Notable Mergers and Acquisitions of the Day 09/24: (DRIV)/(LMLP) (COV) (CW) (LPH)

• Digital River, Inc. (Nasdaq: DRIV) and LML Payment Systems Inc. (Nasdaq: LMLP) announced the signing of a definitive agreement whereby Digital River will acquire LML Payment Systems Inc. in an all cash transaction valued at U.S. $3.45 per share, or an aggregate purchase price of approximately U.S. $102.8 million.
  
  Under the terms of the agreement, LML Payment Systems shareholders will receive U.S. $3.45 per share in cash consideration (the “Consideration”) and all options and warrants will be acquired for cash consideration equal to the Consideration less the exercise price of such option or warrant. The acquisition has been approved by the boards of directors of both companies and is to be completed through a plan of arrangement under the Business Corporations Act (British Columbia). The closing of the transaction is subject to approval of two-thirds of the LML shareholder votes cast.
  
  
  Closing is expected in Q412.
  
  The acquisition is expected to be accretive to Digital River’s earnings in its 2013 fiscal year.
  
  For this transaction, RBC Capital Markets served as financial advisor to Digital River, and William Blair & Company, L.L.C. served as financial advisor to LML Payment Systems.
  
  
• Mallinckrodt, the Pharmaceuticals business of Covidien (NYSE: COV), announced a definitive agreement to acquire CNS Therapeutics, Inc., a privately held specialty pharmaceutical company focused on developing and commercializing products for site-specific administration to the central nervous system to treat neurological disorders and intractable chronic pain.
  
  Mallinckrodt will acquire all of the outstanding capital stock of CNS Therapeutics, based in St. Paul, MN, for approximately $100 million. The transaction, subject to customary closing conditions, is expected to be completed during the fourth calendar quarter of 2012. CNS currently has one marketed product and a diverse pipeline of pain and spasticity products in development.
  
  
• Curtiss-Wright Corporation (NYSE: CW) entered into an agreement to acquire the assets that comprise PG Drives Technology, a business unit of Spirent Communications plc, for $64 million in cash. PG Drives Technology is a designer and manufacturer of mcontrollers and drives used in a wide variety of advanced electric-powered industrial and medical vehicles. The acquired business will operate within Curtiss-Wright's Motion Control segment.
  
  
• Longwei Petroleum Investment Holding Ltd. (NYSE: LPH) will complete the purchase of the assets of Huajie Petroleum Co., Ltd. by the end of this month.
  
  Longwei will acquire the assets of Huajie for a total purchase price of RMB 700 million (approximately US $110.6 million). The Company has agreed with the seller that the final payment of RMB 150 million (approximately US $23.7 million) will be paid on or before September 30, 2012. The Company currently has paid RMB 550 million (approximately US $86.9 million) on deposit for the purchase.

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