MergerLinks Daily Review
MergerLinks
Join a community of 250,000+ M&A professionals. Expand your network and discover new business opportunities.
Welcome to MergerLinks Daily Review.?Sign up here?to get the full round up of your daily dose of blue-chip M&A news directly to your inbox.
SoftBank is in talks to buy Vision Fund's 25% stake in Arm. (FS)
Credit Suisse retail investors plan lawsuit challenging UBS buyout.
You can access today’s complete newsletter?here.
Scroll down for more…
Cleveland-Cliffs , a Cleveland, Ohio-based company that specializes in the mining, beneficiation, and pelletizing of iron ore, offered to acquire United States Steel Corporation , an American integrated steel producer, for $7.3bn. The offer was rejected by the board of US Steel.
"On July 28th I approached US Steel's CEO and Board with a written proposal to acquire US Steel for a substantial premium, valuing the company at $35.00 per share with 50% cash and 50% stock. After two weeks without any substantive engagement from US Steel with respect to the economic terms contained in our compelling proposal, US Steel's board of directors rejected our proposal, calling it 'unreasonable.' As such, I believe it necessary to now make our proposal public to help expedite substantive engagement between our two companies. Although we are now public, I do look forward to continuing to engage with US Steel on a potential transaction, as I am convinced that the value potential and competitiveness to come out of a combination of our two iconic American companies is exceptional," Lourenco Goncalves, Cleveland-Cliffs Chairman, President and CEO.
United States Steel is advised by Barclays , 高盛 , Milbank LLP , Wachtell, Lipton, Rosen & Katz (led by? Josh Cammaker ,?Jenna Levine,?and? Lucas Wozny ),?and Joele Frank (led by? Kelly Sullivan ?and? Ed Trissel ). Cleveland-Cliffs is advised by J.P. 摩根 , Moelis & Company , 瑞银集团 , 富国银行 and Davis Polk & Wardwell LLP .?
玛氏食品 , a global manufacturer of confectionery, pet food, and other food products and a provider of animal care services, agreed to acquire SYNLAB Vet, a provider of specialist veterinary laboratory diagnostics, from SYNLAB International . Financial terms were not disclosed.
“We look forward to welcoming SYNLAB Vet to the Mars Petcare family of businesses. We share the belief that excellence in veterinary diagnostics and advanced technology is transformative for veterinary care. This transaction is complementary to our existing diagnostics business and will bring additional reach across Europe and further our purpose to create A BETTER WORLD FOR PETS?," Nefertiti Greene, Mars President.?
Mars is advised by Lazard , 富而德律师事务所 , and Kekst CNC (led by? Neil Maitland ).
Exor N.V. , the Netherlands-based diversified holding company, completed the acquisition of a 15% stake in 飞利浦 , an electronics company that focuses on healthcare and lighting, for $2.84bn.
“Exor’s investment in Philips, their long-term outlook and increased focus on healthcare and technology, fit well with our strategy and substantial value creation potential. With our market leadership positions and people-centric innovation capabilities, Philips is well positioned to deliver on our purpose to improve the health and well-being of people, creating value for all stakeholders," Roy Jakobs, Philips CEO.
Philips was advised by 高盛 , Allen & Overy , and De Brauw Blackstone Westbroek (led by? Arne Grimme ).?
SoftBank is in talks to buy Vision Fund's 25% stake in Arm. (FS)
SoftBank Group Corp. is in talks to acquire the 25% stake in Arm it does not directly own from Vision Fund 1, a $100bn investment fund it raised in 2017, potentially delivering a win for investors who have waited years for strong returns,?Reuters?reported.?
The discussions come as SoftBank, which currently owns 75% of Arm, is preparing to list the chip designer on Nasdaq next month at a valuation of $60bn to $70bn.
Credit Suisse retail investors plan lawsuit challenging UBS buyout.
Retail investors who lost money when?Credit Suisse was taken over by UBS?in March plan to file a lawsuit challenging the buyout,?Reuters?reported.?
The Swiss Investor Protection Association plans to file the claim in Zurich's commercial court on behalf of about 500 瑞信 equity investors.
Interested to find more??Sign up here?to get full round up of your daily dose of blue-chip M&A news directly to your inbox.
You can access today’s complete newsletter?here.