Notable Mergers and Acquisitions of the Day 5/5: CALL, BITI/ETWC, ANDE

May 5, 2009 10:31 AM EDT

• CallWave, Inc. (NASDAQ: CALL) announced that it is offering to purchase shares of its common stock in a tender offer for $1.15 per share. The offer price represents a premium of approximately 44% to the closing price of the Company's common shares of $0.80 on the NASDAQ as of the close of business on May 4, 2009. In connection with the tender offer, CallWave stated that it intends to deregister and delist its common stock and take the Company private.
  
  CallWave plans to use cash on hand to pay for shares purchased under the tender offer. As of March 31, 2009, the Company reported $35.2 million in cash and cash equivalents. As of May 31, 2009, there were 21,175,971 shares of the Company's common stock issued and outstanding.
  
  
• Bio-Imaging Technologies, Inc. (NASDAQ: BITI) and etrials Worldwide, Inc. (NASDAQ: ETWC) jointly announce Bio-Imaging's intent to acquire etrials.
  
  The proposed acquisition is expected to be consummated through a tender offer for all of the outstanding shares of etrials stock. For each share of etrials stock, shareholders will receive 0.124 shares of newly issued Bio-Imaging common stock, 0.076 shares of newly issued Bio-Imaging preferred stock, and $0.15 in cash, which equates to a value of $0.9068 per share for etrials, representing a 27% premium to the average closing price for the past thirty days.
  
  Stockholders owning approximately 33% of etrials outstanding shares have already agreed to tender their shares, and if needed, vote in favor of the approval of the merger agreement. Subject to customary closing conditions, and assuming a majority of etrials shares will be tendered pursuant to the Tender Offer, the tender offer is expected to expire on or about June 15, 2009.
  
  
• The Andersons, Inc. (Nasdaq: ANDE) has signed a definitive purchase agreement to acquire the Fertilizer Division of Hartung Brothers, Inc., as an addition to its Plant Nutrient Group. The transaction is scheduled to close July 31, 2009.
  
  HBI Fertilizer Division, based in Madison, Wisconsin, was founded in 1979 as a part of Hartung Brothers, Inc., a family-owned agribusiness. The division, which is a leading regional wholesale supplier of liquid fertilizers, has six strategically located facilities with 145,000 tons of storage capacity in Wisconsin and Minnesota. In 2008, the division generated $60 million in revenue.

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• Notable Mergers and Acquisitions

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?