Notable Mergers and Acquisitions of the Day 05/03: (TECH) (VSEC) (AKRX)

• Techne Corporation (Nasdaq: TECH) has acquired 100% ownership of Tocris Holdings Limited and subsidiaries (Tocris).
  
  Tocris was acquired for £75 million (approximately $124 million) in cash. The acquisition should increase Techne's fourth quarter fiscal year 2011 sales by approximately $3.5 million.
  
  The purchase price allocation of the acquisition has not been completed and, therefore, it is not currently possible to predict the impact that the acquisition will have on fourth quarter fiscal 2011 or fiscal 2012 earnings per share.
  
  The investment banking advisors to Tocris were Momentum Corporate Finance LLP.
  
  
• VSE Corporation (Nasdaq: VSEC) reports that it has entered an agreement for the acquisition of Wheeler Bros., Inc. (WBI) for $180 million in cash, with the potential additional payments of up to $40 million, if certain financial targets are met during the first four years after completion of the acquisition.
  
  Completion of the acquisition is expected to occur in late May or early June.
  
  
• Akorn, Inc. (Nasdaq: AKRX) reports that it has entered into an agreement for the acquisition of Advanced Vision Research, Inc., for $26 million cash.
  
  In 2010, AVR generated sales of $20 million, which consisted of domestic sales through major retail chains and sales in 20 countries across 5 continents.
  
  Akorn also announced plans to launch a new Consumer Health Division to enter the $1.2 billion OTC eye care market, pending the acquisition of AVR.
  
  The Company expects the AVR acquisition to be neutral to its 2011 earnings per share after the impact of transaction related expenses and the impact of purchase price allocation of $0.01 to $0.02 in earnings per share. In 2012, AVR is expected to be accretive by $0.03 to $0.04 earnings per share.

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