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Abb Purchasing Baldor For 4.2 Billion


jOmega

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ABB reports today that they are buying Baldor for $4.2B, suggesting a channel and portfolio play, to securing ABB in the US, and Baldor in the EU.

 

From ABB's website : "Under the terms of the definitive agreement, which has been unanimously approved by both companies' Boards of Directors, ABB will commence a tender offer to purchase all of Baldor's outstanding shares for $63.50 per share in cash. The transaction represents a 41 percent premium to Baldor's closing stock price on Nov. 29, 2010. The Board of Directors of Baldor will recommend that Baldor shareholders tender their shares in the tender offer. The deal is expected to close in the first quarter of 2011."

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