Aon (AON), Willis Towers (WLTW) scrap $30 billion merger

• The Justice Department had alleged the tie-up of insurance brokers would lead to higher prices and reduced innovation for U.S. 

 

Willis Towers Watson and Aon plc (AON) agree to terminate their merger agreement and end litigation with the DoJ; AON to pay WLTW a $1 bln termination fee 

• "Despite regulatory momentum around the world, including the recent approval of our combination by the European Commission, we reached an impasse with the U.S. Department of Justice," said Aon CEO Greg Case. "The DOJ position overlooks that our complementary businesses operate across broad, competitive areas of the economy. We are confident that the combination would have accelerated our shared ability to innovate on behalf of clients, but the inability to secure an expedited resolution of the litigation brought us to this point."
• In connection with the termination of the business combination agreement, Aon will pay the $1 billion termination fee to Willis Towers Watson, Willis Towers Watson's proposed scheme of arrangement has now lapsed, and both organizations will move forward independently. Both firms will provide further financial updates and outlooks on their respective Q2 2021 earnings calls, which take place on July 30 for Aon and August 3 for Willis Towers Watson.

Thermo Fisher (TMO) exits planned $13 billion takover of COVID-19 testing group Qiagen (QGEN)

• Thermo Fisher Scientific Inc. ended its $12 billion agreement to purchase Qiagen NV after its tender offer for the Dutch maker of medical testing equipment fell short, with activist investor Davidson Kempner Capital Management leading opposition to one of the biggest deals in the health sector this year.

 

Thermo Fisher Scientific (TMO) announces results of offer to acquire QIAGEN, lapse of offer and termination of acquisition agreement

Based on information provided by the settlement agents for the offer, Deutsche Bank Aktiengesellschaft and American Stock Transfer & Trust Company, 107,546,187 QIAGEN shares, representing 47.02% of the issued and outstanding ordinary shares of QIAGEN, were validly tendered into the offer by the end of the acceptance period at 24:00 hours (Frankfurt am Main local time) / 18:00 hours (New York local time) on August 10, 2020.

Accordingly, the minimum acceptance threshold condition to the offer has not been satisfied, and the offer has lapsed in accordance with its terms. Thermo Fisher has terminated the acquisition agreement with QIAGEN, and QIAGEN will pay to Thermo Fisher an expense reimbursement payment of USD 95 million in cash in accordance with the terms of the acquisition agreement.

Qiagen comments on failed takeover bid by Thermo Fisher

Tender offer acceptance of 47% did not reach minimum threshold of 66.67%. The amended business combination agreement has been terminated due to the acceptance threshold not having been met.

" QIAGEN's business prospects have improved significantly, as shown in our performance for the first half of 2020 and the strong outlook for the rest of this year and for 2021," said Thierry Bernard, Chief Executive Officer of QIAGEN N.V. "In light of the outcome, we will also move forward with our plans to fully acquire NeuMoDx, Inc., which is growing fast thanks to its unique offering of molecular diagnostic testing platforms along with a solution for coronavirus testing and an expanding range of assays in Europe, the U.S. and rest of the world.

KLA-Tencor (KLAC) acquired by Lam Research (LRCX)

 

• KLA-Tencor (KLAC): Semiconductor equipment maker KLA-Tencor (KLAC) is being acquired by Lam Research (LRCX) in a $10.6 billion transaction.  (10/21/15)
• In October 2016, the company announced it had terminated its offer for KLA-Tencor amidst concerns that the deal would not meet regulatory approval from the U.S. Department of Justice over antitrust concerns.