November 12, 2007 - Modern Distribution Management

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November 12, 2007

Rexel in Negotiations to Acquire Hagemeyer for $4.5B

Hagemeyer and Rexel entered exclusive negotiations aimed at finalizing an agreement under which Rexel would make an all-cash offer of & euro; 4.85 per share, approximately 3.1 billion euro in total, or US$4.5 billion. Under the agreement, Hagemeyer's Management and Supervisory Boards would recommend Hagemeyer accept this offer.
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The offer is up from Rexel's original bid of & euro; 4.60, which had valued the company at US$4.3 billion.
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Rexel's agreement with Sonepar will stand. As part of that agreement, Rexel will sell Sonepar the American, Asian-Pacific and select European activities of Hagemeyer.
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For Rexel's part, in the original proposal, it said it would acquire Hagemeyer's Professional Products & Services (PPS) activities in the Baltic ...

Drill-bit Supplier Varel Sold to Private Equity Firm

KRG Capital Partners, a Denver, CO-based buyout firm, has sold drill-bit manufacturer Varel International to an affiliate of Atlanta-based private equity firm Arcapita, Inc. for $369 million. Varel, based in Carrollton, TX, is focused on the oil and gas, mining and industrial industries.

Varel produces polycrystalline diamond compact and roller cone bits for the oil and gas drill bit market, as well as roller cone bits for other mining and industrial applications.
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With operations and sales offices in 41 countries, Varel serves a broad range of national and multi-national oil and gas companies and generates 50% of its revenue outside North America. ...

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