Notable Mergers and Acquisitions of the Day 11/30: (BCRX) (KW)
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- BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) and privately held Presidio Pharmaceuticals, Inc. today announced the mutual termination of the Merger Agreement and the related Investor Financing Agreement entered into on October 17, 2012. Although the original rationale for the merger had merit, the parties determined that terminating the merger was in the best interest of both companies and their respective shareholders at this time.
The termination of the transaction has been approved by the Boards of both companies. In association with the termination, both parties will release each other from all obligations with respect to the proposed transaction. Each company will bear its own legal and transaction fees.
- Kennedy-Wilson Holdings, Inc. (NYSE: KW) announced the acquisition of Sandpiper Apartments, a 366-unit multifamily community in Holladay, a suburb of Salt Lake City, Utah. The company purchased the property for $43.5 million, investing $12 million of equity in the transaction and assuming approximately $31.5 million of financing with Centerline Financial at 4.9% with eight years remaining.
The property, nestled in a prestigious residential neighborhood, consists of 46 buildings on 36 acres and was completed in 1999. Kennedy Wilson plans to reposition the property with more than $5 million of renovations, including a new leasing facility, interior unit upgrades, a new fitness center and landscaping enhancements.
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