Notable Mergers and Acquisitions of the Day 08/06: (BBY) (TSM)/(ASML) (BEAT)
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- Best Buy (NYSE: BBY) founder Richard Schulze is prepared to make a takeover offer for the struggling electronics retailer that if successful would make shareholders very happy.
The former Chairman is planning to take the company private at $24-$26 per share.
Credit Suisse Group AG is acting as an advisor to Mr. Schulze and is confident it can obtain financing for an offer. The rest of the money will come from what the letter calls "premier private-equity firms with deep experience in retail who are interested in a possible acquisition of Best Buy" and debt.
Schulze is Best Buy's largest shareholder, controlling 20.1% of Best Buy shares.
- Taiwan Semiconductor Mfg. Co. Ltd. (NYSE: TSM) has joined ASML Holding N.V. (Nasdaq: ASML) Customer Co-Investment Program, aimed at accelerating the development and industrialization of key next-generation semiconductor manufacturing technologies, which include extreme ultraviolet (EUV) lithography technology and 450-millimeter lithography tools. The agreement includes an investment amount of €838 million in ASML to acquire a 5% of its equity; and to commit €276 million, spread over 5 years, to ASML’s research and development programs.
This agreement to develop key next generation lithography technologies is a natural extension of the long-term partnership between ASML and TSMC. ASML and TSMC collaborated successfully in the development of the 193-nanometer immersion lithography, and hope to help lead the industry again in the development of next generation lithography.
- CardioNet, Inc. (Nasdaq: BEAT), entered into a definitive merger agreement with cardioCORE Lab, Inc., a leading centralized cardiac testing laboratory with locations near Washington, D.C., San Francisco, CA and London, UK.
The total consideration to be paid by CardioNet will be $23.5 million. At its option, CardioNet may pay up to $3.5 million of the total consideration in the form of common stock. The transaction, subject to customary closing conditions, is expected to close in the third quarter of 2012.
cardioCORE is expected to generate $19.0 to $20.0 million in revenue and $3.5 to $4.0 million in EBITDA for the full year 2012. CardioNet will provide additional information regarding the expected financial impact of the transaction on its second half results during its earnings conference call scheduled for August 8, 2012.
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