Clayton, Dubilier & Rice to Buy ServiceMaster
ServiceMaster (SVM) Agrees to be acquired by an investment group led by Clayton, Dubilier & Rice for a total enterprise value of about $5.5 billion, including the assumption of existing ServiceMaster debt. Terms are $15.625 cash for each ServiceMaster share.
NovaStar Financial (NFI) is to reduce its workforce by about 350 people, or about 17%, to align organization with changing conditions in the mortgage market. The company says the cost of terminations will range between $2.7 million and $3.1 million and are expected to be incurred in the first quarter.
Accredited Home Lenders (LEND) received notice from the Nasdaq that its stock is subject to delisting in connection with its failure to file its 2006 Annual Report on Form 10-K prior to expiration of its 12b-25 period Mar 15.
Todco (THE) agreed to be acquired by Hercules Offshore (HERO) in a stock and cash deal valued at about $2.3 billion. Todco holders are to get an average total consideration equal to 0.979 Hercules Offshore shares and $16 cash for each share held.
Qualcomm (QCOM) and Broadcom (BRCM) agreed to dismiss patent-related claims in 2 lawsuits pending in the San Diego Federal Court. Separately, Nokia (NOK) filed complaints against Qualcomm in Germany and the Netherlands. If Nokia's claim succeeds, Qualcomm would be prevented in Europe from enforcing patents in relation to Nokia handsets incorporating certain chipsets.
Barclays (BCS) has made a tentative takeover approach to ABN Amro (ABN) as the embattled Dutch bank attempts to fight off a campaign by activist investors, according to the Financial Times.
Bausch & Lomb (BOL) named Efrain Rivera Senior VP and CFO.
Infrasource Services (IFS) Agrees to be acquired by Quanta Services in a $1.26 billion deal.
Take-Two Interactive (TTWO) Postpones annual meeting; action provides additional time to review proposed actions of shareholder group and evaluate alternative actions.
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