M&A and Strategic Actions 5.10.11

HedgeFundLIVE.com –

  • CYH – announced that it has withdrawn its offer to acquire all of the outstanding shares of common stock of Tenet Healthcare Corporation (NYSE: THC) for $7.25 per share in cash. CHS has also withdrawn its nominees for election to Tenet’s Board of Directors at Tenet’s 2011 annual meeting.
  • DTG – York Capital reports 17.2% stake (pr ev. 14.4%); converts filing to 13D from 13G; York intends to engage in discussions with management, other stockholders of DTG and relevant parties w/regard to the appropriate price & structure of a potential transaction w/HTZ or other strategic alternatives that may maximise shareholder value.
  • CAR, DTG, HTZ – German car-rental co Si xt Group is looking to enter the US market by joining CAR in a bid for DTG. According to a report in the NY Post, Sixt Group is in talks to buy $300-400M of business as part of a proposed regulatory remedy that would enable a CAR-DTG merger. Sixt-CAR talks have heated up in the past several weeks and while details haven’t been finalised, a deal would likely lead to Sixt entering into overlapping CAR-DTG markets.
  • DD – confirms best and final DKK700 bid for Dani sco; says All Major Danish Institutional Investors Support Revised Bid. 
  • MS – the co is looking to sell its mortgage servicing business Saxon according to the NY Post.  Goldman is also shopping its servicing business.  NY Post.
  • Ally Financial is in talks to purchase ING Group’s online bank, ING Direct USA; the unit could be worth as much as $10B – NY Post
  • Beiersdorf downplays acquisition talk – says high prices and a lack of available targets means it won’t use its growing cash pile to make deals.  Bloomberg 
  • Toshiba is bidding against US and European companies to acquire smart-meter maker Lan dis+Gyr; the winning bidder could wind up paying $2.5B – Bloomberg 
  • WMG – S&P placed the co’s debt rating on credit watch negative. 
  • SNY – San ofi tells the FT it is looking at assets to help bolster its animal health unit – FT

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