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Deal Digest: Feb. 21, 2008

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Published February 21, 2008 at 9:31 AM

Stay tuned to TheDeal.com for updates to these stories and more.

KLA-Tencor Corp.-ICOS Vision Systems Corp.

The biggest deal in a day of trans-Atlantic deals was Anglo-Dutch publishing giant Reed Elsevier plc's $4.1 billion deal for ChoicePoint Inc. (See Dealscape's Deal International blog for more.) In another U.S.-Europe deal, semiconductor inspection specialist KLA-Tencor agreed to pay 316.9 million euros ($467 million) for Belgium's ICOS.

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Also on Dealscape

San Jose, Calif.-based KLA-Tencor will pay 36.50 euros per share for Leuven, Belgium-based ICOS, according to a joint statement Thursday. The offer represents a 35% premium to the target's average closing share price over the past 90 days, the companies said.


Sun Capital Securites Group LLC-Furniture Brands International Inc.
In private equity news, St. Louis-based Furniture Brands said it has received a purchase proposal from its third-largest shareholder, Sun Capital Securities. The target, which has a market cap of about $500 million, said in a regulatory filing the proposed price reflects "a substantial premium" to its Tuesday closing stock price of $10.18.

Meadowbrook Insurance Group Inc.-ProCentury Corp.
Meanwhile, Meadowbrook Insurance agreed late Wednesday to buy ProCentury for about $272.6 million in cash and stock to expand its businesses into property and casualty insurance. Under the terms of the deal, ProCentury shareholders can elect to receive either $20 in cash or the same amount in Meadowbrook stock. The price represents a 30% premium over Wednesday's closing price of $15.38. The cash component, however, will not exceed 45% of the total deal.

HCA Inc.-Sun Coast Hospital Inc.
And in bankruptcy news, the sale of bankrupt Sun Coast Hospital to a unit of HCA was approved Wednesday for $19.7 million in cash minus $2 million in assumed liabilities.

- Peter Moreira


See TheDeal.com story on Sun Coast
See Deal International blog on Dealscape



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