The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday November 9, 2012:
Precision Castparts to Acquire Titanium Metals for $ 16.50/Share in Cash
Precision Castparts (NYSE: PCP) announced Friday it had entered into a definitive agreement to acquire Titanium Metals Corporation (NYSE: TIE) for $ 16.50 per share in cash. The transaction values Titanium Metals Corporation at a total enterprise value of approximately $ 2.9 billion, including net cash and equivalents.
Under the terms of the merger agreement, Precision Castparts will commence a cash tender offer by November 20, 2012 to acquire all outstanding shares of Titanium Metals for $ 16.50 per share, net to the tendering holder in cash.
Titanium Metals closed at $ 11.57 Friday, but traded near $ 16.50 after-hours on the acquisition announcement. There was a block trade of 1,980 January 2013 15 call contracts at $ 0.10 at 3:19 pm, prior to the announcement.
Cray to Acquire Appro International for $ 25M
Cray Inc. (NASDAQ: CRAY) announced Friday it signed a definitive agreement to acquire Appro International, Inc., a privately-held developer of advanced scalable supercomputing solutions, for approximately $ 25 million in cash, which assumes at least a $ 3.5 million net working capital balance at closing with no debt. Appro builds some of the world’s most advanced high performance computing (HPC) cluster systems.
Cray closed at $ 13.32 Friday, a gain of 10.91% on 4 times average volume.
UPS Trying to Save TNT Deal
UPS (NYSE: UPS) is working on solutions to save their $ 6.64 billion takeover of Dutch express delivery company TNT Express (OTC: TNTEY), according to sources speaking to the Wall Street Journal. The two companies will plead their case to the European Commission next week to in an attempt to have the deal approved. There are concerns from the EC regarding competition issues.
UPS announced its plans to buy TNT Express on March 19, 2012.
TNT Express closed at $ 9.42 Friday, a gain of 1.29%.
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