Notable Mergers and Acquisitions of the Day 06/12: (CY)/(RMTR) (BMRN)/(GSK) (LNG)/(CQP) (EKDKQ)


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June 12, 2012 10:24 AM EDT Send to a Friend
  • Cypress Semi (Nasdaq: CY) has submitted a $2.48 per share cash bid for Ramtron (Nasdaq: RMTR).

    Cypress' President and CEO TJ Rodgers said, "We believe that our offer provides compelling value to Ramtron’s stockholders. Last year, we attempted to negotiate an acquisition of Ramtron, but our offer of $3.01 per share—which represented the same 37% premium to Ramtron’s then-current stock price as we are offering today—was summarily rejected. Soon thereafter, Ramtron sold almost 20% of its stock in a dilutive public offering at a net price of $1.79 per share.

    “At this time, we call on Ramtron’s Board of Directors to act in the best interests of its stockholders by meeting with us to seriously discuss our compelling proposal. We believe that Cypress would benefit Ramtron’s customers, providing them with a more stable source of supply, greater research and development resources and better support from a much larger sales channel. We also believe the combination would provide Ramtron’s employees with more opportunity for long-term success as part of a larger, more global organization."

  • BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) higher following reports that GlaxoSmithKline plc (NYSE: GSK) could be eying a takeover of the company.

  • Cheniere Energy, Inc. (AMEX: LNG) has purchased $167 million Class B units from Cheniere Energy Partners, L.P. (AMEX: CQP).

    A portion of the proceeds from the sale were used by Sabine Pass Liquefaction, LLC, a wholly owned subsidiary of Cheniere Partners, to issue a Limited Notice to Proceed to Bechtel Oil, Gas and Chemicals, Inc. under the engineering, procurement and construction contract relating to its construction of the Sabine Pass LNG liquefaction project in Cameron Parish, Louisiana.

    CEI has made an initial purchase of 11.1 million of the approximately 33.3 million Class B Units that it has agreed to purchase for an aggregate $500 million under a unit purchase agreement with Cheniere Partners. These units are being purchased in connection with the funding of the first two liquefaction trains of the Liquefaction Project. As previously announced, Cheniere Partners expects to fund $2 billion of the estimated project costs for the first two liquefaction trains with newly issued Class B Units.

    The issuance of the Limited Notice to Proceed under the EPC Contract will allow Bechtel to proceed with the site preparation that was permitted in May 2012 by the Federal Energy Regulatory Commission, as well as to continue with detailed engineering and limited procurement activities currently underway. Cheniere Partners expects to issue the full Notice to Proceed to Bechtel upon, among other things, the closing and funding of the debt financing, which were launched over the last two weeks, and the concurrent closing of the equity transactions.

  • Eastman Kodak Company (OTC: EKDKQ) filed a motion seeking approval of bidding procedures for the prompt bankruptcy auction of its Digital Capture and Kodak Imaging Systems and Services (KISS) Patent Portfolios, comprising more than 1,100 patents that are integral to the capture, manipulation, and sharing of digital images.

    Kodak’s motion outlines a sale process that is open to all qualified bidders subject to the rules of the bidding procedures. No disclosure of the unsuccessful bidders will be made to other bidders or the public. Only the winning bidder and the amount of the successful bid will be announced publicly at the end of the auction.
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