M&A Recap: Warren Buffett LOVES Newspapers, Human Genome EXPECTATIONS
United Technologies (NYSE:UTX) divests 20 million equity units (common shares and notes) with a value of $1 billion, in order to help pay for its purchase of Goodrich (NYSE:GR), which cost $16.5 billion. Further, its underwriters will have the option to buy an extra $100 million of the securities.
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BlackRock’s (NYSE:BLK) unsatisfactorily performing Australian property trust is the subject of several proposals to purchase or to help restructure the unit, which contains assets of A$468 million, or $464.75 million. The trust is in need of cash for redemption purposes, and Blackstone (NYSE:BX) tops the list of bidders to take it over.
Shareholders of Human Genome (NASDAQ:HGSI) might be expecting the U.K. firm GlaxoSmithKline (NYSE:GSK) to raise its $13 per share offer for the firm, as its shares have traded above that price since it was rejected in April. Fewer than one percent of investors had tended their shares to GSK before the proposal was extended last week, and an offer of $15 a share would overcome HGSI’s poison pill.
Warren Buffett’s policy of snapping up newspapers with strong community connections was seen again as Berkshire Hathaway’s (NYSE:BRKA) Omaha World-Herald acquires a small Texas newspaper to its collection.
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