SunTrust Downgrades Cubist Pharmaceuticals (CBST) to Neutral
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Merck (MRK) to Acquire Cubist Pharma (CBST) for $102/Share; Deal Valued ~$9.5B
December 8, 2014 7:02 AM ESTMerck (NYSE: MRK) and Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) announced that the companies have entered into a definitive agreement under which Merck will acquire Cubist for $102 per share in cash, which represents a 35 percent premium to Cubists average stock price for the most recent five trading days.
Unanimously approved by the boards of directors of both companies, the transaction has an equity valuation of $8.4 billion and will also include $1.1 billion in net debt (based on projected cash balances) and other considerations for a total transaction value of... More
