US-based real estate company Consolidated-Tomoka Land Co. (NYSE: CTO) has entered into a joint venture with an institutional investor on a six acre vacant beachfront site in Daytona Beach, Florida, the company said. The company acquired its 50% interest in the joint venture for approximately USD 5.7m and will serve as the general partner of the venture with day-to-day management responsibilities.
Status: Agreed-IMATION TO SELL RDX STORAGE DISC BACKUP LINE FOR USD 6M
US-based data storage and information security company Imation Corp. (NYSE: IMN) has agreed to sell its RDX Storage product line, including associated inventory, to Sphere 3D (NASDAQ: ANY) for approximately USD 6m, the company said. Under terms of the agreement, Imation will receive approximately 1.5m shares of Sphere 3D common stock, which are subject to registration by Sphere 3D.
-BORGWARNER CLEARS US ANTITRUST HURDLE IN ACQUISITION OF REMY
The US Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) with respect to the pending acquisition of US-based automotive electrical components supplier Remy International, Inc. (NASDAQ: REMY) by US-based powertrain components and systems company BorgWarner Inc. (NYSE: BWA), the company said. Under the terms of the companies’ 24 July agreement, BorgWarner will acquire all of the outstanding shares of Remy for USD 29.50 per share, in cash, which implies an enterprise value of Remy of approximately USD 1.2bn.
-ISSI, UPHILL PROGRESS TOWARD CLOSING MERGER
US-based chipmaker Integrated Silicon Solution, Inc. continues to progress toward meeting conditions for its acquisition by Chinese investment group Uphill Investment Co. for USD 23.00 per share in cash, the company said. ISSI and Uphill continue to make progress with respect to the closing conditions in the merger agreement. In particular, ISSI has completed the internal restructuring of its operations in Taiwan as contemplated by the merger agreement.
As a result of the restructuring, all of the assets and employees to be divested have been transferred to ISSI’s Chingis Technology subsidiary. ISSI has entered into a share sale and purchase agreement with MediaTek Capital Corp. to sell Chingis for USD 27.1m.
-QUALCOMM COMPLETES USD 2.4BN CSR ACQUISITION
US-based wireless technologies company Qualcomm Inc.’s (NASDAQ: QCOM) Qualcomm Global Trading Pte. Ltd, subsidiary has completed its acquisition of Internet of Everything and automotive semiconductor and software solutions specialist CSR plc, the company said. The acquisition was completed at an enterprise value of approximately USD 2.2bn (USD 2.4bn equity value).
-INTEGRA LIFESCIENCES BUYS TEI BIOSCIENCES, TEI MEDICAL
US-based medical technology company Integra LifeSciences Holdings Corp. (NASDAQ: IART) has completed the acquisition of all of the outstanding shares of US-based biomedical company TEI Biosciences Inc. and TEI Medical Inc., the company said. The price was USD 312m. Integra announced this acquisition on 28 June 2015. The acquisition of TEI complements and expands Integra’s reconstructive surgery and regenerative wound care product offerings.
-BLACKBOARD ACQUIRES NIVEL SIETE IN LATIN AMERICA MOODLE EXPANSION
US-based education technology company Blackboard has acquired Latin American Moodle provider Nivel Siete, the company said. By joining their forces, the two companies will be able to offer more services and solutions to organisations that leverage Moodle, one of the most widely used learning management systems in the world, and support a greater number of learners to achieve their educational goals.
-TEXAS COMMUNITY BANKS PIONEER, FIRST COMMUNITY TO MERGE
Texas, US-based bank holding companies Pioneer Bancshares, Inc. and FC Holdings, Inc. have signed a definitive merger agreement that will result in a combined community banking franchise with total assets of USD 1.1bn and 22 branches across Texas, the companies said. The combined company will operate under the Pioneer Bank brand. Jeffrey A. Wilkinson, Pioneer Bank’s president and chief executive officer, will lead the new institution as CEO. Ron Coben, First Community’s chief operating officer, will remain as the COO with executives from both banks filling the remaining executive management positions.
-ZEALOT NETWORKS ACQUIRES VIDEO SYNDICATION FIRM ALLSCREEN
US-based media and entertainment company Zealot Networks has acquired video syndication company AllScreen, the company said. The purchase provides Zealot Networks an audience extension and aggregation engine to complement its list of publishers, distribution and technology capabilities. Founded in 2010 by the same team that created 140Fire interactive video advertising, AllScreen has reinvented how content is distributed across any device with their proprietary video formats and scalable syndication methods.
