DOJ Seeks Information On Caterpillar's Proposed Bucyrus Buyout
January 20 2011 - 7:06AM
Dow Jones News
DOW JONES NEWSWIRES
Bucyrus International Inc. (BUCY) and Caterpillar Inc. (CAT)
received requests from the Department of Justice for additional
information regarding the latter's proposed $7.6 billion
acquisition of the mining-equipment company.
The heavy-equipment giant in November agreed to buy Bucyrus in a
deal valued at $8.6 billion including the target's debt. The
acquisition comes as Caterpillar's fortunes have improved mightily
the past year as construction and mining companies replenish
equipment after cutting back in 2009.
But the companies received a so-called second request for
further information and documentary material from the department's
antitrust division on Wednesday, Bucyrus disclosed in a regulatory
filing Thursday.
Caterpillar shares closed Wednesday at $95.54 while Bucyrus
finished at $90.24--compared with the $92 offer price. Neither was
active premarket.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com
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