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CVC mulls takeover bid for $10bn Brambles. (FS)
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Adani Group, an Indian multinational conglomerate, agreed to acquire the India business of Holcim, a building solutions provider, for $10.5bn.
"Our move into the cement business is yet another validation of our belief in our nation's growth story. Not only is India expected to remain one of the world's largest demand-driven economies for several decades, India also continues to be the world's second largest cement market and yet has less than half of the global average per capita cement consumption. In statistical comparison, China's cement consumption is over 7x that of India's. When these factors are combined with the several adjacencies of our existing businesses that include the Adani Group's ports and logistics business, energy business, and real estate business, we believe that we will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion," Gautam Adani, Adani Group Chairman.
Holcim is advised by JP Morgan. Adani is advised by Cyril Amarchand Mangaldas and Latham & Watkins.
Carlyle, an American multinational private equity, agreed to acquire ManTech, a provider of innovative technologies and solutions for mission-critical national security programs, for $4.2bn. ManTech shareholders will receive $96 per share in cash, which represents a 17% premium.
“We have always admired ManTech’s unwavering commitment to support national security customers and their critical missions through differentiated capabilities and technology solutions. ManTech’s talented employees and leadership team have built a remarkable company with strong market positions across the federal government. Through this partnership, we look forward to leveraging our sector expertise and resources to accelerate growth and innovation and to drive greater value for customers and employees," Dayne Baird, Carlyle Managing Director of Aerospace & Government Services Team.
Carlyle is advised by Robert W Baird and Latham & Watkins. ManTech is advised by Goldman Sachs and King & Spalding. Goldman Sachs is advised by Sullivan & Cromwell.
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Nucor, a manufactures of steel and steel products, agreed to acquire CHI Overhead Doors, a manufacturer of overhead doors for residential and commercial markets, from KKR, an global investment firm for $3bn.
"Acquiring CHI is another step in our long-term strategy to expand into areas that are a natural extension of our business and leverage our efficient manufacturing model. CHI is a highly profitable organization built with an amazing team and culture. It has consistently proven its strength and competitive advantages due to its broad product suite, very short lead times, robust delivery infrastructure and focused customer service Acquiring CHI allows Nucor to further enhance its already diverse range of businesses that provide end market solutions to the construction and infrastructure markets. As with the acquisitions Nucor made in the past year in insulated metal panels and racking, CHI increases the overall long-run value of the organization with businesses that have strong free cash flow characteristics, robust growth prospects and fit with Nucor's capabilities," Leon Topalian, Nucor President and CEO.
Nucor is advised by Moelis & Co and Moore & Van Allen. KKR is advised by Goldman Sachs, UBS and Kirkland & Ellis.
JetBlue Airways, a major American low cost airline, plans to launch a hostile takeover attempt for Spirit Airlines, an ultra-low-cost carrier, after Spirit rejected JetBlue's $3.6bn offer in favor of an existing deal with Frontier Airlines.
JetBlue plans to appeal directly to Spirit's shareholders by launching a tender offer for their shares to pressure Spirit's management to re-engage in negotiations. At the same time, JetBlue plans to urge Spirit shareholders to vote against Spirit's planned merger with Frontier on June 10 in a further effort to sway the company's leaders, WSJ reported.
JetBlue is offering $30 a share in cash in its tender offer representing a 60% premium but would be open to paying its initial offer price of $33 a share if Spirit comes to the negotiating table and provides data JetBlue has requested. The tender offer is slated to commence on May 16 and remain open until June 30, though JetBlue could extend that period.
Spirit is advised by Barclays, Morgan Stanley, Debevoise & Plimpton, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co. Financial advisors are advised by Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell. JetBlue is advised by Goldman Sachs and Shearman & Sterling. Debt financing for JetBlue is provided by Goldman Sachs and Bank of America. Frontier Airlines is advised by Citigroup, Latham & Watkins and Joele Frank. Citigroup is advised by Fried Frank Harris Shriver & Jacobson.
CVC mulls takeover bid for $10bn Brambles. (FS)
CVC Capital Partners, a private equity firm, is considering a bid for Brambles, an Australian pallet-pooling services company, Bloomberg reported.
The firm has had early discussions with the company following an unsolicited offer to acquire all its shares, said Brambles. CVC plans to make a formal indication of interest to Brambles soon.
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