-NORTHSTAR ANESTHESIA ACQUIRES MICHIGAN COMPANY WITH 30 LOCATIONS
US-based anesthesia care company NorthStar Anesthesia has acquired US-based anesthesia management company Anesthesia Staffing Consultants (ASC), the company said. Detroit-based Anesthesia Staffing Consultants has more than 30 locations across Michigan. With this acquisition, NorthStar expands its footprint in the Midwest and increases its team of anesthesiologists and CRNAs to more than 1,600 providers caring for patients at nearly 150 facilities in 19 states.
-SWEDISH DEVELOPER JM TO BUY OSLO PROPERTY
Swedish residential housing developer JM (STO: JM) has signed an agreement with Stor-Oslo Eiendom to acquire part of the company’s property in Skårer Syd in Lørenskog north of Oslo, the company said on Friday. The transaction is worth approximately SEK 160m (USD 18.79m) with occupancy and payment planned for 1 October 2015. JM said that the property includes two areas in Skårer, which is a large development area in Lørenskog Municipality with a local plan for approximately 1,200 residential units.
-TPG CAPITAL, LEONARD GREEN PARTNERS TO BUY MAJORITY STAKE IN EDUCATION SOFTWARE FIRM ELLUCIAN
US-based private investment firms TPG Capital and Leonard Green Partners have entered into a definitive agreement to acquire a majority interest in US-based higher education software and services provider Ellucian from Hellman and Friedman and co-investor JMI Equity, the firms said on Friday. Terms of the deal were not disclosed, but Reuters, citing people familiar with the deal, reported on the 12th that the deal could be worth USD 3.5bn, including debt.
Ellucian provides software and services used by than 2,400 institutions in 40 countries. Ellucian provides student information systems, finance and HR, recruiting, retention, analytics and advancement software solutions.
-EVANS ANALYTICAL GROUP EXPANDS LABORATORY FOLLOWING ACQUISITION
US-based laboratory network EAG, Inc. (Evans Analytical Group) has opened a 36,000 square foot facility expansion in Easton, Maryland to support growth in its chemistry, environmental fate and aquatic toxicology testing services, the company said on Friday. The expansion follows EAG’s acquisition last month of ABC Laboratories, a Missouri-based company that provides product development and analytical testing services to agrochemical, pharmaceutical, biotech and chemical industries.
-CANADIAN COMPETITION BUREAU CLEARS PFIZER TO BUY HOSPIRA
The Canadian Competition Bureau has approved US-based drugmaker Pfizer Inc.’s (NYSE: PFE) pending acquisition of Hospira, Inc. (NYSE: HSP) and found no need for remedies, the company said on Thursday. As part of its agreement with the Canadian Competition Bureau, Pfizer has committed to divest certain assets in Canada. Completion of the transaction remains subject to governmental and regulatory approvals in certain other jurisdictions and other usual and customary closing conditions.
-CANADIAN SUBSIDIARY OF SERTA SIMMONS BEDDING BUYS LICENSEE CANWEST
SSH Bedding Canada Co., an indirect Canadian subsidiary of US mattress maker Serta Simmons Bedding, LLC that controls the Canadian operations of the Serta and Simmons brands, has closed the acquisition of Canwest Bedding Ltd. (Canwest), the independent Serta licensee in Winnipeg that services Manitoba, Saskatchewan and Northwestern Ontario, the company said. SSH now controls the manufacturing and distribution of all Serta and Simmons products in Canada.
-TRAVELCENTERS OF AMERICA ACQUIRES 33 ILLINOIS CONVENIENCE STORES
US-based convenience store operator TravelCenters of America LLC (TravelCenters) has completed its acquisition of 33 convenience store locations in northern Illinois, the company said. These locations offer branded gasoline, and a wide selection of groceries, fresh to-go food prepared on site and quick serve restaurants, and most include car washes.
-WUXI PHARMATECH AGREES TO BUYOUT LED BY CHAIRMAN
Chinese pharmaceutical, biotechnology, and medical device research and development provider WuXi PharmaTech (Cayman) Inc. (NYSE: WX) has entered into a definitive agreement and plan of merger with New WuXi Life Science Ltd. and WuXi Merger Ltd. a wholly owned subsidiary of parent, the company said. WuXi made the deal with a buyer group that includes company chairman and chief executive Ge Li and other executives and investors.
Under the deal, New WuXi Life Science Ltd will acquire the company for cash consideration equal to USD 5.75per ordinary share of the company and USD 46 per American Depositary Share of the company, each representing eight shares or approximately USD 3.3bn in aggregate cash consideration.
