Notable Mergers and Acquisitions of the Day 06/11: (INMD) (MRCY) (CCJ)
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- IntegraMed America, Inc. (Nasdaq: INMD) has entered into a definitive agreement to be acquired by affiliates formed by Sagard Capital Partners, L.P., an investment fund and IntegraMed shareholder, for $14.05 per share in cash, or a total equity purchase price of $169.5 million. The consideration represents a 24% premium to IntegraMed’s closing stock price of $11.34 on June 8, 2012, the last trading day prior to today’s announcement, and a 46% premium to IntegraMed’s average daily closing price over the past year.
The transaction is not subject to financing and is expected to close no later than mid November 2012. The agreement is subject to shareholder approval as well as other regulatory and customary closing conditions. IntegraMed’s largest shareholder owns 26.9% of the Company’s outstanding shares and has agreed to vote in favor of the transaction. Sagard Capital owns an additional 3.7% of IntegraMed’s outstanding shares.
Jefferies & Company is serving as financial advisor and Dorsey & Whitney LLP is serving as legal advisor to IntegraMed. Finn Dixon & Herling LLP is serving as legal counsel to Sagard Capital.
- Mercury Computer Systems, Inc. (Nasdaq: MRCY) has signed a definitive agreement to acquire Micronetics, Inc. (Nasdaq: NOIZ), a leading designer and manufacturer of microwave and radio frequency (RF) subsystems and components for defense and commercial customers.
Pursuant to the terms of the agreement, Mercury will acquire Micronetics via merger for $14.80 per share. This represents a fully diluted equity value of approximately $71.7 million and an enterprise value of approximately $75.4 million, including $3.7 million of net debt as of March 31, 2012. The acquisition will be funded with available cash and is expected to be immediately accretive to EBITDA. Subject to finalization of purchase accounting, the transaction is also anticipated to be accretive on a GAAP basis within 12 months of the closing date.
- Cameco (NYSE: CCJ) announced today that the agreement with AREVA Resources Canada Inc. (AREVA) to purchase AREVA's 27.94% interest in the Millennium project for $150 million has closed.
With the closing, Cameco's interest in the Millennium project increases to 69.9%. The remaining 30.1% is owned by JCU (Canada) Exploration Co.
The Millennium project is a proposed uranium mine located in the Athabasca Basin of northern Saskatchewan consisting of 590 hectares of land. Exploration on the Millennium project area to date has identified indicated resources of 50.9 million pounds of U3O8 (507,800 tonnes with an average grade of 4.55%) and inferred resources of 16.7 million pounds of U3O8 (297,800 tonnes with an average grade of 2.54%).
The terms of the purchase agreement provides AREVA with a 4% royalty on revenue from 27.94% of any production that exceeds 63 million pounds U3O8 from the project.
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Related EntitiesJefferies & Co, Sagard Capital Partners, Notable Mergers and Acquisitions
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