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Published February 6, 2008 at 1:26 PM
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Dealmaking is happening seven days a week, 24 hours a day. Nowadays, a deal that happens halfway around the world impacts the domestic market you are in. So, plug into the new daily M&A calendar to keep abreast of key dealmaking dates. Here are some key events that are happening Wednesday and stay tuned for your daily dose of M&A calendar:
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- BHP Billiton plc faces the deadline to make a formal offer for Rio Tinto plc. But the Melbourne-based miner rejected BHP's $147 billion bid Wednesday. Rio Tinto chairman Paul Skinner said in a statement, "BHP Billiton's
offers, while improved, still fail to recognize the underlying value of
Rio Tinto's quality assets and prospects. Our plans are unchanged and
will remain so unless a proposal is made that fully reflects the value of Rio Tinto."
- Shareholders of Commerce Bancorp will vote on its proposed merger with TD Bank Financial Group. The Canadian financial group offered $8.5 billion for Commerce in October.
- Biotech Biogen Idec Inc. reported earnings Wednesday, surpassing analyst expectations by registering a profit of $266 million in revenue on adjusted basis, or 89 cents a share. On the earnings call, CEO Jim Mullens touched on his company's M&A strategy, saying it is using a disciplined approach in evaluating companies but that at this time there are no large companies it is interested in merging with. However, The Street.com did emphasize that "Biogen is positioned to act on a deal should there be a smaller company that's a strategic fit at an attractive valuation." The Deal's Alex Lash reported on Jan. 28 that Carl Icahn said he would nominate three allies to Biogen Idec's board and accused management of sabotaging last fall's auction with onerous confidentiality agreements.
- HSR expires for Waste Industries USA. The company announced Dec. 18, that it would go private to an investor group that includes Goldman, Sachs & Co. and Macquarie Infrastructure Partners in a management buyout valued at $544 million.
- Regeneration Technologies Inc. announced Wednesday a narrower fourth-quarter loss of $2.6 million, or 9 cents a share, compared with a loss of $6.7 million, or 22 cents a share in the same year-ago period. The orthopedic and biologic implant processor Nov. 13 acquired Tutogen Medical Inc. for about $263 million in stock.
- Wednesday marks the EU decision deadline on Mercapital Private Equity of Spain and Carlyle Group's joint purchase of Arsys Group, a Spanish provider of Internet hosting.
- Gerald Magpily
For a look ahead, took a look at TheDeal's M&A Calendar.
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