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M&A

By
Dan Primack
Dan Primack
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By
Dan Primack
Dan Primack
Down Arrow Button Icon
July 11, 2011, 12:55 PM ET

BHP Billiton Ltd. (NYSE: BHP) has agreed to acquire Petrohawk Energy Corp. (NYSE: HK) for $12.1 billion in cash. The $38.75 per share offer represents a 61% premium to Petrohawk’s average price over the past 20 trading days. www.petrohawk.com

Carl Icahn has offered to buy Clorox Co. (NYSE: CLX) for $10.2 billion, or $76.50 per share (12% premium to yesterday’s closing price). In a letter, Icahn also said that he believes the company will receive “numerous superior bids.” Icahn currently holds 9.4% of Clorox’s outstanding shares. www.clorox.com

CIBC has agreed to acquire a 41% stake in American Century Investments, a Kansas City-based asset manager with $112 billion under management, from J.P. Morgan Chase & Co. for $848 million in cash.www.cibc.com

Ralcorp Holdings (NYSE: RAH) plans to spin off cereal maker Post Foods to company shareholders within the next six months.

THURSDAY, JULY 14

Williams Cos. (NYSE: WMB) has raised its bid for Southern Union (NYSE: SUG) by nearly 13% to $5.5 billion. This comes just days after rival Energy Transfer Equity (NYSE: ETE) raised its own bid to $5.1 billion.

Key Energy Services (NYSE: KEG) has agreed to acquire frac stack equipment rental companies Edge Oilfield Services and Summit Oilfield Services for approximately $300 million (including $164m in cash).www.keyenergy.com

Melrose has sweetened its offer for listed UK toolmaker Charter International by 8% to £1.4 billion.www.charter.ie

Joy Global Inc. (Nasdaq: JOYG) is in talks to buy Chinese coal-mining equipment maker International Mining Machinery Holdings Ltd., according to Reuters. IMM is a Hong Kong-listed company controlled by private equity firm The Jordan Company. www.joyglobal.com

Phunware has acquired Sherman Oaks, Calif.-based mobile media network GoTV Networks Inc. No financial terms were disclosed. GoTV has raised over $29 million from Bessemer Venture Partners, Charles River Ventures, Motorola Ventures and Qualcomm Ventures. www.gotv.com

WEDNESDAY, JULY 13

Validus Holdings (NYSE: VR) has offered to acquire reinsurer Transatlantic Holdings Inc. (NYSE: TRH) for $3.5 billion in cash and stock. Transatlantic agreed last month to be acquired by Allied World Assurance (NYSE: AWH) for $3.2 billion in cash and stock. The Validus bid works out to $55.95 per Transatlantic share based on yesterday’s closing price, while the Allied offer is $49.91 per share.

Bharti Airtel, an Indian mobile carrier, may raise up to $1 billion via an IPO of its mobile tower unit, according to the FT.

Hi Capital Corp. has acquired more than 20% of Pharmacy Chain 36.6, a listed Russian drug retailer, for approximately $70 million. www.pharmacychain366.com

Blackstreet Capital Partners has sold Pennysaver Inc., publisher of a weekly shopping magazine for the Maryland market, to All Island Media Inc. for an undisclosed amount. www.blackstreetcapital.com

Cadence Design Systems Inc. (Nasdaq: CDNS) has acquired Azuro Inc., a Santa Clara, Calif.-based developer of chip design solutions . No financial terms were disclosed. Azuro had raised over $10 million in VC funding from Balderton Capital, Mirimar Venture Partners and TTP Ventures.www.cadence.com

Citrix Systems Inc. has acquired Cloud.com, a Cupertino, Calif.-based provider of private cloud environments. No financial terms were disclosed, although reports put the deal at around $200 million. Cloud.com had raised around $18 million in VC funding from Index Ventures, Redpoint Ventures and Nexus Venture Partners. www.cloud.com

Universum AB of Sweden has acquired Doostang, an invite-only social network for professionals. No financial terms were disclosed. Palo Alto, Calif.-based Doostang had raised just over $5 million in VC funding, from firms like Shasta Ventures and Tugboat Ventures. www.doostang.com

TUESDAY, JULY 11

International Paper Co. (NYSE: IP) has gone hostile on its $3.3 billion bid for rival Temple Inland Inc. (NYSE: TIN), saying it will take the $30.60 per share bid directly to shareholders.

