Benzinga's M&A Chatter for Tuesday June 12, 2012
The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday June 12, 2012:
IHS to Acquire GlobalSpec
IHS (NYSE: IHS) announced Tuesday that it has signed a definitive agreement to acquire GlobalSpec from Warburg Pincus. The $135 million acquisition is subject to customary closing conditions, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
IHS closed at $102.21 Tuesday, a gain of 0.41% on half the average volume.
Cypress Semiconductor Proposes to Acquire Ramtron International for $2.48 Per Share in Cash
Cypress Semiconductor Corporation (NYSE: CY) today announced that it has submitted a proposal to Ramtron International Corporation (RMTR) to acquire all of its outstanding stock for $2.48 per share in cash. This offer represents a 37% premium to Ramtron's closing stock price on June 11, 2012.
A spokesperson for Ramtron said his company had not yet prepared a formal response to Cypress' offer. Cypress Semiconductor requested a response to the proposal by 5:00 p.m. Pacific Daylight Time on Tuesday, June 19, 2012.
Ramtron International closed at $2.42 Tuesday, a gain of 33.70% on 39 times the average daily volume.
Lakeland Industries Retains Raymond James & Associates to Explore Strategic Alternatives
Lakeland Industries (NASDAQ: LAKE) announced Tuesday that it has engaged the investment banking firm of Raymond James & Associates to assist the Board of Directors in its evaluation of a broad range of financial and strategic alternatives, including, but not limited to, changes in the Company's capitalization, potential restructuring of existing debt or a possible sale of all or part of the Company. The Company determined to pursue a review of these transaction alternatives in order to enhance shareholder value and strengthen its financial position in light of the potential enforcement of the $10 million arbitral award against the Company which was initially reported by the Company in May 2012.
Lakeland Industries closed at $7.26 on Tuesday, a loss of 3.74 on light volume.
Hearing Renewed Takeover Chatter in SanDisk
Renewed takeover chatter appeared Tuesday in SanDisk (NASDAQ: SNDK), as the company held its annual meeting. Previous chatter has involved Toshiba, with offers in the $60 to $65 range.
SanDisk's presentation did not mention strategic alternatives.
SanDisk closed at $35.95 on Tuesday, a gain of 3.84% on just under twice the average volume.
Hearing Takeover Chatter in BioMarin Pharmaceutical
A spokesperson for BioMarin would not comment on the rumor. BioMarin is scheduled to present at the William Blair Growth Stock Conference on Thursday June 14 at 9:40am EDT. Benzinga will provide coverage of the presentation.
Biomarin Pharmaceutical closed at $36.27 on Tuesday, a gain of 1.74% on 3 times the average volume.
Hearing CVC Capital Looking for a Buyer for Elster Group
Elster Group's (NYSE: ELT) largest shareholder, CVC Capital Partners is rumored to be seeking a buyer for the gas, electric, and water meter maker.
Neither Elster or CVC Capital were available for comment on Tuesday.
Elster Group closed at $15.49 on Tuesday, a gain of 12.25% on 8 times the average daily volume.
Pershing Square was Offered a Premium for JC Penney
JC Penney (NYSE: JCP) investor Bill Ackman of Pershing Square Capital, sent a letter to shareholders on Tuesday. Included in the letter was a statement from Ackman reporting that a private equity firm had offered a premium over the low $30's per share, where JCP was trading at the time:
"When we first announced our stake in JCP, the stock price increased to the low $30s per share. Shortly after announcing our stake, we were approached by one of the most well-respected private equity funds in the world who expressed an interest in acquiring the company at a substantial premium. While we welcomed this fund as an owner of the stock, we had no interest in selling the company for a quick premium because we believe in the long-term value creation opportunity."
JC Penney closed at $24.17 on Tuesday, a gain of 0.71% on 1.5 times the average daily volume.