition outright.
Talbots (NYSE:TLB) receives an acquisition bid of $3.05 per share from Sycamore Partners, but the hiring of Perella Weinberg Partners to evaluate the bid and other strategic alternatives, might indicate that the deal will be turned down, perhaps because of the narrow premium.
A judge has put Martin Marietta Materials (NYSE:MLM) proxy challenge and hostile bid of $4.8 billion for Vulcan Materials (NYSE:VMC), on hold for four months, but the former says that it will appeal, as it waits for its annual shareholders’ meeting on June 1st. The company is working to get its four directors elected at that time, to Vulcan’s board.
PHH Mortgage (NYSE:PHH) and HSBC’s (NYSE:HBC) U.S. operation form a strategic arrangement, in which they will supply private-label, end-to-end mortgage origination and loan servicing services. The partnership will obtain fee revenue for the former’s income statement, but not mortgages onto its balance sheet.
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