4 Merger and Acquisitions Stock Stories to Round Out the Week

Clearwire Corporation (NASDAQ: CLWR): Current price $4.47

On Friday, Clearwire acknowledged that DISH Network Corporation (NASDAQ:DISH) has begun an unsolicited cash tender offer to purchase all outstanding common shares of Clearwire at a price of $4.40 each. Responding to this development, and through the discretionary authority awarded to the chairman of the meeting by the firm’s bylaws, it plans to adjourn its special meeting of stockholders, which was set to be held at 10:30 a.m. Pacific Time on Friday, without conducting any business. The meeting will reconvene on June 13, at 10:30 a.m. Pacific time at the Highland Community Center, Bellevue, Washington. The record date for stockholders entitled to vote remains April 2.

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CLWR

New Gold (NYSE:NYX): Current price $40.61

New Gold and Rainy River Resources jointly announced Friday that New Gold will offer to purchase all outstanding common shares of Rainy River through a friendly take-over bid. Through the terms, New Gold will offer, at the election of each holder of Rainy River common shares, 0.5 of a share of New Gold or $3.83 in cash, in each case subject to pro rationing. The bid represents a bonus of 42 percent over the close of Rainy River shares on the Toronto Stock Exchange on May 30, and a 67-percent premium to Rainy River’s 20-day volume weighted average trading price.

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NYX

Health Management Associates (NYSE: HMA): Current price $13.62

Shares are trading more than 4 percent higher Friday on speculation that HMA might be a takeover target. Chris Rigg at Susquehanna commented that Community Health Systems might still be interested in purchasing Health Management, citing a conversation with management Thursday afternoon, although specific comments on Health Management were not heard. Rigg discerns a potential takeover valuation of Health Management in the 7x to 8x forward EBITDA range, which would imply a purchase price of roughly $18.50 per shares.

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HMA

American Realty Capital Properties (NASDAQ:ARCP): Current price $15.39

The company said Friday that it will acquire GE Capital a $807-million portfolio of 471 net lease properties, made up primarily of nationally-recognized restaurants. The portfolio includes assets net leased to tenants operating restaurants including: IHOP, Jack in the Box, Golden Corral, Burger King, Arby’s, Taco Bell, Applebee’s, Wendy’s, Logan’s Roadhouse, and Denny’s. These ten national brands comprise roughly 64 percent of the net operating income of the portfolio to be bought.

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ARCP

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