Trane accepts $10.1 billion Ingersoll-Rand bid |
| MarketWatch - Dec 17, 2007 |
Ingersoll-Rand Co. said Monday it would acquire Trane Inc., a provider of air-conditioning systems and services, in a $10.1 billion deal that will further diversify the company's global-wide climate-control businesses.
In a statement, the Bermuda-based industrialist with businesses in transportation of food and perishables, property security and more, said it would pay $36.50 cash plus 0.23 of each of its shares for each share of Trane. Based on Friday's closing prices, the deal is valued at $47.81 a share, a 29% premium for Trane holders.
Trane shares shot up 23% in premarket trading to $45.75, while Ingersoll-Rand shares fell 2.4% to $48 each.
Ingersoll-Rand said it expects the deal to be immediately accretive to earnings and forecast 2008 earnings of $4 a share, above the Wall Street consensus of $3.88 a share, as provided by Thomson Financial. Additionally the company expects cost reductions from the merger to exceed $300 million by 2010.
Read Full Article from MarketWatch
- Posted: 2007-12-17 10:55:39
| More Stock Investor Place Financial News |
 |
|
|
|
| Stock Investor Place Financial News Archive |
|
|
|