Electronic Arts Inc. (Nasdaq: ERTS) has agreed to acquire PopCap Games, a Seattle-based maker of casual games like Plants vs. Zombies and Bejeweled. The deal is valued at upwards of $1.3 billion, including $750 million up-front ($650m in cash) and up to $550 million in multi-year earn-outs based on financial milestones. PopCap has been around since 2000, but didn’t raise outside funding until a $22.5 million investment in 2009 led by Meritech Capital Partners.

Internet Brands, a portfolio company of Hellman & Friedman and JMI Equity, has acquired female-focused community websites Weddingbee.com and JustMommies.com from eHarmony. eHarmony has raised over $100 million in VC funding from Sequoia Capital, Technology Crossover Ventures and Sarofim Fayez & Co. www.internetbrands.com

Martini Media Network, a San Francisco-based online ad network focused on affluent individuals, has acquired TDP Media Group, a London-based digital media company focused on B2B and lifestyle sites. No financial terms were disclosed. Martini Media has raised VC funding from Reed Elsevier Ventures, Granite Ventures and Venrock. www.martinimedianetwork.com

NCR Corp. (NYSE: NCR) has agreed to acquire Radiant Systems Inc. (Nasdaq: RADS, a provider of multichannel point-of-sale and managed hosted service solutions to the hospitality and specialty retail markets, for $1.2 billion. The $28 per share big represents a 30% premium to yesterday’s closing price for Radiant shares. www.ncr.com

Stillwater Mining Co. (NYSE: SWC) has agreed to buy Vancouver-based Peregrine Metals (TSX: PGM) for around US$450 million. www.stillwatermining.com

MediMedia USA Inc., a portfolio company of Vestar Capital Partners, has agreed to sell its Vetstreet animal health unit for VCA Antech Inc. (Nasdaq: WOOF) for $146 million in cash. www.medimedia.com

MONDAY, JULY 11

Nestle has offered to acquire 60% of listed Chinese candy company Hsu Fu Chi International for approximately $1.7 billion. The offer represents around an 8.7% premium to Hsu Fu Chi’s stock price close on July 1. www.nestle.com

Cheung Kong Infrastructure Holdings, a group controlled by Li Ka-shing, has offered to acquire UK utilityNorthumbrian Water for £2.4 billion, or £4.65 per share (9.4% premium to Friday’s closing price.www.nwl.co.uk

Chesapeake Lodging Trust (NYSE: CHSP) has acquired the Hotel Adagio, a San Francisco-based upscale boutique property with 171-rooms, for $42.25 million. www.chesapeakelodgingtrust.com

Colony Capital has agreed to sell Bordeaux vineyard Chateau Lascombes for €200 million to French insurer Mutuelle d’Assurances du Corps de Sante Francais, according to the FT.

Gol Linhas Aereas, a Brazilian airline operator, has agreed to buy rival Webjet for just over $64 million.

Local.com (Nasdaq: LOCM) has acquired San Juan Capistrano, Calif.-based daily deals site Screamin’ Media Group for $12.5 million, plus up to $20 million in additional earn-outs. www.local.com

RWE Deutschland AG has acquired a 15% stake in Vitronet Group, a Germany-based provider of turnkey glass fiber infrastructure solutions. No financial terms were disclosed. Ventizz Capital has retained a 61% stake in Vitronet. www.rwe.com

Zynga, a San Francisco-based developer of social games, has acquired Canadian mobile app development firm Five Mobile. No financial terms were disclosed. Zynga currently is in registration for a $1 billion IPO, and has raised VC funding from such firms as Foundry Group, Union Square Ventures, Avalon Ventures, Kleiner Perkins Caufield & Byers, DST Group and Institutional Venture Partners. This deal represents its fifteenth acquisition in 13 months. www.zynga.com

The Blackstone Group has sold its stake in Chinese vegetable company Dili Group after Dili concluded that Blackstone’s involvement could make it difficult to raise prices, according to the FT.www.blackstone.com

Champ Private Equity is in talks to sell Australian food business Manassen Foods to China’s Bright Food Group, according to Reuters.

Greenlight Capital, a hedge fund run by David Einhorn, sold its stake in Yahoo Inc. (Nasdaq: YHOO) for a “modest lost,” due to lingering questions over the value of Yahoo’s position in Alibaba.com. Greenlight also said in an investor letter that it has sold its shares of Xerox Corp. (NYSE: XRX).www.greenlightcapital.com

Ratos AB has agreed to sell Medisize Corp., a European outsourcer of manufacturing and design services for healthcare companies, to Phillips Plastics. No financial terms were disclosed.www.phillipsplastics.com

About the Author
By Dan Primack
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