-MYLAN RESPONDS TO PROXY ADVISER ISS RECOMMENDING A “NO” VOTE
Dutch generic drugmaker Mylan N.V. (NASDAQ: MYL) responded to a report issued by US-based proxy adviser Institutional Shareholder Services recommending that shareholders reject Mylan’s offer for Irish drugmaker Perrigo (NYSE: PRGO) (TASE: PRGO) the company, the company said.
On 24 April, Mylan offered by buy Perrigo in a USD 28.9bn, cash and stock deal. The other two of the “big three” proxy advisers, Egan-Jones and Glass Lewis and Co., have both recommended a “yes” vote from shareholders. Mylan also picked up the support this week of one of its biggest investors, Paulson and Co.
-BNC BANCORP TO ACQUIRE SOUTHCOAST FINANCIAL IN USD 95.5M DEAL
US-based bank holding companies BNC Bancorp (NASDAQ: BNCN) and Southcoast Financial Corp. (NASDAQ: SOCB) have entered into a definitive agreement under which BNC will acquire all of the common stock of Southcoast in a stock transaction valued at approximately USD 95.5m, based on the closing price of BNC common stock on 13 August 2015, the company said on Friday..
Southcoast, headquartered in Mt. Pleasant, South Carolina, operates ten branches in Mt. Pleasant,Charleston, Moncks Corner, Johns Island, Summerville, Goose Creek and North Charleston, South Carolina through its Southcoast Community Bank subsidiary.
-PENNANTPARK FLOATING RATE CAPITAL, MCG CAPITAL WIN SHAREHOLDER NODS FOR MERGER
Shareholders of US-based commercial finance company MCG Capital Corp. and US-based business development company PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) have approved their 28 April merger deal in separate special meetings held this week, the companies said on Friday.
On 28 April 2015, MCGC executed a merger agreement with PennantPark that provides for the acquisition of MCGC by PFLT in a stock and cash transaction currently valued at approximately USD 175m, or approximately USD 4.75 per MCGC common share at closing, representing a 15.8% premium to MCGC’s closing stock price on 28 April 2015.
-EMPIRIC STUDENT PROPERTY ACQUIRES PORTSMOUTH, UK ACCOMMODATION
US-based student housing specialist Empiric Student Property plc (LSE: ESP) has exchanged contracts to acquire on practical completion the freehold of a property which comprises a turnkey student accommodation scheme converted from the former Portsmouth Land Registry on St Michael’s Road, in central Portsmouth, UK, the company said. The acquisition price is GBP 4.45m (USD 6.96m) and the group will benefit from a 100% rental guarantee from the developer for the 2015/16 academic year.
-NATURE GROUP ACQUIRES DOUBLE HULLED TANKER FOR EUR 3.1M
UK-based port reception facilities and waste treatment solutions provider Nature Group PLC (AIM: NGR) has acquired the Hydrovac 12 vessel, a large-volume double hulled tanker, from Ship Invest B.V for a total consideration of EUR 3.1m (USD 3.44m), the company said. The acquisition is being funded through a combination of debt facilities made available by ING Bank and the company’s own cash resources.
-LIGHTOWER, FIBERTECH NETWORKS CLOSE MERGER
US-based networking solutions provider Lightower Fiber Networks has closed its USD 1.9bn merger with Fibertech Networks, the company said. Lightower said that the combined company elevates its position in the telecommunications industry and further solidifies its role in the US fiber-networking market. It offers all-fiber solutions combined across an expanded service area that now blankets the Northeast, Mid-Atlantic, and Midwest regions of the country.
-FORCEFIELD BIDCO TO BUY UK PALLET DISTRIBUTOR PALLETFORCE IN GBP 30M DEAL
The boards of UK-based pallet distribution company Palletforce Plc and Forcefield Bidco Ltd. have reached agreement on the terms of a recommended cash offer for the acquisition by Forcefield Bidco of the entire issued and to be issued share capital of Palletforce, the companies said. Forcefield Bidco, which is making the acquisition is being, has been formed for this purpose. The acquisition values the entire issued and to be issued share capital of Palletforce at GBP 30m (USD 46.94m).
-STONE GROUP TO BUY Z’TEJAS SOUTHWESTERN GRILL
The general partners of US-based restaurant chain The Iron Cactus Mexican Grill and Margarita Bar and US-based commercial real estate investment company The Stone Group have signed an agreement to acquire Z’Tejas Southwestern Grill, the companies said. Manley and Pottorff are the co-founders of several ventures in the past twenty years, including The Iron Cactus Mexican Grill and Margarita Bar, which opened its first location in 1996 downtown Austin.
