DaimlerChrysler to buy Detroit Diesel
Article Abstract:
DaimlerChrysler has agreed to buy Detroit Diesel Corp (DDC) for $423 million in cash. The German automaker already owns 21.3% of DDC and the $423 million would be used in acquiring the remaining 78.7% of DDC, at $23 per share. Covered by the acquisition are DDC's on-highway, off-highway, automotive and parts and remanufacturing assets. DDC's share price went up from $18 to $22 following news of the sale. The transaction is still subject to approval by US and EU antitrust authorities.
Publication Name: Soundings Trade Only
Subject: Construction and materials industries
ISSN: 0194-8369
Year: 2000
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DDC deal completed, but suit stands in way
Article Abstract:
DaimlerChrysler has completed its $423 million acquisition of Detroit Diesel Corp in Oct 2000 but has yet to resolve a class-action suit filed by shareholders. Harbor Finance Parnters filed the suit in the Court Chancery of Delaware seeking an injunction to enjoin the acquisition. However, with the completion of the deal, the plaintiffs are asking for damages caused by breach of fiduciary duties. Harbor Finance said the offer to purchase was done through unfair procedures and without full disclosure of information.
Publication Name: Soundings Trade Only
Subject: Construction and materials industries
ISSN: 0194-8369
Year: 2000
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To brink of chaos ... Jacobs says the OMC bankruptcy could have destabilized the industry for 5 to 10 years
Article Abstract:
Outboard Marine Corp's (OMC) acquisition by Genmar Holdings Inc and Bombardier Inc benefits the boatbuilding industry as a whole, according to Genmar Chmn Irwin Jacobs. Jacobs, who had been one of OMC's biggest engine customers, says the OMC bankruptcy could have crippled the industry for five to 10 years. In Feb 5, 2001, Minneapolis, MN-based Genmar and Montreal, Canada-based Bombardier teamed up to acquire OMC for $95 million.
Publication Name: Soundings Trade Only
Subject: Construction and materials industries
ISSN: 0194-8369
Year: 2001
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