- Email: [email protected]
US Filter's bid angers Memtec
ISSN 0958-2118
1997/09
An I n t e r n a t i o n a l N e w s l e t t e r
Number 89
Membrane Technology N~
amd ~
I
•
U S Filter's b i d a n g e r s M e m t e c
• • • • •
Apoenzymes perform chiral separations Beverage filter r e s i s t s s t e r i l i s a t i o n Pall r e p o r t s f o u r t h q u a r t e r a n d y e a r e n d r e s u l t s H e x a n e s t a b l e m e m b r a n e refines v e g e t a b l e oils D r u g m a n u f a c t u r e r o p t s for r e v e r s e o s m o s i s
• • •
New HQ for Mfllipore d i v i s i o n C o m p a c t c r o s s f l o w s y s t e m for biological fluids World's first m e t h a n o l p o w e r e d c a r
• •
T o t a l s o l u t i o n for n i c k e l m i n e B e t z D e a r b o r n to a c q u i r e Argo Scientific
•
Fuel cell drives p o w e r p l a n t
• •
I o n i c s b u y s into E n e r s a v e W h a t m a n d r i v e n b y efficiency
7
Feature •
E l e c t r o d i a l y s i s for c h l o r i d e r e m o v a l i n low e f f l u e n t Kraft p u l p p r o d u c t i o n
Focus
12
S w e d i s h F o u n d a t i o n for M e m b r a n e T e c h n o l o g y
Ltent S ~ m ~ e s
13
Ltents ~ ~ f
15
nts
,. . . . . .
16
I~I~SF~V1ER
US F i l t e r ' s bid angers Memtec In a s u r p r i s e move US Filter Corp. h a s a n n o u n c e d details of a bid to a c q u i r e Memtec Ltd. Details of the p r o p o s e d a c q u i s i t i o n are still emerging, b u t p r e l i m i n a r y r e p o r t s s t a t e t h a t US Filter are to m a k e a n all c a s h offer of U S $ 3 0 per Memtec s h a r e (AS$42). R e p r e s e n t i n g a total v a l u e of U S $ 3 3 0 M (AS$460M). In a terse s t a t e m e n t released by Memtec, the p l a n n e d takeover was described as "opportunistic a n d woefully inadequate". And w e n t further by adding, "the u n w a n t e d bid would be vigorously opposed" urging Memtec shareholders to "carefully consider their position before accepting US Filter's i n a d e q u a t e valuation". Revealing t h a t it already o w n s 4.9% of Memtec shares, US Filter President, Richard J. H e c k m a n n , c o m m e n t e d , "this offer provides Memtec s h a r e h o l d e r s with a p r e m i u m of a p p r o x i m a t e l y 25% to Memtec's closing s h a r e price o n the 16 S e p t e m b e r 1997". The offer, w h i c h US Filter expects to b e g i n in early October, would r e m a i n o p e n for a m o n t h . Memtec replied t h a t US Filter's offer is only a 17.9% p r e m i u m to the closing v a l u e of M e m t e c a t the time the offer was m a d e , a n d a d d t h a t M e m t e c ' s s h a r e price h a s b e e n e q u a l to, or exceeded the offer price o n 72 d a y s d u r i n g the l a s t l 2 m o n t h s . In addition, Memtec s t a t e t h a t d u r i n g the l a s t 12 m o n t h s , its s h a r e price h a s r e a c h e d U S $ 3 7 . 7 5 - 2 5 . 8 3 % above US Filter's c u r r e n t offer. Editors comment: Since 1991, US Filter h a s a c q u i r e d a n d i n t e g r a t e d m o r e t h a n 75 i n t e r n a t i o n a l b u s i n e s s e s , with the takeover bid for M e m t e c fitting comfortably into this strategy. Of i n t e r e s t , is the r e a c t i o n from Memtec s u g g e s t i n g t h a t US Filter are b e i n g "opportunistic", i n d i c a t i n g t h a t Memtec are s o m e h o w i n a v u l n e r a b l e position. Yet a few d a y s prior to US Filter's bid, Memtec w a s a p p r o v e d for listing o n the New York Stock E x c h a n g e . This h a r d l y s u g g e s t s t h a t c o n f i d e n c e in M e m t e c ' s s t o c k w a s faltering, i n d e e d the l a t e s t figures r e l e a s e d b y Memtec s t a t e t h a t "net r e v e n u e s h a d i n c r e a s e d 40% for the twelve m o n t h s e n d e d J u n e 30 1997". W h a t e v e r the final o u t c o m e , it's w o r t h m e n t i o n i n g t h a t US Filter's recent marketing literature has been accompanied by the m o t t o " r a k i n g Care of the World's Water". However, s o m e dry o b s e r v e r s h a v e s u g g e s t e d t h a t "Taking Care of the World's C o m p e t i t i o n " w o u l d be a more appropriate phrase.
ADVANCED T tK] I I N O L { ) G Y Copyright © 1 9 9 7 Elsevier S c i e n c e Ltd, E n g l a n d / 9 7 / $ 1 7 . 0 0
per item.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted by any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publishers. (Readers in the USA. please see special regulations listed on back cover.)
