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Wednesday, October 10, 2012

Danaher, Cooper to sell tools venture to Bain for $1.6 bln, (NYSE: DHR), (NASDAQ: SHLD)

Danaher Corp and Cooper Industries will sell their hand and power tools joint venture, Apex Tool Group, to Bain Capital for about $1.6 billion, joining a growing group of U.S. conglomerates that is divesting its non-core assets.The deal underscores the robust appetite of private equity firms, backed by cheap financing, for assets sold by companies or other takeover firms.Danaher said it would receive about $650 million in net proceeds from the sale, which is expected to be completed in the first half of 2013. A statement from Cooper did not mention proceeds.Danaher and Cooper each own 50 percent of Apex, which makes Crescent wrenches, Lufkin measuring tapes and hand tools for Sears Holdings Corp's Craftsman brand.

Danaher Corporation (Danaher) designs, manufactures and markets professional, medical, industrial and commercial products and services. Shares of DHR traded higher by 0.2% or $0.11/share to $55.54. In the past year, the shares have traded as low as $43.69 and as high as $57.15. On average, 2973320 shares of DHR exchange hands on a given day and today's volume is recorded at 320103.

Sears Holdings Corporation (Holdings) is a retailer with 2,172 full-line and 1,338 specialty retail stores in the United States operating through Kmart Holding Corporation (Kmart) and Sears, Roebuck and Co. Shares of SHLD traded higher by 0.51% or $0.3/share to $59.20. In the past year, the shares have traded as low as $28.89 and as high as $85.90. On average, 957060 shares of SHLD exchange hands on a given day and today's volume is recorded at 93502.



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