Notable Mergers and Acquisitions of the Day 10/26: (ZOOM)/(SPRD) (PVR) (BCR)
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- Zoom Technologies, Inc. (Nasdaq: ZOOM), announced that Spreadtrum Communications, Inc. (Nasdaq: SPRD), has partnered with Zoom Technologies to pursue new business opportunities in overseas markets. In tandem, Spreadtrum has purchased an 8.3% stake in Zoom Technologies.
Spreadtrum purchased 1,676,300 newly issued unregistered shares of Zoom common stock at $1.73 per share, which is the average closing price of Zoom for the 20 consecutive trading days from September 20 through October 17, 2011. Post transaction, Spreadtrum will hold 8.3% of Zoom. Considered a long-term investment from Spreadtrum, no registration rights or warrants are attached to this purchase of Zoom common stock.
- Penn Virginia Resource Partners, L.P. (NYSE: PVR) has purchased 18.6 million tons of coal reserves along with associated timber, oil and gas assets on over 4,700 acres of properties in Kanawha and Boone counties, West Virginia. The coal reserves have excellent transportation access to both railroad and river barge facilities and producing deep mines are located on or adjacent to the acquired properties. Purchase price for the assets was $21.6 million.
- After the market closed Tuesday, C. R. Bard, Inc. (NYSE: BCR) has reached a definitive agreement to acquire Medivance, Inc. for a purchase price of approximately $250 million.
The transaction will be structured as a merger subject to the satisfaction of customary conditions, including Hart-Scott-Rodino clearance. Upon completion of the merger, the Medivance organization will become part of Bard Medical division.
Based on the anticipated completion of the merger in Q411, Bard expects the dilution impact to be immaterial to earnings per share in 2011.
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