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Wednesday Deals: SouthWest Water, Novell Wednesday, March 3, 11:21 AM ET An investor group is making a $275 million buyout bid for SouthWest Water (SWWC).
The group, led by J.P. Morgan Asset Management and Water Asset Management, is offering $11 per share in cash – a 56 percent premium over Tuesday’s closing price.
Prior to the close of the deal, the group will invest $16 million in 2.7 million newly issued SouthWest Water shares in a private placement, at $6 per share.
SouthWest Water will use proceeds of the deal for utility infrastructure investments.
SouthWest Water shares are soaring, trading higher by over 49 percent on Wednesday.
And, shares of business operating system and infrastructure software maker Novell (NOVL) are surging on a buyout offer as well. Elliott Associates offered to buy the company for $2 billion. The unsolicited offer amount to $5.75 per share.
Shares of Novell are trading higher by nearly eight tenths of a percent on Wednesday.
For MarketNewsVideo.com, I'm Sayoko Murase.
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