Notable Mergers and Acquisitions of the Day 04/11: (ENDP)/(AMMD) (LVLT)/(GLBC) (FLO)/(TSTY)

April 11, 2011 10:19 AM EDT
  • American Medical Systems (Nasdaq: AMMD) entered into a definitive agreement to be acquired by Endo Pharmaceuticals (Nasdaq: ENDP) for $30 per share, or $2.9 billion in cash.

    The deal comes at a 34 percent premium to American Medical Systems close Friday of $22.33 per share.

    Transaction expected to be immediately accretive to adjusted diluted earnings per share upon close and accretive by $0.60 in 2012.

    Morgan Stanley and BofA Merrill Lynch have provided fully committed financing to Endo to close this transaction.

  • Level 3 Communications (Nasdaq: LVLT) announced Monday morning that it will acquire Global Crossing (Nasdaq: GLBC) in a tax-free, stock-for-stock transaction.

    Under the terms and subject to the conditions of the agreement, Global Crossing shareholders will receive 16 shares of Level 3 common stock for each share of Global Crossing common stock or preferred stock that is owned at closing.

    Based on Level 3’s closing stock price on April 8, 2011, the transaction is valued at $23.04 per Global Crossing common or preferred share, or approximately $3.0 billion, including the assumption of approximately $1.1 billion of net debt as of Dec. 31, 2010.

  • Flowers Foods (NYSE: FLO) and Tasty Baking Company (Nasdaq: TSTY) Monday announced a definitive merger agreement whereby Flowers will acquire all of the outstanding shares of Tasty common stock for $4.00 per share in cash for a total purchase price of approximately $165 million, including Tasty's existing indebtedness.
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Morgan Stanley, Notable Mergers and Acquisitions, Earnings, Endo Pharmaceuticals/American Medical Systems