Here’s your Cheat Sheet to this week’s top mergers and acquisition news:
BlackBerry Ltd. (NASDAQ:BBRY): Current price $7.98
In a bit of a surprise, BlackBerry announced Monday that it will be acquired by a consortium to be headed by Fairfax Financial Holdings Ltd., still subject to due diligence. The letter of intent offers a transaction in which BlackBerry shareholders would receive $9 in cash for each share they hold, in a transaction valued at roughly $4.7 billion. The consortium would purchase for cash all of the outstanding shares of BlackBerry not held by Fairfax, which owns around 10 percent of BlackBerry’s common shares. The buyer intends to contribute those shares into the transaction.
eBay Inc. (NASDAQ:EBAY): Current price $55.78
Knowledgeable sources say that PayPal is close to a deal to purchase Braintree Payments Solutions, which, if completed, could potentially place the online payments pioneer at the center of the growing mobile commerce market. The transaction for Braintree would permit PayPal access to data and lucrative transaction fees from Braintree’s expanding network, which presently processes over $10 billion yearly for firms such as OpenTable, Uber Technologies, and Airbnb. Braintree charges merchants a 2.9 percent commission and 30-cent transaction fee. Financials of the acquisition were not immediately available and the sources cautioned that talks could still go awry.
ACI Worldwide Inc. (NASDAQ: ACIW): Current price $53.97
The international provider of payment systems ACI Worldwide and Official Payments Holdings, Inc., which supplies electronic bill payment solutions, announced Monday that they will acquire Official Payments in an all cash transaction at $8.35 per share. The boards of both firms have unanimously approved this transaction.
The Blackstone Group LP (NYSE:BX): Current price $25.00
Blackstone Group has purchased the Hughes Center complex in Las Vegas for $347 million, gambling on growth in the Nevada economy, according to two inside sources, who indicated that the acquisition was completed Monday. The seller is the joint venture Crescent Real Estate Holdings LLC, of Barclays Plc’s Barclays Capital unit and Goff Capital Partners LP, based in Fort Worth. The Hughes Center contains roughly 1.5 million square feet and includes office space, a hotel, restaurants and corporate residential facilities on 68 acres, said the website of Blackstone’s Equity Office. The Las Vegas Sun earlier reported the deal.
ProAssurance Corp. (NYSE:PRA): Current price $45.89
ProAssurance and Eastern Insurance Holdings Inc. said Tuesday that the latter will merge with a newly created subsidiary of ProAssurance Corp in an all-cash transaction that values Eastern at $24.50 per share. After the close of the transaction, with a total value of around $205 million, Eastern will become a wholly owned subsidiary of ProAssurance. The closing is expected by January 1.
Emerson Electric Co. (NYSE:EMR): Current price $64.83
Emerson Electric will acquire Virgo Valves and Controls Ltd., which makes ball valves and automation systems and is based in the Indian city of Pune. Since beginning operations in 1986, Virgo has centered on the manufacture and sales of engineered on-off valve products. It presently has manufacturing locations in the United States, Europe, and India. Its sales in more than 60 countries in 2012 came to about $250 million, more than 80 percent of which were outside of India. The deal should close early in October.
Greenway Medical Technologies Inc. (NYSE: GWAY): Current price $20.44
Greenway Medical on Tuesday reached a definitive agreement that will make possible the merger of the businesses of Greenway and Vitera Healthcare Solutions LLC. Through the terms, Vista Equity Partners, which owns Vitera Healthcare Solutions, will pay Greenway stockholders $20.35 in cash for each share of Greenway common stock they hold. The price marks a 62 percent premium to Greenway’s 90-day volume weighted average stock price and a 20 percent premium to Greenway’s close the day before the merger agreement was signed. The all-cash transaction is valued at roughly $644 million, and after closing, Greenway will operate as a privately held company.
Knight Transportation, Inc. (NYSE:KNX): Current price $16.51
Knight Transportation said that it has proposed to purchase all of the outstanding shares of USA Truck, Inc. at $9 per share in cash, which values the equity of USA Truck at roughly $95 million. The total amount of the proposed transaction is about $242 million, including USA Trucks approximate $147 million in outstanding net indebtedness.
Transcept Pharmaceuticals, Inc. (NASDAQ:TSPT): Current price $3.27
Transcept announced Thursday that it has turned down an unsolicited proposal from Retrophin, Inc. to buy all of its outstanding shares at $4 per share in cash. The board, in consultation with its financial and legal advisors, evaluated Retrophin and its proposal, and decided that pursuing this unsolicited overture is not in the best interests of Transcept or of its stockholders. Leerink Swann LLC is serving as financial and strategic advisor to Transcept.
Compuware Corp. (NASDAQ:CPWR): Current price $11.12
On Thursday, Compuware announced the pricing of its initial public offering of 6.4 million shares of its wholly-owned subsidiary Covisint Corp’s common stock at a price to the public at $10 per share. The shares should commence trading on the Nasdaq Global Select Market on Friday under the symbol COVS. Covisint is selling 6.4 million shares of its common stock, representing roughly 17.6 percent of its issued and outstanding shares, if the over allotment option is not exercised.
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