Corporate Finance DEAL Information
April 2009
Sun Microsystems Inc, USA
Value (£M) - 5125.0
Oracle Corp, Redwood City, California, USA, a provider of a range of enterprise information management software solutions, entered into a definitive agreement to acquire Sun Microsystems Inc, Santa Clara, California, USA, a supplier of network computing products including desktop systems. Under the terms of the agreement, Oracle will pay US$9.50 (658p) in cash for each Sun Microsystems share. Aggregate consideration approximately US$7.4bn (GB£5.12bn), or US$5.6bn (GB£3.87bn) net of Sun Microsystems cash and debt.
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Emulex Corp, USA
Value (£M) - 529.0
Broadcom Corp, Irvine, California, USA, a provider of semiconductor solutions that enable broadband communications and networking of voice, video and data services, made a hostile proposal to acquire Emulex Corp, Costa Mesa, California, USA, a manufacturer of devices used to connect storage networks. Under the terms of the proposal, Broadcom offered US$9.25 (640p) in cash for each Emulex share with the transaction having an aggregate consideration of approximately US$764m (GB£529.2m).
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Stiefel Laboratories Inc, USA
Value (£M) - 2493.0
GlaxoSmithKline Plc, London, England, developer, manufacturer and marketer of vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products, agreed to acquire Stiefel Laboratories Inc, Coral Gables, Florida, US, a developer and manufacturer of over-the-counter and prescription dermatological pharmaceuticals. Consideration US$2.9bn (GB£2bn) in cash. Glaxo will also assume net debt of US$400m (GB£277m), with a potential further US$300m (GB£207m) cash contingent on future performance. The transaction has been approved by the Stiefel stockholders, including investment firm Blackstone Group. Closing of the transaction is conditional upon certain matters including receiving certain regulatory clearances and no material adverse change occurring in respect of Stiefels business prior to closing. The transaction is expected to close in the third quarter of 2009.
