| |||||||||||||||||||||||
| |||||||||||||||||||||||
Stay tuned to TheDeal.com for updates to these stories and more.
Honeywell International-Metrologic Holdings Corp.-Francisco Partners Topping headlines out of the U.S. Tuesday morning, tech-focused private equity firm Francisco Partners agreed to sell Metrologic Holdings Corp. to Honeywell International for $720 million in cash.
The San Francisco-based private equity firm took Blackwood, N.J.-based Metrologic Instruments Inc. private in September 2006 alongside hedge fund Elliott Associates LP and Metrologic's founder C. Harry Knowles in a deal valued at $420 million. The company had posted revenue of nearly $246 million in 2007, according to a Wall Street Journal report.
Circuit City Stores Inc.-HBK Capital Management-Blockbuster Inc. Meanwhile, Circuit City's largest shareholder, HBK Capital Management, is pushing the retailer to consider the unsolicited offer Blockbuster made earlier this month, even suggesting it might help finance the takeover for Blockbuster. HBK, a Dallas hedge fund that owns 9.1% of Circuit City, also holds a major stake in Blockbuster. In a letter to Circuit City chairman and CEO Philip Schoonover, HBK urged the board to evaluate Blockbuster's April 14 offer of $6 to $8 per share. An $8 offer would value Circuit City at about $1.4 billion with debt, and represent a 105% premium to Circuit City's closing price of $3.90 before the offer. Conexant Systems Inc.-NXP Semiconductors Conexant agreed to sell its Broadband Media Processing product lines to NXP Semiconductors in a deal valued at up to $145 million. Under the terms of the agreement, Conexant will receive $110 million in cash and up to $35 million in an "earnout" fee, contingent upon the achievement of certain milestones over the next two years. Arrow Development Inc. and Chapter 7 Ailing Arrow Development sought to sidestep a creditor's attempt to pursue foreclosure as the homebuilder seeks to convert to Chapter 7 liquidation. Arrow petitioned Judge Barbara Houser in the U.S. Bankruptcy Court for the Northern District of Texas in Dallas to quickly convert to Chapter 7 as Fidelity Bank NA continued with its lingering relief from stay motion, documents show. Mila Inc. and bankruptcy In other bankruptcy news, a Seattle judge has given one more creditor approval to foreclose on the property of Mountlake Terrace, Wash.-based Mila Inc. Judge Samuel J. Steiner of the U.S. Bankruptcy Court for the Western District of Washington in Seattle approved a relief from stay motion filed by HSBC Mortgage Corp. in a hearing on Friday ― just one of five relief from stay motions the bank has filed against the Mila since Oct. 5, 2007. - The editors See TheDeal.com story on Metrologic See TheDeal.com story on Circuit City See TheDeal.com story on Conexant See TheDeal.com story on Arrow See TheDeal.com story on Mila Categories Deal Video
    Community
 Elsewhere on The Deal.comDealwatch
The Deal MagazineCorporate Dealmaker
The Deal VideoCategories
Blog roll
Archives
| |||||||||||||||||||||||
|
|
|
|
|
©Copyright 2009, The Deal, LLC. All rights reserved. Please send all technical questions, comments or concerns to the Webmaster.
