Benzinga's M&A Chatter for Tuesday June 5, 2012
The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday June 5, 2012:
RADVISION Acquired by Avaya
RADVISION (NASDAQ: RVSN) announced Tuesday that it has completed its previously announced sale to Avaya pursuant to the Merger Agreement, dated as of March 14, 2012, by and among Avaya, a Delaware corporation, Sonic Acquisition Ltd., an Israeli company and a wholly owned indirect subsidiary of Avaya, and RADVISION LTD.
Pursuant to the terms of the merger agreement, which was approved by RADVISION's shareholders on April 30, 2012, RADVISION has become an indirect, wholly owned subsidiary of Avaya and each ordinary share of RADVISION that was outstanding immediately prior to the effective time of the merger has been automatically converted into the right to receive $11.85 in cash, without interest and less any applicable withholding taxes.
RADVISION was halted at 7:15am Tuesday morning.
GE Healthcare Completes Acquisition of XPRO
GE Healthcare (NYSE: GE) announced Tuesday the acquisition of XPRO, a Brazilian Interventional X-ray equipment manufacturer company with over 15 years of experience and with more than 120 systems installed at private customer sites. Combining XPRO's Interventional X-Ray product capabilities with GE Healthcare's complementary imaging technology and global distribution presence, this acquisition brings a significant enhancement of offerings in Brazil while creating a broader platform that will address access and quality challenges in emerging interventional X-ray segments. Terms of this transaction were not disclosed.
General Electric closed at $18.24 Tuesday, a gain of 0.50% on lower than average volume.
Google Acquires QuickOffice
QuickOffice announced on its website it has been acquired by Google (NASDAQ: GOOG). Quickoffice's flagship software allows users to view, edit and create Microsoft Word, Excel and PowerPoint documents on their mobile device.
Terms of the deal were not announced.
Google closed at $570.41 on Tuesday, a loss of 1.41% on average volume.
ISTA Pharmaceuticals Stockholders Vote to Approve Acquisition by Bausch + Lomb
ISTA Pharmaceuticals (NASDAQ: ISTA), announced Tuesday that at the special meeting of ISTA stockholders held today, ISTA's stockholders voted to approve the adoption of the previously announced Agreement and Plan of Merger, dated March 26, 2012, as amended on May 24, 2012, by and among Bausch + Lomb Incorporated, Inga Acquisition Corporation, a wholly-owned subsidiary of Bausch & Lomb Incorporated, and ISTA.
The affirmative vote of the holders of a majority of the outstanding shares of ISTA's common stock was required to approve the proposal to adopt the merger agreement. According to the final tally of shares voted, 78.5% of the outstanding shares of ISTA's common stock as of the close of business on April 23, 2012, the record date, were voted to approve the proposal to adopt the merger agreement. A quorum of 79.32% of ISTA's total outstanding shares of common stock as of the April 23, 2012 record date voted at the special meeting.
The proposed merger was announced on March 26, 2012 and is expected to close on June 6, 2012.
ISTA Pharmaceuticals closed at $9.09 on Tuesday, a loss of 0.11% on average volume.
Venoco Announces Stockholder Approval of Go-Private Agreement
Venoco (NYSE: VQ) announced the results of a special meeting of shareholders held Tuesday to consider and vote on a proposal to adopt and approve the merger agreement dated as of January 16, 2012, between the company and Timothy M. Marquez, Venoco's chairman and CEO, and certain entities affiliated with Mr. Marquez (the Proposal). A majority of all outstanding shares and a majority of the outstanding shares not owned by Mr. Marquez and his affiliates or by any director, officer or employee of Venoco or its subsidiaries voted in favor of the adoption of the Proposal. Completion of the transaction is subject to a financing condition and customary closing conditions.
Venoco closed at $9.65 on Tuesday, a loss of 2.33% on twice the average daily volume.
Peoples Bancorp Agrees To Acquire Sistersville Bancorp
Peoples Bancorp (NASDAQ: PEBO), holding company for Peoples Bank, National Association, announced Tuesday that it has signed a definitive agreement to acquire all of the outstanding common stock of Sistersville Bancorp (SVBC), holding company of First Federal Savings Bank, which operates two full–service branches in Sistersville and Parkersburg, West Virginia.
Under the terms of the agreement, Peoples has agreed to pay $30.74 in cash for each share of Sistersville common stock for a total cash consideration of approximately $9.8 million. Peoples expects this acquisition to be accretive to its 2013 earnings. The transaction is subject to customary closing conditions, including regulatory approvals and Sistersville shareholder approval, and is anticipated to be completed in the third quarter of 2012.
Sistersville Bancorp closed at $29.12 on Tuesday, a gain of 76.48% on 1,067 times the average daily volume.
Ebix Acquires PlanetSoft for $40 Million
Ebix (NASDAQ: EBIX) announced Tuesday that it has signed an agreement to acquire PlanetSoft effective the 1st of June 2012. The acquisition is expected to be immediately accretive to Ebix Earnings per Share. The closing is expected to be completed in the next week, subject to fulfillment of all regulatory and fiduciary approvals on both sides.
Under terms of the agreement, Ebix has acquired all of the outstanding capital stock of PlanetSoft for a purchase price payable as follows: $35,000,000 paid in cash at closing, and $5,000,000 payable in the form of 297,265 shares of the common stock of Ebix issued at the time of closing.
Ebix closed at $16.95 on Tuesday, a gain of 0.65% on slightly more than average volume.
Unusual Options Activity in Barnes & Noble Creates Takeover Chatter
Heavy volume in the Barnes & Noble (NASDAQ: BKS) June 35 call, caused renewed takeover chatter in the bookseller. 3,225 contracts traded on Tuesday.
On April 30, Barnes & Noble Microsoft (NASDAQ: MSFT) announced the formation of a strategic partnership in a new Barnes & Noble subsidiary, to bring together the digital and College businesses of the company. Microsoft made an investment of $300 million in the partnership. A week early Jana reported an 11.6% stake in BKS.
Barnes & Noble closed at $16.13 on Tuesday, a gain of 4.27% on lower than average volume.