Notable Mergers and Acquisitions of the Day 2/26 (CGPI, SXCI/NMHC, HUM/UNH)
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- Notable Mergers and Acquisitions of the Day 2/26 (CGPI, SXCI/NMHC, HUM/UNH)
- Pre-Open Movers: CollaGenex (CGPI) Up on Buyout; Healthways (HWAY) Sinks On Lower Guidance
- SXC Health (SXCI) To Acquire National Medical Health Card (NMHC) In Cash/Stock Deal Worth $11/Sh
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- Galderma Pharma S.A. and CollaGenex Pharmaceuticals, Inc. (Nasdaq: CGPI) announced a definitive agreement pursuant to which Galderma's U.S. holding company, Galderma Laboratories, Inc., will acquire all of the outstanding shares of CollaGenex at a price of $16.60 per share in cash, representing approximately $420 million for the equity of CollaGenex.
The merger agreement provides for Galderma to acquire CollaGenex in a two-step transaction. The first step will consist of a cash tender offer for all outstanding shares of CollaGenex common stock at a price of $16.60 per share in cash. In the second step, the tender offer will be followed by a merger in which the holders of the outstanding shares of CollaGenex common stock not tendered in the offer will receive the same per share price paid in the tender offer, in cash.
- SXC Health Solutions Corp. (NASDAQ: SXCI) and National Medical Health Card Systems, Inc. (NASDAQ: NMHC) entered into a definitive agreement for SXC to acquire NMHC pursuant to an exchange offer. The purchase price will be funded with a combination of 70% cash and 30% SXC stock, resulting in a transaction value of approximately $143 million, or an estimated $11.00 per share of NMHC using the 20-day average closing price of SXC stock to value the share portion of the consideration.
The acquisition is expected to close in the second quarter of 2008.
- Humana Inc. (NYSE: HUM) announced it has signed a definitive agreement to purchase the Medicare Advantage contract and related assets associated with the Las Vegas, Nevada individual SecureHorizons Medicare Advantage HMO business of UnitedHealth Group (NYSE: UNH). The transaction has been approved by the Department of Justice and is subject to regulatory approvals from the Centers for Medicare and Medicaid Services and the Nevada Division of Insurance.
To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions
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