Notable Mergers and Acquisitions of the Day 7/15 (VPHM/LEVP, ETFC/BNS, MOS)
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- ViroPharma Incorporated (Nasdaq: VPHM) and Lev Pharmaceuticals, Inc. (OTCBB: LEVP) announced that the companies have signed a definitive merger agreement under which ViroPharma will acquire Lev, a biopharmaceutical company focused on developing and commercializing therapeutic products for the treatment of inflammatory diseases, for $442.9 million of upfront consideration, or $2.75 per Lev share, comprised of $2.25 per share in cash and $0.50 per share in ViroPharma common stock (subject to a collar). Contingent consideration of up to $1.00 per share may be paid on achievement of certain regulatory and commercial milestones. The transaction with a potential net aggregate value of up to $617.5 million has been unanimously approved by the boards of directors of both companies. The companies expect the transaction to be completed by the end of 2008. In addition, concurrently with the execution of the merger agreement, ViroPharma purchased $20 million of Lev common stock.
- E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) entered into a definitive agreement to sell E*TRADE Canada to Scotiabank (NYSE: BNS) for $442 million in cash.
E*TRADE FINANCIAL expects the combination of the sale of E*TRADE Canada and the return of related capital to generate net cash proceeds of approximately $511 million.
- Mosaic Company (NYSE: MOS) announced a definitive agreement to sell Saskferco Products ULC to Yara International ASA for approximately USD $1.6 billion.
The sale is subject to customary closing conditions, including approvals under the Investment Canada Act and the Competition Act (Canada). Closing is currently anticipated in the third calendar quarter of 2008.
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