billion dollar merger agreed
Post on 01-Nov-2016
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TRANSCRIPT
Alfa Lava1 names buyer at last
Billion dollar merger agreed
Johns Manville (JM) Cm-p, a building products and high efficiency filter
media manufacturers has entered into a dcfinitivr mcrgcr agrecmcnt with
an imestor group led by Hicks, Muse, Tate & Furst Inc and the merchant
banking unit of Hear Stearns Co Inc.
The deal valued at approximately US$3 billion i\ bawl on approxi-
mateI\ I 55 million shares, on a fully diluted basis, plus assumed liabilities
and rap~nscs. Under the tcrme of the agrccmcnt JM public sharcholdrr~
will rccci\c s 13.25 per share in cash and 13% preferred stock north
uound s 300 million, payable over a I2 year period The company has the
option to pa\ thr 1 3% dividend in additional preterrett stock or cash for
the fint seven wars, and then cas h thrrcaftcr. The company said the
investor group has prwidcd commitments for about s 565 million of
cquitb capital and has receinxl ctnnmitments for senior and subordinated
d&t financing aggregating ~2.35 billion through affiliates of Bear Stearm.
The acquisition, which is expected to close by the end of the year,
comes more than a yrar after JM put itself on the market.
JM, hcadquartcrcd in Dcnvcr, Cotorado, achirled sales of ~2.2 billion
in 1999, with approximateI\ 75% of it sates coming from the commrrciat
and industrial markets. It currently cmplo)-s around 97 000 people
.md opcratcs 56 manufacturing facilities in North America, Europe
and Chula.
BBA acquires nonwoven business
Vivendi spin-off
Sale will reduce debt
4 July/August 2000 Filtration+Separation