Bid & Ask: The Deals of the Week
1. Billionaire investor Carl Icahn raised his offer for Clorox to $80 a share, or about $10.7 billion, on July 20. Clorox previously rejected a $10.2 billion bid by Icahn and adopted a shareholder rights plan to prevent a takeover.
2. In a second effort to outbid natural gas company Williams, Energy Transfer Equity offered to pay about $5.7 billion for Houston-based pipeline operator Southern Union.
3. China Merchants Bank plans to raise as much as $5.4 billion in a rights offering to meet the nation’s tightening bank capital requirements.
4. China’s biggest offshore oil producer, Cnooc, is acquiring bankrupt Opti Canada for $2.1 billion to increase its oil sands reserves.
5. Canadian Imperial Bank of Commerce is paying JPMorgan Chase $848 million for a 41 percent stake in American Century Investments to expand its asset management business.
6. Australia’s Santos is spending $774 million for the shares it doesn’t already own in Eastern Star Gas, betting that demand for natural gas will surge as producers cut carbon emissions.
7. New York City is selling $600 million in general obligation bonds to fund capital projects, as 10-year tax-exempt yields hover around the year’s low.
8. Switzerland-based commodities company Glencore International will pay $475 million for CST Resources, a CST Mining unit that owns 70 percent of Peruvian miner Marcobre.
9. Dallas-based Dave & Buster’s Entertainment, owner of the restaurant and arcade venues with the same name, is seeking to raise $150 million in an IPO.
10. Billionaire Ron Burkle paid just under $4.5 million for the landmark Ennis House designed by Frank Lloyd Wright. The Los Angeles estate was built in 1924 using about 27,000 handmade concrete blocks.