Notable Mergers and Acquisitions 10/26: (TWTR) (PRGX) (CBPO)

October 26, 2016 9:40 AM EDT

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*** Twitter (NYSE: TWTR) shares are active Wednesday following reports from Betaville that Walt Disney has rekindled interest in buying the company.

*** PRGX Global, Inc. (Nasdaq: PRGX) announced that it has signed a definitive agreement to acquire Lavante, Inc., a SaaS-based procure-to-pay (P2P) supplier information management (SIM) and recovery audit services firm based in San Jose, CA.

“This acquisition is expected to accelerate PRGX’s strategy to deliver actionable P2P insights to our clients through analytics-based products and services,” said Ron Stewart, PRGX president and chief executive officer. "In addition, we are excited and look forward to having the very experienced Lavante team led by Frank Harbist join PRGX and welcoming their clients and the opportunity to serve them with our expanded capabilities and service offerings,” continued Stewart. “By utilizing Lavante’s industry-leading technology platform as the foundation, we anticipate providing our clients with an advanced set of SIM capabilities and improved management of supplier risks and performance,” concluded Stewart.

“Joining the PRGX team is a huge win for our clients and our company,” said Frank Harbist, president and chief executive officer of Lavante. “The market for dedicated SIM services continues to increase significantly and the value we expect to bring collectively to the marketplace will be part of a set of broader PRGX P2P solutions that generate significant value for global clients,” concluded Harbist.

The acquisition is subject to certain closing conditions and is expected to close within the next few weeks.

Further details regarding the terms of the transaction are available in the Current Report on Form 8-K filed by PRGX today with the U.S. Securities and Exchange Commission.

*** China Biologic Products, Inc. (Nasdaq: CBPO) announced that Guizhou Taibang Biological Products Co. Ltd. ("Guizhou Taibang") completed the requisite legal and administrative procedures, through which two former minority shareholders, holding a combined 15.3% equity interest in Guizhou Taibang, withdrew their respective capital contributions in Guizhou Taibang for an aggregate consideration of RMB415.0 million (approximately US$62.1 million) pursuant to an agreement dated July 31, 2016, a summary of which was filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 4, 2016. Guizhou Taibang paid the first installment of RMB90 million (approximately US$13.5 million) of the consideration to such former minority shareholders in August 2016 and will pay the balance of the consideration in accordance with the agreement. As a result of the capital withdrawal, Guizhou Taibang has become a wholly owned subsidiary of the Company.

Mr. David (Xiaoying) Gao, Chairman and Chief Executive Officer of China Biologic, commented, "We are pleased to announce the completion of the requisite procedures for capital withdrawal and acquire full equity ownership of Guizhou Taibang. Over the past several years, we have successfully focused on expanding production capacity and enhancing efficiency at Guizhou Taibang while also increasing our equity ownership from 54% to 100% after this capital withdrawal. We expect that our full ownership of the Guizhou facility will have positive impact on our 2016 earnings results through additional earnings accretion and, more importantly, will enable us to capture full benefits from future growth opportunity at our Guizhou facility."

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