Data Wrap
Voyager Learning acquired Cambium in a $194 million deal, plus all the other transactions in the past 24.
June 23, 2009
Target -- Acquirer -- Description
Ashland Inc. (Drew Marine) -- JF Lehman & Co.
JF Lehman & Co definitively agreed to acquire the Drew Marine of Ashland Inc., a Covington- based manufacturer and wholesaler of adhesives, additives, solvents, petroleum related and bio- based chemicals, casting solutions, composites, plastics and water technologies treatments, for an estimated $120 mil, in a leveraged buyout transaction.
Belle of Orleans LLC -- AB Casino Acquisition LLC
AB Casino Acquisition LLC, a unit of Peninsula Gaming Partners LLC's Peninsula Gaming LLC subisidiary, definitively agreed to acquire Belle of Orleans LLC, a Morgan City- based owner and operator of casino & betting parlors, from Colombia Properties New Orleans LLC, for $106.5 mil.
Cambium Learning Inc. -- Voyager Learning Co.
Voyager Learning Co definitively agreed to acquire the entire share capital of Cambium Learning Inc., a Natick-based publisher of instructional material, for $194 mil. The transaction was subject to shareholder and regulatory approvals, and customary closing conditions. Upon completion, the merged entity was to be named Cambium- Voyager Holdings Inc.
Chancellor University System LLC -- John Francis Welch Jr
John Francis "Jack" Welch Jr. was rumored to be planning to acquire a 12% stake in Chancellor University System LLC, a Cleveland-based online university, for an estimated $2 mil.
ADVFN PLC (Two Websites) -- TZ Holdings LLC
TZ Holdings LLC acquired the two websites, namely Siliconinvestor.com and Talkzilla.com, of ADVFN PLC, a provider of online financial information services, for $0.20 mil in cash.
Chroma Corp.(Certain Assets) -- ICO Polymers North America
ICO Polymers North America, a unit of ICO Inc., agreed to acquire certain assets of Chroma Corp., a McHenry-based manufacturer and wholesaler of thermoplastic compounded raw materials.
Cooperative Bankshares Inc. -- First Bank of Troy
First Bank of Troy, a unit of First Bancorp, planned to acquire Cooperative Bankshares Inc. (Coop Bank), a Wilmington- based commercial bank. The transaction was to include all the deposits of Coop Bank.
EnviroXtract Inc. -- Cambridge Energy Corp.
Cambridge Energy Corp. agreed to acquire EnviroXtract Inc., a manufacturer of environmental mitigation equipment.
Hang Up Shoppes Inc. -- Man Alive Acquisition LLC
Man Alive Acquisition LLC definitively agreed to acquire Hang Up Shoppes Inc., doing business as Man Alive, an Indianapolis-based owner and operator of hip-hop fashion boutique, from Finish Line Inc., for an estimated $7 mil in cash, in a leveraged buyout transaction.
HomesaverHomesaver -- We Save Homes Inc.
We Save Homes Inc. acquired Homesaver, a developer of software.
Ideal Financial Solutions Inc. -- Steven Sunyich
Steven Sunyich plans to acquire an undisclosed minority stake in Ideal Financial Solutions Inc., a Las Vegas-based developer of financial management software, in open market transaction.
Macada Design Group Inc. -- Lyfetec Inc.
Lyftec Inc., a unit of Tri-Star Holdings Inc., signed a letter of intent to acquire Macada Design Group Inc., an owner and operator of apparel stores.
Microvision Inc. -- Max Display Enterprises Ltd
Max Display Enterprises Ltd, a unit of Walsin Lihwa Corp., acquired an 11.86% stake, or 8.076 mil common shares, in Microvision Inc., a Redmond-based manufacturer of retinal scanning displays, for $1.8573 per share, or a total value of $15 mil, in a privately negotiated transaction.
PetroSearch Energy Corp. -- Tiberius Capital LLC
Tiberius Capital LLC launched a tender offer to raise its interest to 51.06% from 14.77%, by acquiring a 36.29% stake, or 15.004 mil common shares in PetroSearch Energy Corp., a Houston-based oil and gas exploration and production company, for $0. 33 in cash per share, or a total value of $4.951 mil.
Rex Energy Corp. (Natural Gas Wells Assets) -- The Williams Cos Inc.
The Williams Cos Inc. agreed to acquire a 50% interest in the natural gas wells assets, located in Pennsylvania, of Rex Energy Corp., a State College-based oil and gas exploration and production company, in the formation of a joint venture, for $33 mil in cash.
Rosecroft Raceway -- Mark Vogel
Mark Vogel was rumored to be planning to acquire Rosecroft Raceway, a Fort Washington-based provider of horse racetrack services, from Cloverleaf Enterprises.
Specialty Underwriters Inc. -- Tower Group Inc.
Tower Group Inc. (Tower) definitively agreed to acquire the entire share capital of Specialty Underwriters Alliance Inc. (Specialty), a Chicago-based provider of commercial property and casualty insurance services, in a stock swap transaction valued at $106.238 mil. Tower offered 0.28 common shares per Specialty share. Based on Tower's closing stock price of $24 on 19 June 2009, the last full trading day prior to the announcement, each Specialty share was valued at $6.72.
Edwards Lifesciences Corp. -- Baxter International Inc.
Baxter International Inc. definitively agreed to acquire the continuous renal replacement therapy business of Edwards Lifesciences Corp., an Irvine-based manufacturer of medical products and technologies, for $65 mil. The consideration was to consist of $56 mil in cash and up to $9 mil in profit-related payments.
Prospect Therapeutics (Certain Assets) -- Seeking Buyer
In June 2009, Prospect Therapeutics Inc., a Woburn- based biotechnology company, announced that it was seeking a buyer for the company.
Frontier Airlines Holdings Inc. -- Seeking Buyer
In June 2009, bankrupt Frontier Airlines Holdings Inc., a Denver-based provider of air transportation services, announced that it was seeking a buyer for the company. Republic Airways Holdings Inc. was named potential bidder.
Data provided by Thomson Reuters
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