1997/09
An I n t e r n a t i o n a l N e w s l e t t e r
Number 89
Membrane Technology N~
amd ~
I
•
U S Filter's b i d a n g e r s M e m t e c
• • • • •
Apoenzymes perform chiral separations Beverage filter r e s i s t s s t e r i l i s a t i o n Pall r e p o r t s f o u r t h q u a r t e r a n d y e a r e n d r e s u l t s H e x a n e s t a b l e m e m b r a n e refines v e g e t a b l e oils D r u g m a n u f a c t u r e r o p t s for r e v e r s e o s m o s i s
• • •
New HQ for Mfllipore d i v i s i o n C o m p a c t c r o s s f l o w s y s t e m for biological fluids World's first m e t h a n o l p o w e r e d c a r
• •
T o t a l s o l u t i o n for n i c k e l m i n e B e t z D e a r b o r n to a c q u i r e Argo Scientific
•
Fuel cell drives p o w e r p l a n t
• •
I o n i c s b u y s into E n e r s a v e W h a t m a n d r i v e n b y efficiency
7
Feature •
E l e c t r o d i a l y s i s for c h l o r i d e r e m o v a l i n low e f f l u e n t Kraft p u l p p r o d u c t i o n
Focus
12
S w e d i s h F o u n d a t i o n for M e m b r a n e T e c h n o l o g y
Ltent S ~ m ~ e s
13
Ltents ~ ~ f
15
nts
,. . . . . .
16
I~I~SF~V1ER
US F i l t e r ' s bid angers Memtec In a s u r p r i s e move US Filter Corp. h a s a n n o u n c e d details of a bid to a c q u i r e Memtec Ltd. Details of the p r o p o s e d a c q u i s i t i o n are still emerging, b u t p r e l i m i n a r y r e p o r t s s t a t e t h a t US Filter are to m a k e a n all c a s h offer of U S $ 3 0 per Memtec s h a r e (AS$42). R e p r e s e n t i n g a total v a l u e of U S $ 3 3 0 M (AS$460M). In a terse s t a t e m e n t released by Memtec, the p l a n n e d takeover was described as "opportunistic a n d woefully inadequate". And w e n t further by adding, "the u n w a n t e d bid would be vigorously opposed" urging Memtec shareholders to "carefully consider their position before accepting US Filter's i n a d e q u a t e valuation". Revealing t h a t it already o w n s 4.9% of Memtec shares, US Filter President, Richard J. H e c k m a n n , c o m m e n t e d , "this offer provides Memtec s h a r e h o l d e r s with a p r e m i u m of a p p r o x i m a t e l y 25% to Memtec's closing s h a r e price o n the 16 S e p t e m b e r 1997". The offer, w h i c h US Filter expects to b e g i n in early October, would r e m a i n o p e n for a m o n t h . Memtec replied t h a t US Filter's offer is only a 17.9% p r e m i u m to the closing v a l u e of M e m t e c a t the time the offer was m a d e , a n d a d d t h a t M e m t e c ' s s h a r e price h a s b e e n e q u a l to, or exceeded the offer price o n 72 d a y s d u r i n g the l a s t l 2 m o n t h s . In addition, Memtec s t a t e t h a t d u r i n g the l a s t 12 m o n t h s , its s h a r e price h a s r e a c h e d U S $ 3 7 . 7 5 - 2 5 . 8 3 % above US Filter's c u r r e n t offer. Editors comment: Since 1991, US Filter h a s a c q u i r e d a n d i n t e g r a t e d m o r e t h a n 75 i n t e r n a t i o n a l b u s i n e s s e s , with the takeover bid for M e m t e c fitting comfortably into this strategy. Of i n t e r e s t , is the r e a c t i o n from Memtec s u g g e s t i n g t h a t US Filter are b e i n g "opportunistic", i n d i c a t i n g t h a t Memtec are s o m e h o w i n a v u l n e r a b l e position. Yet a few d a y s prior to US Filter's bid, Memtec w a s a p p r o v e d for listing o n the New York Stock E x c h a n g e . This h a r d l y s u g g e s t s t h a t c o n f i d e n c e in M e m t e c ' s s t o c k w a s faltering, i n d e e d the l a t e s t figures r e l e a s e d b y Memtec s t a t e t h a t "net r e v e n u e s h a d i n c r e a s e d 40% for the twelve m o n t h s e n d e d J u n e 30 1997". W h a t e v e r the final o u t c o m e , it's w o r t h m e n t i o n i n g t h a t US Filter's recent marketing literature has been accompanied by the m o t t o " r a k i n g Care of the World's Water". However, s o m e dry o b s e r v e r s h a v e s u g g e s t e d t h a t "Taking Care of the World's C o m p e t i t i o n " w o u l d be a more appropriate phrase.
ADVANCED T tK] I I N O L { ) G Y Copyright © 1 9 9 7 Elsevier S c i e n c e Ltd, E n g l a n d / 9 7 / $ 1 7 . 0 0
per item.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted by any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publishers. (Readers in the USA. please see special regulations listed on back cover.)