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DETROIT BUSINESS MAIN 01-29-07 a 14 CDB.Qxd DETROIT BUSINESS MAIN 01-29-07 A 14 CDB 1/25/2007 4:38 PM Page 1 Page 14 CRAIN’S DETROIT BUSINESS January 29, 2007 CRAIN'S LIST: LARGEST MERGERS AND ACQUISITIONS Target's Value of revenue Effective transaction Rank Acquirer name Target Acquirer advisers Target advisers ($000,000) date Description ($000,000) Cerberus Capital 51% stake in General $19,200.0 November The deal helps GMAC transform from an automotive $14,000.0 Management L.P.; Citigroup Motors Acceptance Corp., lender with some mortgage operations into GMAC 1. Inc.; Aozora Bank Ltd., Detroit Financial Services, which will compete more New York aggressively for both mortgages and auto financing. Suzuki Motor Corp., Japan 17.4 percent of Suzuki March GM reduced its equity stake in Suzuki from 20.4% to 2,000.0 Motor Corp. owned by 3%. Deal value is approximate; sale was in yen. 2. General Motors Corp., Detroit Asahi Tec Corp., Shizuoka, Metaldyne Corp., Plymouth Deutsche Bank Larard Ltd.; Mizuho $1,900.0 January Deal was put together by Tom Stallkamp's Ripplewood 1,200.0 Japan Securities Inc.; Corporate Advisory Co. (2005) 2007 Holdings L.L.C. Investors include RHJ International and NikkoCitiGroup Ltd.; Ltd. Mitsui & Co. Ltd. Holders of Metaldyne stock received 3. Mizuho Corporate $2.18 per share, but used the proceeds to reinvest in Advisory Co. Ltd. Asahi Tec. Company was sold by Heartland Industrial Partners and Credit Suisse. Valassis Communications Advo Inc., Windsor, Conn. Bear Stearns; Bank of Citigroup Global Markets $1,400.0 First quarter Deal is for $33 per share and $125 million in Advo 1,200.0 3. Inc., Livonia America 2007 debt. Original deal was for $37 per share, but Valassis sued to halt the merger before reaching a new deal. Citizens Banking Corp., Republic Bancorp, Ann UBS Investment Bank Goldman, Sachs & Co. December Created Citizens Republic Bancorp with assets of about 1,049.2 5. Flint Arbor and Wachtell, Lipton, and Cadwalader, $14 billion. Rosen & Katz Wickersham & Taft L.L.P. ITC Holdings Corp., Novi Michigan Electric Credit Suisse; Lehman Macquarie Securities; $107.7 October Selling shareholders are Trans-Elect Inc., affiliates of 865.0 Transmission Co. L.L.C. Bros.; Simpson Thacher Winston & Strawn; (2005) Evercore Capital Partners, Macquarie Essential Assets 6. & Barlett L.L.P.; Stuntz Dickstein Shapiro Partnership and other investors. Received about $484 Davis & Staffier P.C. million in cash, 2.2 million shares of stock. Buyer also will assume or refinance $311 million in debt. Bank of America Corp., GM stock belonging to November Sold 28 million shares of stock for $29.25 per share as 819.0 New York Tracinda Corp., Beverly one of three transactions Tracinda principal Kirk 7. Hills, Calif. Kerkorian made to liquidate his GM holdings of 56 million shares. Investor group led by Carl Federal-Mogul asbestos Pachulski, Stang, Ziehl, $6,300.0 Pending Icahn has a right to purchase 86.2 percent of the equity 775.0 Icahn claim holders Young Jones & Weintraub; of the 50.1 percent of new stock that will be issued to 8. Wilmington Delaware asbestos claimants when the supplier emerges from Chapter 11 bankruptcy. Other creditors will receive stock that will represent 49.9 percent of the total equity. Impala Partners L.L.C., Majority share, RGIS February Bought from principal owner Ray Nicholson 750.0 9. Norwalk, Conn. Inventory Specialists Inc., Auburn Hills Penske Corp., Detroit 9% stake in Penske Truck July Bought from GE Capital 725.0 10. Leasing Co. L.P., Pennsylvania Platinum Equity L.L.C., Los Textron Fastening Systems, Citigroup $1,800.0 August Textron sold as part of strategy to sell noncore 630.0 11. Angeles Troy manufacturing operations. Company has renamed itself Acument Global Technologies Inc. Snap-on Inc., Kenosha, Wis. ProQuest Business Solutions Credit Suisse Allen & Co. L.L.C.; $183.0 October Deal is $508 million in cash and $19 million in 527.0 unit of ProQuest Co., Ann Sonenshine Partners L.L.C. assumed debt. Purchased company provides electronic 12. Arbor parts and service information to about 33,000 automotive dealers worldwide. Tenedora Nemak, Mexico North American operations Blackstone Group Lazard Freres & Co. $567.0 Expected to Sold by Teksid Aluminum; TK's North American 497.0 and Germany of TK Aluminum Ltd., Italy, close by headquarters is in Southfield. 13. as well as interests in South March 31 America, China and Poland. Angelo, Gordon & Co., EaglePicher Corp., Inkster Squire, Sanders & $580.0 July Buyers received about 90% of newly issued stock when 476.0 New York; Tennenbaum Dempsey L.L.P.; Houlihan auto supplier exited Chapter 11 bankruptcy as payment 14. Capital Partners L.L.C., Lokey Howard & Zukin of pre-petition debt. Transaction value includes $307 Santa Monica, Calif. Capital Inc.; Giuliani million in assumed debt. Capital Advisors L.L.C. Unnamed buyer(s) GM stock belonging to November Sold 14 million shares of stock for $33 per share as one 462.0 15. Tracinda Corp., Beverly of three transactions Tracinda principal Kirk Kerkorian Hills, Calif. made to liquidate his GM holdings of 56 million shares. Consortium led by AIR-serv Group, July Portfolio company of Wind Point Partners, Detroit. 