Ending a pursuit that began more than two years ago, Hertz Global Holdings Inc.HTZ+1.15% said late Sunday it agreed to acquire rival Dollar Thrifty DTG+1.66% for about 2.3 billion in cash. Park Ridge, N.J.-based Hertz anticipates realizing at least $160 million of annual cost synergies from the transaction. Read more on Dollar Thrifty buyout.
IAC/InterActive IACI+0.39% is adding to its portfolio of consumer-oriented websites, announcing a deal to acquire About.com from New York Times Co. NYT+1.65% for $300 million in cash. New York-based IAC will pair About.com, which serves as a Net-based reference library on 90,000 topics, with its own Ask.com site. About.com attracts nearly 100 million unique users a month. “The About.com acquisition is completely in line with IAC’s M&A strategy of acquiring, at disciplined valuations, companies that are complementary and synergistic with both our existing businesses and our areas of expertise,” said Chief Executive Greg Blatt in a statement. IAC anticipates that About.com “will generate more profit as a part of Ask.com and IAC than it has been able to over the last few years,” Blatt said Sunday. Separately, Arthur Sulzberger, Jr., New York Times Co.’s chairman, said: “About.com has been a strong contributor to our company since its acquisition in 2005.” New York Times Co. said it will apply proceeds toward general corporate purposes, including development and growth of its core media brands. The transaction’s expected to close in the next several weeks.
Late Friday, UPS UPS+0.05% said it will take a one-time charge of $896 million against third-quarter results. The charge grows out of an agreement struck with the New England Teamsters and Trucking Industry Pension Fund, a pact intended to restructure pension liabilities for about 10,200 employees. Fund trustees, UPS said, took the decision to establish a second pension-plan “pool” to make it more attractive for new employers to join the fund. With such a structure, employers can assume responsibility only for their own employees without regard to any previous fund liabilities, the Atlanta-based package delivery service said. The company noted that it allows UPS to freeze its liability in the original pool, establish its payment obligations and move UPS employees into the new pool. The third-quarter charge represents the present value of the company’s $2.1 billion withdrawal liability from the original pool, which it will pay over the next 50 years. Subject to approval by local unions, UPS said, the withdrawal will take effect Sept. 16. UPS and the fund also agreed on a contribution rate for future accruals, so that UPS workers won’t see a reduction in their pension benefits. The company said it won’t have to increase cash contributions for 10 years.
Late Sunday, Cameco Corp. CCJ-1.05%CA:CCO-1.49% said it’s agreed to pay BHP Billiton Ltd. BHP-0.36%AU:BHP-0.21% $430 million to acquire a major uranium deposit in Australia. The Yeelirrie project will augment Cameco’s status as one of the major global players in uranium and ranks as one of the biggest undeveloped uranium deposits Down Under. Subject to Australian regulatory approvals, the transaction’s expected to be completed by year-end. Yeelirrie lends itself to open-pit mining techniques, Saskatchewan-based Cameco noted.
Demand Media Inc. DMD-3.26% said late Friday it filed a shelf registration statement with the Securities and Exchange Commission. It contemplates the sale of up to $250 million in securities. The filing, once declared effective by the SEC, will facilitate for Santa Monica, Calif.-based Demand Media to launch offerings of common stock, preferred stock, debt securities, warrants, or some combination. Selling stockholders to be named in a prospectus supplement may, from time to time in one or more offerings, offer and sell Demand Media common shares, the company said.