4-May-2012
Entry into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement
Amended and Restated Agreement and Plan of Merger
On May 3, 2012, Affymetrix, Inc. ("Affymetrix"), Excalibur Acquisition Sub, Inc., a wholly-owned subsidiary of Affymetrix ("Merger Subsidiary"), eBioscience Holding Company, Inc. ("eBioscience"), and a representative of the securityholders of eBioscience (the "Securityholders' Representative") entered into an Amended and Restated Agreement and Plan of Merger (the "Merger Agreement"), pursuant to which Merger Subsidiary will be merged with and into eBioscience (the "Merger"), with eBioscience surviving as a wholly-owned subsidiary of Affymetrix. The Merger Agreement amends and restates in its entirety the terms and conditions of that certain Agreement and Plan of Merger dated November 29, 2011 among the same parties. Affymetrix will pay approximately $315 million in cash to acquire eBioscience, subject to certain adjustments as provided in the Merger Agreement, based upon the amount of eBioscience's transaction expenses and its net cash and net working capital at the closing of the Merger. A portion of the purchase price will be placed in escrow and will be paid to Affymetrix or eBioscience securityholders based on any claims for indemnification by Affymetrix during the escrow period.
eBioscience's board of directors has unanimously approved the Merger Agreement. The Merger is expected to close late in the second quarter of 2012, and is subject to customary closing conditions, including Affymetrix's receipt of financing for the Merger. The Merger Agreement contains certain termination rights for both eBioscience and Affymetrix, and further provides that upon termination of the Merger Agreement under specified circumstances, Affymetrix will pay to eBioscience a termination fee of $15 million. In addition, the Merger Agreement contemplates Affymetrix will fund the transaction with a senior secured financing of $75 million and the proceeds of additional financing expected to be completed by Affymetrix prior to closing.
In connection with the foregoing, Affymetrix entered into a commitment letter (the "Commitment Letter") with General Electric Capital Corporation and Silicon Valley Bank (collectively, the "Lenders"), as well as certain securities affiliates of the Lenders, pursuant to which the Lenders have committed to provide senior secured credit facilities to Affymetrix as the borrower in an aggregate amount of $90 million, comprised of (i) $75 million under a five-year term loan facility (the "Term Loan") and (ii) $15 million under a five-year revolving credit facility (the "Revolving Credit Facility" and, together with the Term Loan, the "Credit Facilities"). The Credit Facilities will be used to finance a portion of the transaction contemplated by the Merger Agreement, repay eBioscience's existing credit facilities, pay fees and expenses incurred in connection with the foregoing and with the Credit Facilities and, in the case of any loans under the Revolving Credit Facility made after the closing date of the Merger, for working capital and general corporate purposes. The Lenders' commitment to provide the Credit Facilities is subject to several conditions including, without limitation, (i) the nonoccurrence of a material adverse effect on Affymetrix, eBioscience and their respective subsidiaries, taken as a whole, (ii) Affymetrix's satisfaction of specified consolidated senior and total leverage tests, (iii) the completion of definitive documentation mutually acceptable to Affymetrix and the Lenders, (iv) the receipt by Affymetrix of at least $115 million in gross proceeds from additional financing and (v) other customary closing conditions.
This report shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
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Ad una quotazione ora di 4,8x$, si ha una capitalizzazione di circa 340M$.
L'acquisto che dovrebbe chiudersi entro il 30.6 p.v. richiede un finanziamento di 315M$. Praticamente in termini di fatturato ci si aspetta multipli nei prossimi trimestri. E ci si aspetta, di conseguenza, risultati economici non indifferenti.
A mio modo di vedere, sarà fondamentale per la quotazione del titolo, le fonti di finanziamento che si riuscirà a spuntare.
Appunto, per questo, il titolo è da seguire, a mio avviso, con certo interesse.
Graficamente non è un titolo che emoziona
Il range è sempre stato tra i 4$ e i 9$. Solo una volta si è permessa un'escursione a 30$
. Ma è stata sola una prova d'artista:
Affymetrix, Inc. Stock Chart | AFFX Interactive Chart - Yahoo! Finance
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In conclusione:
titolo di provata solidità, altrattanta affidabilità che quota quasi ai minimi ed in fase d'accumulo
Per oggi ho finito. Grazie per l'attenzione prestata e la simpatia dimostratami