4 Mergers and Acquisitions Stock Stories for Wednesday Appraisal

MetroPCS Communications (NYSE:PCS): Current price $11.61

On Wednesday, PCS shareholders okayed a merger with the United States wireless service provider T-Mobile USA, following the T-Mobile parent Deutsche Telekom sweetening its offer under pressure from activist shareholders. The agreement was first reported in early October 2012, and had doomed to collapse until earlier in April, when Deutsche Telekom caved to pressure to lower the combined entity’s debt. Activist shareholder P. Schoenfeld Asset Management had run a proxy battle against the original arrangement, while the number-one MetroPCS shareholder, Paulson & Co., had also threatened to oppose it. Now, both investors indicate that they are pleased with the improved terms.

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PCS

Buckeye Technologies (NYSE:BKI): Current price $37.63

Buckeye and Georgia-Pacific reported Wednesday that the latter will purchase all of the outstanding shares of Buckeye’s’ common stock at a cash price of $37.50 per share. The transaction is valued at roughly $1.5 billion, which includes debt. Through the terms, which have been unanimously cleared by both parties’ boards, stockholders of Buckeye Technologies will receive $37.50 in cash per share, marking a premium of around 29 percent based on the average close of Buckeye Technologies’ common stock during the past week.

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BKI

OPKO Health (NYSE: OPK): Current price $6.84

On Wednesday, OPKO and PROLOR Biotech (NYSE: PBTH) said that they have signed a definitive merger agreement under which the former will purchase the  biopharmaceutical firm PROLOR in an all-stock transaction. Under the agreement, holders of PROLOR common stock will receive 0.9951 shares of OPKO common stock for each share of PROLOR they hold.  Calculated on a price of $7.03 per share of OPKO stock, the transaction is valued at about $480 million, or $7 per share of PROLOR.  The acquisition should be completed during the second half .

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OPK

First Solar (NASDAQ:FSLR): Current price $45.17

First Solar has divested its 139-megawatt Campo Verde Solar Project to the Southern Company subsidiary Southern Power and Turner Renewable Energy. Through the terms, First Solar will finish construction of the project and will then operate and maintain the power plant for 10 years. Construction of the Campo Verde project commenced in December and commercial operation is expected in the fall of 2013. The project is located on a 1,443-acre site in Imperial County, California and should generate enough clean electricity to power almost 48,000 homes, displacing yearly 80,000 metric tons of CO2, which is the equivalent of taking 15,000 cars off the road. Under a 20-year power purchase arrangement, San Diego Gas & Electric Company will purchase the project’s output.

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FSLR

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