Notable Mergers and Acquisitions of the Day 3/13: APP, ENZ, GRS
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- Notable Mergers and Acquisitions of the Day 3/13: APP, ENZ, GRS
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- American Apparel (NYSE: APP) reportedly near a deal to sell a 20% stake in APP to Lion Capital, a private equity firm that once owned Jimmy Choo, for about $80 million. The deal should help stabilize the finances and inject much need cash in the company. Last month, American Apparel that sales at its stores fell 9%, the first monthly drop in the company’s history.
American Apparel will use the proceeds of the sale to pay Michael Dell on Friday as well as $35 million of additional debt owed to him, the Times said. Under the terms of the deal, Lions Capital will receive warrants for 16 million new shares with a strike price of $2 a share.
- Enzo Biochem (NYSE: ENZ) buys substantially all the assets of privately-owned Assay Designs, of Ann Arbor, MI, for a purchase price of approximately $12.2 million in cash, subject to post-closing purchase price adjustments based on Assay Design's working capital as of the closing date.
- Gammon Gold (NYSE: GRS) and Capital Gold Corporation (OTCBB: CGLD) have entered into a letter agreement relating to Gammon Gold's proposed acquisition of Capital Gold in an all-share transaction subject to satisfactory completion of due diligence.
The Letter of Intent contemplates, among other things, the issuance of 0.1028 Gammon Gold shares for each Capital Gold common share outstanding. The Exchange Ratio implies a value for each Capital Gold share of US$0.76 and represents a premium of 29% to Capital Gold shareholders based on the respective 10-day volume weighted average trading prices of Gammon Gold's and Capital Gold's common shares closing on March 11, 2009. Capital Gold has approximately 198 million shares outstanding on a fully diluted basis.
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