Benzinga's M&A Chatter for Monday June 18, 2012
The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday June 18, 2012:
Yamana Gold Acquires Extorre Gold Mines
Yamana Gold announced Monday that it has entered into a definitive agreement with Extorre Gold Mines (NYSE: XG), whereby Yamana will acquire all of the issued and outstanding common shares of Extorre. Extorre is a mining company with exploration and development stage precious metals projects, the most advanced of which is its Cerro Moro project, a high grade, gold silver deposit with approximately 1.36 million ounces of gold equivalent indicated mineral resources and 1.05 million ounces of gold equivalent inferred mineral resources, located in the province of Santa Cruz in Argentina.
Under the terms of the Agreement, each Extorre shareholder will receive $4.26 per share comprised of $3.50 in cash and 0.0467 of a Yamana common share for each Extorre common share held. The offer represents a 54% premium to Extorre's 20-day volume weighted average price and an 18% premium to the 60-day VWAP for the period ending June 15, 2012. The transaction value, net of cash and on a basic shares outstanding basis, is approximately $395 million, representing approximately 3% of Yamana's pro-forma market capitalization.
Extorre Gold Mines closed at $4.16 Monday, a gain of 56.39% on 39 times the average daily volume.
WESCO International Announces Acquisition of Conney Safety Products
WESCO International (NYSE: WCC) announced Monday that it, through its operating subsidiary WESCO Distribution, Inc., has entered into a definitive agreement to acquire Conney Safety Products, LLC, a premier distributor of MRO safety products headquartered in Madison, Wisconsin. Closing is expected to occur in July 2012.
WESCO International closed at $54.75 Monday, a gain of 2.66% on twice the average daily volume.
Hearing Chatter Insight Has Raised Bid for Quest Software
None of the parties involved in the rumored deal were available for comment.
Quest Software closed at $13.19 on Monday, a gain of 0.69% on slightly more than the average daily volume.
Facebook Acquires Face.com
Facebook closed at $31.41 on Monday, a gain of 4.65% on half the average daily volume.