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Thursday, Sep 5
Sweden's SKF to buy Kaydon in $1.25B deal
- Sweden's SKF, the world's biggest bearings maker, agrees to acquire Kaydon Corp. (KDN) in an all-cash deal valued at ~$1.25B.
- SKF (SKFRY.PK) has said it wants to expand in North America as industrial growth and modest wage increases make the region more attractive for major investments this year than China; KDN generates 62% of its sales ($475M total in 2012) in North America.
- The offer of $35.50/share represents a 22% premium over yesterday's closing price.
- KDN +22.5% premarket.