4 Mergers and Acquisitions Stock Stories for Tuesday Due Diligence

J.C. Penney (NYSE:JCP): Current price $13.24

Hedge fund manager and activist investor Bill Ackman, who was the No. 1 shareholder in J.C. Penney, said Monday he sold his entire position following the collapse of his campaign to remake the retailer. Ackman’s Pershing Square Capital Management divested its 39.1 million shares, or 18 percent, to Citigroup Inc., which is now offering the shares to other investors, according to a separate statement from each party. Pershing Square said in its statement that Citi’s offering of the common stock was priced to the public at $12.90 per share and is expected to close Friday.

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JCP 20130827

Akorn Inc. (NASDAQ:AKRX): Current price $18.01

Akorn and Hi-Tech Pharmacal Co. Inc. said Tuesday that Akorn will purchase Hi-Tech at a cash price of $640 million. Hi-Tech is a specialty pharmaceutical firm that develops, manufactures, and markets generic and branded prescription and over-the-counter products. Through the terms, Akorn will pay $640 million in cash, or $43.50 per share, marking a 23.5 percent bonus over the close on Monday. Akorn expects to generate between $15 million and $20 million in yearly run-rate synergies within 12 months of the close.

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ARM Holdings (NASDAQ:ARMH): Current price $40.39

ARM Holdings on Tuesday said it bought Sensinode Oy, which supplies software tech. The privately held firm has led the creation of the 6LoWPAN and CoAP standards for low-cost, low-power devices and has been a crucial contributor to the IETF, ZigBee IP, ETSI, and OMA standardization endeavors. ARM will continue the commercial offering of Sensinodes NanoStack and NanoService products to current and new customers.

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Sangamo BioSciences, Inc. (NASDAQ:SGMO): Current price $9.62

Sangamo BioSciences will acquire privately held Ceregene Inc., a biotech company that centered on developing adeno-associated virus gene therapies. The buyer hosted a teleconference on Tuesday to discuss the purchase and provide a  general business overview.

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