-MOBILITYWORKS, HASCO MEDICAL TO MERGE IN USD 23.5M DEAL
US-based wheelchair-accessible vehicle provider WMK, Inc., dba, “MobilityWorks” and Hasco Medical (OTCQB: HASC), with 22 locations in 11 states have entered into an agreement and plan of merger whereby a wholly-owned subsidiary of WMK will merge with and into the company with the company surviving as a wholly-owned subsidiary of WMK, the companies said. Under the deal, each share of the company’s common stock will be converted into the right to receive USD 0.0233 in cash (representing a purchase price of USD 23.5m for all of the shares), other than any dissenting shares, if any, which will not be so converted.
-SACK LUNCH PRODUCTIONS ACQUIRES SPRINGBOK HOLDINGS
US-based entertainment company Sack Lunch Productions, Inc. (OTC PINK: SAKL) has acquired a 100% interest in US-based events company Springbok Holdings LLC (Springbok), the company said. Springbok, through its subsidiaries, controls and owns the Color Me Rad and The Dirty Dash events. Springbok also holds the rights to operate Slide the City events in up to 60 cities, based upon its franchise agreement with Slide the City Franchise, LLC. Springbok reported net income of approximately USD 1,408,598 and gross revenues of USD 12,033,400 for the year ended December 31, 2014.
-FEMSA COMERCIO TO ENTER SOUTH AMERICAN DRUGSTORE BUSINESS WITH USD 1.836BN ACQUISITION
Mexican retailer FEMSA Comercio, S.A. de C.V. (NYSE: FMX) (BMV: FEMSAUBD) (BMV: FEMSAUB) has agreed to acquire a majority equity stake in Chile-based drugstore operator Grupo Socofar, the company said. Founded in 1949, Socofar operates 643 drugstores and 154 beauty stores throughout Chile under the Cruz Verde and Maicao banners, respectively. In addition, Socofar controls Farmasanitas in Colombia that operates over 150 pharmacies, in-site pharmacies and dispensary units under the Cruz Verde/Farmasanitas banners.
-HARTMAN XX REIT BUYS HOUSTON SUBURBAN OFFICE BUILDING
US-based REIT Hartman Short Term Income Properties XX, Inc.’s Hartman Ashford Crossing LLC affiliate purchased the Ashford Crossing II office building in Texas, USA, the company said. Ashford Crossing II is a 158,451 SF, six story office building located at Dairy Ashford Road and Whittington Drive on the southern edge of the Energy Corridor and the northern border of the Westchase submarket.
-TRANSNATIONAL GROUP ACQUIRES NEVADA GYPSUM PROPERTY FROM BLS
US-based development stage holding company Transnational Group, Inc. (OTC: TAMG) has acquired a 720 acre gypsum property located in Sandy Valley, Nevada from the Bureau of Land Management, the company said. Transnational paid a fee to acquire the ‘Sandy Valley’ project which includes the mining rights to 36 claims that span 720 acres of property believed to be very rich in gypsum based on previous sample results. According to the company, the property is estimated to contain approximately 10m tons of high-grade gypsum.
-ENTEGRA FINANCIAL BUYS SOUTH CAROLINA BRANCHES OF ARTHUR STATE BANK
US-based bank holding company Entegra Financial Corp.’s (NASDAQ: ENFC) Macon Bank subsidiary has entered into an agreement with Arthur State Bank to acquire two bank branches in Anderson and Chesnee, South Carolina, the company said. The two branches have approximately USD 42m in deposits and USD 9m in loans. Macon Bank said it will pay a deposit premium of approximately 2.87% as part of the deal. Upon completion of the transaction, Entegra is expected to have approximately USD 1bn in assets, USD 591m in loans, and USD 735m in deposits.
-MOUNT TAM BIOTECHNOLOGIES CLOSES REVERSE MERGER
US-based biotechnology company Mount Tam Biotechnologies, Inc. has completed a reverse merger transaction through a share exchange and conversion agreement with TabacaleraYsidron, Inc. (OTCBB: TQBY), a Nevada corporation, under which Mount Tam became a wholly owned subsidiary of Tabacalera, the company said. The merged company will initially trade on the OTCBB under Tabacalera’s existing ticker symbol “TQBY.” Licensed from The Buck Institute for Aging, the company’s first investigational compound, TAM-01, is a novel mTOR inhibitor, which has been optimized for the treatment of systemic lupus erythematosus, the most common form of Lupus.