Abb-baldor Deal Gets Justice Department Blessing
by January 19, 2011 7:00 pm 62 views
The Antitrust Division of the U.S. Department of Justice has cleared the pending ABB acquisition of Baldor Electric Co.
Zurich, Switzerland-based ABB announced Nov. 29 the move to acquire Fort Smith-based Baldor in an all-cash $4.2 billion deal — $63.50 per share — expected to close in the first quarter of 2011. The Baldor board unanimously agreed to the deal, and ABB said it will keep the corporate operation in Fort Smith.
The tender offer was initially set to expire Jan. 10, but was extended to Jan. 19 and again extended to Jan. 25. As of Jan. 10, 86.38% of the shares outstanding had been tendered. As of Jan. 19, 88.8% of shares had been tendered.
“This antitrust clearance satisfies the last remaining regulatory condition to the tender offer. As announced on January 20, 2011, the tender offer will expire at 5:00 p.m., New York City time, on January 25, 2011,” noted Thursday’s (Jan. 20) joint statement from ABB and Baldor.
Michael Tilley with our content partner, The City Wire, has more in this report.