420.0 Macquarie Capital Alliance Minneapolis Company is the largest operator of freestanding 16. Group coin-operated tire inflation and vacuum vending machines in the U.S. Unnamed buyer(s) GM stock belonging to November Sold 14 million shares of stock for $28.75 per share as 402.5 Tracinda Corp., Beverly one of three transactions Tracinda principal Kirk 17. Hills, Calif. Kerkorian made to liquidate his GM holdings of 56 million shares. Hellman & Friedman, San Majority stake in August 401.0 Francisco; directors and AlixPartners L.L.C. 18. employees of AlixPartners L.L.C., Southfield B General Motors Acceptance Meemic Insurance Co., Cochran, Caronia & Co. January Sold by ProAssurance Corp. $325 million in cash and 400.0 Corp., Detroit Auburn Hills 2006 $75 million in capital retained by ProAssurance. 19. Meemic sells car and home owners' insurance to teachers. Entergy Corp., New Orleans Palisades Nuclear Plant Internal Concentric Energy Expected to West Michigan nuclear power plant owned by 380.0 belonging to CMS Energy Advisors close by Consumers Power, which receives the plant's 20. Corp., Jackson May 2007 electricity. Deal entails $242 million for the plant, $83 million for nuclear fuel and $55 million in related assets. MSC Industrial Direct Co. J&L of America Inc., June Acquired company distributes hand and machine tools, 349.5 21. Inc., Melville, N.Y. Southfield abrasives and other equipment. Crestview Partners L.P., Munder Capital Grail Partners L.L.C., Morgan, Stanley & Co.; December Bought 90% of firm from Comerica Inc.; employees 302.0 New York; Munder Capital Management, Birmingham Goodwin Procter L.P. Wachtell, Lipton, Rosen & own the remainder. Comerica receives $232 million at 22. Management management Katz close and an 8% seven-year note for $70 million. Comerica retains Munder division World Asset Management. Belfor Holdings Inc., Belfor International GmbH, JPMorgan Chase; Jaffe, $900.0 November Sold by Haniel Group, Germany. Buyer is 75% owned 300.0 23. Birmingham Birmingham Raitt, Heuer & Weiss (2006) by company management; 25% by Haniel. Company is billed as world's largest insurance restoration company. Mitsubishi Corp., Itochu 7.9 percent interest in Isuzu April Sale was to help provide cash to fund GM's North 300.0 Corp. and Mizuho Motors Ltd. owned by American turnaround. 23. Corporate Bank, Japan General Motors Inc., Detroit Noble International Ltd., Tailored Blank Arcelor, a Foley & Lardner L.P. DLA Piper US $500.0 Expected to Deal makes Arcelor S.A. a 40% owner of Noble; Noble 300.0 Warren subsidiary of close by management remains in place. Deal would create a 23. Luxembourg-based Arcelor March 31 $1.1 billion producer of laser-welded blanks. SA Martinrea International North American body and $1,250.0 November $95 million in cash; $180 million in assumed debt. 275.0 Inc., Vaughan, Ontario chassis assets of Deal includes four plants in Kentucky, Ontario and 26. ThyssenKrupp Budd Co., Mexico plus nine plants operated by other Troy ThyssenKrupp units. Tracinda Corp., Beverly 2.1% stake in General January Tracinda principal Kirk Kerkorian increased his share in 262.8 Hills, Calif. Motors Corp., Detroit, 2006 GM from 7.8% to 9.9% by buying 5 million shares at 27. various sellers. an average price of $21.40 plus a separate private transaction for 7 million shares. Kerkorian sold all of his GM shares in November. Continued on Page 16 DETROIT BUSINESS MAIN 01-29-07 A 16 CDB 1/25/2007 4:38 PM Page 1 Page 16 CRAIN’S DETROIT BUSINESS January 29, 2007 CRAIN'S LIST: LARGEST MERGERS AND ACQUISITIONS Continued from Page 14 Target's Value of revenue Effective transaction Rank Acquirer name Target Acquirer advisers Target advisers ($000,000) date Description ($000,000) Five investment firms Meridian Automotive Sidley Austin L.L.P.; $800.0 December To exit bankruptcy, Meridian used a mix of new stock $248.6 Systems Inc., Allen Park Lazard Ltd. and cash to pay debtors: Quadrangle Group L.L.C.; 28. Camulos Capital L.P.; Davidson Kempner Capital Management L.L.C.; Stanfield Capital Partners; and General Electric Capital Corp. Fresh Start Bakeries, Brea, Pennant Foods bakery Citigroup; Kirkland & Cravath, Swaine & Moore September Portfolio company of Questor Partners, Southfield 240.0 29. Calif. division of Chef Solutions, Ellis L.L.P. L.L.P. Melrose Park, Ill. Blue Cross Blue Shield of M-Care, Ann Arbor December Sold by University of Michigan Health System. 230.0 30. Michigan, Detroit Purchase includes an HMO and a Medicaid plan.
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