Notable Mergers and Acquisitions of the Day 6/30: BRCM/ELX, BPAX/CEGE, PTRY

June 30, 2009 9:45 AM EDT

• Broadcom Corporation (Nasdaq: BRCM) raised its tender offer for all of the currently outstanding shares of common stock of Emulex Corporation (NYSE: ELX) from $9.25 to $11.00 per share in cash, representing a total equity value of approximately $912 million.
  
  This is the best offer Broadcom intends to make, reflecting Broadcom's assessment of the publicly available information on Emulex and the value Broadcom anticipates to itself from an expedited transaction. The offer represents a premium of 66% to Emulex's closing stock price on April 20, 2009, the day before Broadcom announced its initial offer.
  
  
• BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) and Cell Genesys (NASDAQ: CEGE), today announced that they have entered into a definitive merger agreement by which the companies will merge in an all-stock transaction, with BioSante as the surviving company.
  
  Under the terms of the merger agreement, Cell Genesys stockholders will receive 0.1615 of a share of BioSante common stock for each share of Cell Genesys common stock they own. Based on the companies' closing stock prices on June 29, 2009, this represents $0.347 per share of consideration to be received by the Cell Genesys stockholders, or a total consideration of approximately $38 million, and a premium of 12% to the closing sale price of Cell Genesys' common stock on that date. Upon completion of the transaction, BioSante stockholders prior to the merger are expected to own approximately 60.4% of the outstanding shares of the combined company and the former Cell Genesys stockholders are expected to own 39.6%.
  
  
• The Pantry, Inc. (Nasdaq: PTRY) today announced that it has completed the previously disclosed acquisition of 38 convenience stores from Herndon Oil Corp. The stores operate under a variety of banners, including Flamingo, and are primarily located in the Mobile, Alabama market, with the remainder in Florida, Mississippi and Louisiana.
  
  Of the 40 stores included when the acquisition was first announced, one has since been closed and another was subsequently removed from the transaction. The 38 acquired stores generated revenues of approximately $152 million for the 12 months ended May 2009.
  
  The acquisition, which is expected to be accretive to the Company's earnings per share in fiscal 2010, was funded with cash on hand. Terms were not disclosed.

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