Major Corporate Deals and Acquisitions Announced in February 1999

Strategic Insights -

In a significant week for corporate news, major companies in various sectors announced substantial deals and acquisitions. Among the notable announcements, Rohm and Haas has agreed to acquire Morton International Inc. in a $4.9 billion deal, while Hollinger International Inc. has completed the sale of 45 of its U.S. newspaper properties to Community Newspapers Holdings Inc. for approximately $472 million. Additionally, AT&T and Time Warner have announced a joint venture to expand the company's communications services reach. Other notable announcements include the completion of Ryerson Tull's acquisition of Washington Specialty Metals Corporation and the FDA clearance for Morton Grove Pharmaceuticals' Trentinoin Topical Solution.

Key Takeaways:

  • Rohm and Haas is acquiring Morton International Inc. in a $4.9 billion cash and stock deal, including the assumption of $268 million of net debt.
  • Hollinger International Inc. has completed the sale of 45 of its U.S. newspaper properties to Community Newspapers Holdings Inc. for approximately $472 million.
  • AT&T and Time Warner have announced a joint venture to expand the company's communications services reach, targeting 40 percent of U.S. phone customers.
  • Ryerson Tull has completed its acquisition of Washington Specialty Metals Corporation, an eight-location metals service center specializing in value-added stainless steel, for approximately $70 million.
  • Morton Grove Pharmaceuticals has received FDA clearance for its Trentinoin Topical Solution, USP 0.05%, indicated for topical application in the treatment of acne vulgaris.
  • ComEd's Dresden Nuclear Generating Station has removed its Unit 3 reactor from service for a scheduled refueling and maintenance outage.
  • KinderCare Learning Centers has partnered with The Foster Care Coalition to launch a month-long donation drive, "Where Kindness Grows," aimed at gathering basic necessities for over 6,000 foster children.

Statistics:

  • The value of the acquisition of Morton International Inc. by Rohm and Haas is $4.9 billion.
  • The consideration for the sale of 45 of Hollinger International's U.S. newspaper properties is approximately $472 million.
  • AT&T aims to reach 40 percent of U.S. phone customers through its joint venture with Time Warner.
  • Ryerson Tull paid approximately $70 million in cash for Washington Specialty Metals Corporation.
  • Morton Grove Pharmaceuticals has a broad line of generic and specialty, oral and topical liquid prescription drugs and liquid over-the-counter pharmaceutical preparations.
  • ComEd's Dresden Nuclear Generating Station is undergoing a scheduled refueling and maintenance outage.
  • The Foster Care Coalition estimates over 6,000 foster children living in Missouri and Illinois require basic necessities.

Sources:

  • UPI News, "Rohm and Haas to Acquire Morton International in $4.9 Billion Deal," Feb. 1.
  • UPI News, "Hollinger International Completes Sale of 45 U.S. Newspapers," Feb. 1.
  • UPI News, "AT&T, Time Warner Announce Joint Venture," Feb. 1.
  • UPI News, "Ryerson Tull Completes Acquisition of Washington Specialty Metals," Feb. 1.
  • UPI News, "FDA Clears Morton Grove Pharmaceuticals' Trentinoin Topical Solution," Feb. 1.
  • UPI News, "ComEd's Dresden Nuclear Generating Station Undergoes Refueling Outage," Feb. 1.
  • UPI News, "KinderCare Learning Centers Launches Donation Drive for Foster Children," Feb. 1.