Stephane Mardel, CEO of investment and advisory group United First Partners, tells Bloomberg that Thermo Fisher Scientific (TMO +1.2%) may have to boost its €39-per-share offer for Qiagen (QGEN -0.6%) after proxy advisor Glass Lewis recommended voting against “Top Up” resolutions.
TMO may have to sweeten its bid in order to ensure that enough QGEN shares are tendered. The current threshold is 75%.
The risk of the deal not going through appears minimal however.
TFI International (TFII +0.9%) acquires privately held Gusgo Transport, a container transport and storage company.
The business to be acquired includes Gusgo Transport, Seatainer Transport and Seatainer Terminals.
Completion is expected before the end of June and Gusgo will become part of TFI International’s Truckload segment.
This transaction will help TFII to enhance its container transport and storage capabilities which will add density, geographic reach and new customers.
Rennova Health (OTCPK:RNVA +50.0%) entered into an agreement on June 10, 2020 with TPT Global Tech (OTCPK:TPTW -1.3%) to merge its software and genetic testing interpretation divisions, Health Technology Solutions and Advanced Molecular Services Group into a public company. This would be post TPT completing a merger of its wholly owned subsidiary, InnovaQor, Inc. with the public company.
The agreement is expected to complete in Q3, resulting in the target public company being called InnovaQor.
TPT shareholders will receive ~2.5M common shares in InnovaQor while remaining 2.5M would be received and retained with TPT. Rennova would receive ~$22M of preferred shares of which $5M will be converted to common shares and distributed to its shareholders on relevant approvals.
L3Harris (NYSE:LHX) has closed the $1B sale of its airport security and automation business to Leidos (NYSE:LDOS).
The deal was in all cash.
L3Harris’ Security & Detection Systems and MacDonald Humfrey Automation solutions (used in aviation and transportation industries, regulatory and customs authorities, government and law enforcement agencies, and commercial and other high-security facilities) boast annual revenues of nearly $500M.
Associated Banc-Corp (NYSE:ASB) agrees to sell Associated Benefits & Risk Consulting to USI Insurance Services for ~$265.8M in cash.
“This transaction allows us to monetize our investment in ABRC and further our strategic goals of enhancing shareholder value and being a source of strength for our customers, colleagues and communities,” said Philip B. Flynn, president and CEO of Associated.
The capital from the transaction will support loan growth, create an added buffer, and support ASB’s dividend policy, the company said.
ABRC’s last twelve months pro forma revenue was ~$89M.
According to Reuters, AmerisourceBergen (NYSE:ABC) has approached Walgreens Boots Alliance (NASDAQ:WBA) about a purchase of its pharmaceutical wholesaling division (known as Alliance Healthcare).
ABC is willing to pay about $6B for the unit.
WBA +1.9% after hours.