Benzinga's M&A Chatter for Tuesday May 29, 2012
The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday May 29, 2012:
Trustmark Corporation and BancTrust Financial Group Announce Definitive Merger Agreement
Trustmark Corporation (NASDAQ: TRMK) and BancTrust Financial Group (NASDAQ: BTFG) announced Tuesday the signing of a definitive agreement pursuant to which BancTrust will merge into Trustmark. BancTrust has 49 offices throughout Alabama and the Florida Panhandle with $1.3 billion in loans and $1.8 billion in deposits as of March 31, 2012.
Under the terms of the definitive agreement, which has been approved unanimously by the Boards of Directors of both companies, holders of BancTrust common stock will receive 0.125 shares of Trustmark common stock for each share of BancTrust common stock in a tax-free exchange. Trustmark will issue approximately 2,245,923 shares of its common stock for all issued and outstanding shares of BancTrust common stock. Based upon a price of $24.66 per share of Trustmark common stock, the transaction is valued at approximately $55.4 million, or $3.08 per share of BancTrust common stock. Trustmark intends to repurchase the $50.0 million of BancTrust preferred stock and associated warrant issued to the U. S. Department of Treasury under the Capital Purchase Program.
BancTrust Financial Group closed at $2.98 on Tuesday, a gain of 56.84% on 45 times the average daily volume.
Teledyne Technologies to Acquire LeCroy Corporation
Teledyne Technologies Incorporated (NYSE: TDY) and LeCroy Corporation (NASDAQ: LCRY) jointly announced Tuesday that they have entered into a definitive agreement that provides for the merger of LeCroy Corporation with a wholly-owned subsidiary of Teledyne. Pursuant to the transaction, Teledyne will acquire all of the outstanding common shares of LeCroy for $14.30 per share payable in cash. The aggregate value for the transaction is approximately $291 million, taking into account LeCroy's stock options, stock appreciation rights and net debt as of March 31, 2012. The transaction was unanimously approved by the Boards of Directors of Teledyne and LeCroy. In addition, LeCroy directors and executive officers, including founder Walter LeCroy, have agreed to vote their shares in favor of the transaction.
LeCroy Corp closed at $14.20 Tuesday, a gain of 55.36% on 200 times the average daily volume.
Interline Brands Announces Agreement to be Acquired by GS Capital Partners and P2 Capital Partners
Interline Brands (NYSE: IBI) announced Tuesday that it has entered into a definitive agreement to be acquired by affiliates of GS Capital Partners LP and P2 Capital Partners, LLC for $25.50 per share in cash.
The transaction, which was unanimously approved by Interline's board of directors, is valued at approximately $1.1 billion, including the assumption of debt. The price of $25.50 per share represents a premium of approximately 42% relative to the Company's closing stock price on May 25, 2012, the last trading day before the announcement of the transaction, and a 31% premium relative to the Company's trailing 30-day average closing stock price.
Interline Brands closed at $25.08 on Tuesday, a gain of 39.80% on 63 times the average daily volume.
FedEx to Acquire Brazil's Rapidão Cometa
FedEx Corp. (NYSE: FDX) announced Tuesday that it has signed an agreement to acquire the Brazilian transportation and logistics company, Rapidão Cometa Logística e Transportes S.A., the latest step in FedEx's strategy for profitable growth in Latin America. The acquisition will further enhance FedEx Express international and Brazil business offerings and continues a long-term commitment to the growing Latin American region.
This acquisition will afford FedEx Express's customers access to Rapidão Cometa's nationwide domestic transportation and logistics network. FedEx expects that the transaction, which is subject to customary closing conditions, will close in the third quarter of 2012. The acquisition of Rapidão Cometa, which has been one of FedEx's authorized representatives in Brazil for the past 11 years, will supplement the FedEx Express service portfolio in Brazil and continue its Latin America expansion through key strategic investments.
FedEx closed at $90.98 on Tuesday, a gain of 1.90% on lower than average volume.
BIDZ.com Signs Going Private Merger Agreement
As previously announced, on May 17th, 2012, BIDZ.com (NASDAQ: BIDZ) entered into a definitive merger agreement with Glendon Group to be acquired for $0.78 per share in cash. This per share price represents a premium of 59.2% over the Company's closing price of $0.49 per share, on May 16, 2012, the last trading day prior to the execution of the merger agreement, and a premium of 37.7% over the Company's volume-weighted average of the closing prices over the 30 consecutive trading days including and immediately preceding May 16, 2012.
BIDZ.com closed at $0.76 on Tuesday, about flat for the day on 1.5 times the average daily volume.
Nomura Says Nvidia Good Deal for Intel
A spokesperson for Nvidia would not comment on the report. An Intel spokesperson was not available for comment.
Nvidia closed at $12.72 on Tuesday, a gain of 2.58% on lower than average daily volume.