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MacAndrews & Forbes Holdings today announced that it has proposed a transaction pursuant to which M & F Worldwide Corp (NYSE: MFW) $24.16, Up $7.20 would be merged with a subsidiary of M&F and all outstanding shares of common stock of MFW not owned by M&F would be converted into the right to receive $24.00 in cash per share. The proposed cash consideration represents a greater than 41% premium to the Company's closing share price on June 10, 2011.
M&F expects that the Company will appoint a special committee of independent directors to consider its proposal and make a recommendation to the Company's Board of Directors. M&F anticipates that any ensuing transaction will be consummated pursuant to the terms of definitive transaction documents mutually acceptable to M&F and such special committee. M&F will not move forward with any transaction unless it is approved by such special committee. In addition, the transaction will be subject to a non-waivable condition requiring the approval of a majority of the shares of the Company not owned by M&F or its affiliates.
What They Do: M&F is a private diversified holding company with interests in biotechnology, check printing and check related products and services, consumer products, defense, education, entertainment, financial services, gaming and other industries.
Gerber Scientific (NYSE: GRB) $10.88, Up $2.76. Today announced along with Vector Capital Corporation that they have entered into a definitive merger agreement under which funds affiliated with Vector will acquire the Company.
Under the terms of the merger agreement, the shareholders of the Company will receive $11.00 per share in cash, or approximately $281.8 million in total. The cash consideration represents a 24% premium to the Company's average closing share price over the last 30 days and a 35% premium to the closing share price on Friday, June 10, 2011. In addition to the cash payment, each shareholder of the Company will receive for each share they own a non-transferable right to receive contingent cash payments at future times, if recoveries are made pursuant to certain litigation claims in respect of U.S. Patent 5,537,135 (a computerized "print to cut" technology patent).
What They Do: Gerber Scientific is a leading international supplier of sophisticated automated manufacturing systems for the sign making, specialty graphics, packaging, apparel and industrial industries.
Pacific Ethanol, Inc. (Nasdaq: PEIXD) $1.70, Up $0.38. Today announced that it has increased from $20 million to $30 million the credit facility of its subsidiary, Kinergy Marketing LLC with Wells Fargo Capital Finance, LLC. Subject to certain conditions, the credit facility has an accordion feature that provides the company with the ability to increase the facility to $35 million. The maturity date on the credit facility remains unchanged at December 31, 2013.
Neil Koehler, PEI's president and CEO, stated, "Our total gallons sold have increased rapidly and consistently over the last seven quarters at an annualized compound growth rate of 66%. This growth continues as our unique distribution business enables us to increase our market share in the Western United States. Our expanded credit facility lowers our cost of capital and clearly demonstrates our lender's confidence in our growth strategy."
What They Do: Pacific Ethanol is the leading marketer and producer of low-carbon renewable fuels in the Western United States. Pacific Ethanol also sells co-products, including wet distillers grain (WDG), a nutritional animal feed.
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