BioSante (BPAX) and Cell Genesys (CEGE) Agree to Merge; Deal Valued at $38M
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BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) and Cell Genesys (NASDAQ: CEGE), today announced that they have entered into a definitive merger agreement by which the companies will merge in an all-stock transaction, with BioSante as the surviving company.
Under the terms of the merger agreement, Cell Genesys stockholders will receive 0.1615 of a share of BioSante common stock for each share of Cell Genesys common stock they own. Based on the companies' closing stock prices on June 29, 2009, this represents $0.347 per share of consideration to be received by the Cell Genesys stockholders, or a total consideration of approximately $38 million, and a premium of 12% to the closing sale price of Cell Genesys' common stock on that date. Upon completion of the transaction, BioSante stockholders prior to the merger are expected to own approximately 60.4% of the outstanding shares of the combined company and the former Cell Genesys stockholders are expected to own 39.6%.
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Merger or Fleece
Scott Ferguson on Jul 1, 2009 02:43 AMIt appears that CEGE got all their ducks in order on June 23, 2009. We were told that the firm had approx 36 million in cash and that the OS was approx 109 million. Each common share would have a value of approx .33 cents per. One week later the BOD announces a merger with BPAX!!!! One week later!. It is a stock deal valued at 38 million in BPAX stock. What a joke...it appears that the only winners are a few left at the top . Is it true that Dr. SHERWIN will receive about 5 million USD dollars? WHY?. This is not a merger it is a take under. Cege was working on Cancer and Parkinson's.....why did we partner with a firm that has zero relevant data. The deal is very poor for CEGE Shareholders. The two firms have a lock up penalty of One million if this does not happen. Something is very wrong with this deal. Regards, Scott Ferguson