Deal Pipeline
Wednesday 24 August 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-COHN TO HEAD MERGED DREAMWORKS, UNIVERSAL TELEVISION ANIMATION TV BUSINESS
Margie Cohn, US media company NBCUniversal's head of animation TV, will lead the integrated DreamWorks and Universal television animation business, reporting to Universal Filmed Entertainment Group chairman, Jeff Shell, NBCUniversal said.
On Monday, US-based cable and media company Comcast Corp.'s (NASDAQ: CMCSA) NBCUniversal division closed the acquisition of US-based animation studio DreamWorks Animation (NASDAQ: DWA). The USD 3.8bn deal was announced in April. While Cohn will head Animation TV, NBCUniversal brand development president, Vince Klaseus, will lead the combined Universal and DreamWorks Animation games, digital and consumer products organization, reporting to Shell.
Status: Closed

-OHIO'S FIRST DEFIANCE FINANCIAL TO ACQUIRE COMMERCIAL BANCSHARES IN USD 63M DEAL
Ohio, US-based bank holding companies First Defiance Financial Corp. (NASDAQ: FDEF) and Commercial Bancshares, Inc. (OTCQX: CMOH) have signed a definitive merger agreement under which First Defiance will acquire Commercial in a transaction valued at USD 51.00 per share, the companies said.
This value is based on the 20-day average closing price of First Defiance common stock of USD 43.19 ending 22 August 2016. Upon completion, Commercial's wholly owned subsidiary, Commercial Savings Bank, will merge into First Defiance's subsidiary bank, First Federal Bank of the Midwest.
Status: Agreed

-CALIFORNIA WORKERS' COMPENSATION INSURERS ALPHA FUND, BETA HEALTHCARE TO MERGE
The boards of California joint powers authority and self-insured workers' compensation programme Alpha Fund and California joint powers authority and self-insured healthcare professional liability program Beta Healthcare Group Risk Management Authority have approved a merger that would combine Alpha and BetaRMA into a single entity, the companies said.
The surviving entity would continue to be called Beta Risk Management Authority, or BetaRMA. Upon approval of the merger by a majority of the members of both organisations, the merger is expected to close in early January, 2017. In the meantime, both organisations will continue to provide the high quality of insurance, risk management and loss prevention products and services they have provided their members for more than 35 years.
Status: Agreed

-TURNER INVESTMENTS CLOSES MERGER WITH VERACEN AFFILIATE
US-based investment adviser Turner Investments, L.P. has closed its merger of Turner with an affiliate of investment management and technology firm Veracen, LP, the company said.
Terms of the deal were not disclosed. The combined firm will have more than USD 800m of AUM. The merger unites Turner's existing 26-year legacy of active investing with Veracen's proprietary operating platform and disciplined investment process.
Status: Closed

-US SILICA CLOSES USD 218.3M ACQUISITION OF LOGISTICS SOLUTIONS PROVIDER SANDBOX
US-based commercial silica producer US Silica Holdings, Inc. (NYSE: SLCA) has closed the acquisition of US logistics solutions and technology provider Sandbox Enterprises LLC, the company said.
Sandbox Enterprises offers solutions and technology for the transportation of proppant used in hydraulic fracturing in the oil and gas industry. The transaction will be financed using a combination of USD 75m of cash on hand and approximately 4.2m US Silica common shares.
Status: Closed

-US REITS COUSINS, PARKWAY PROPERTIES WIN SHAREHOLDER NODS FOR MERGER
Shareholders of US-based office REITs Cousins Properties Inc. (NYSE: CUZ) and Parkway Properties, Inc. (NYSE: PKY) have voted to approve the companies' definitive agreement for a stock-for-stock merger and the simultaneous spin-off of the Houston-based assets of both companies into a new publicly-traded REIT at separate special meetings, the companies said.
The transactions will result in two independent and internally-managed office REITs. Under the terms of the agreement, Parkway shareholders will receive 1.63 shares of Cousins stock for each share of Parkway stock they own. This is worth USD 1.95bn.
Status: Agreed

-LUCAS ENERGY WINS SHAREHOLDER NOD FOR SEGUNDO ACQUISITION
Shareholders of US-based oil and gas company Lucas Energy, Inc. (NYSE MKT: LEI) have voted to approve an asset purchase agreement to acquire the working interests in certain oil and gas properties from Segundo Resources and various sellers, the company said.
Also approved were the financial transactions in connection with the acquisition. Holders voted in favour of five proposals to issue approximately 13m shares of common stock in addition to preferred stock and debt transactions in connection with the Segundo acquisition and other related matters.
Status: Agreed

-HORIZON NORTH LOGISTICS CLOSES CDN 44.5M ACQUISITION OF EMPIRE CAMP EQUIPMENT
Canadian camp management accommodations company Horizon North Logistics Inc. (TSX HNL) has closed the acquisition of Canadian camp and wellsite buildings provider Empire Camp Equipment Ltd., the company said.
Horizon North paid around CDN 44.5m (USD 33.77m), payable through a combination of cash and newly issued Horizon North common shares. Empire is a Western Canadian focused provider of camp and wellsite buildings with approximately 1,700 beds and supplemental camp support equipment.
Status: Closed

-SHORE CAPITAL PARTNERS SELLS TENNESSEE, US-BASED FAST PACE URGENT CARE
US-based healthcare-focused private equity firm Shore Capital Partners has sold US-based urgent and primary care service provider Fast Pace Urgent Care to Revelstoke Capital Partners, the firm said.
Fast Pace Urgent Care provides services in Tennessee and Kentucky, USA. In December 2012, Shore Capital partnered with Fast Pace founders, Stan Bevis and Reams Powers, to help grow their initial seven urgent care locations. Shore Capital and Fast Pace together executed an accelerated growth plan and expanded the business from seven to 36 clinics in approximately three and a half years.
Status: Closed

-BIOTECHNIQUE LAUNCHES PHASE TWO OF MANUFACTURING PARTNERSHIP
US-based specialty drug contract manufacturing organisation BioTechnique, LLC has launched of the second phase of manufacturing in partnership with an international not-for-profit organisation, the company said.

Under this partnership, BioTechnique will manufacture a commercially-available vaccine product in a new, shelf-stable dosage form. In the first phase of manufacturing, BioTechnique produced the same vaccine product in late 2015. The vaccine met all analytical and release testing specifications and entered the clinic in early 2016.
Status: Closed

-OIL AND GAS FIRM ASCENT RESOURCES CLOSES PURCHASE OF TRAMETA DOO
UK-based oil and gas exploration and production company Ascent Resources plc (AIM: AST) has carried out the necessary procedures at the office of the public notary in Ljubljana to complete the purchase of Slovenian gas pipeline company Trameta doo, the company said on Wednesday.
This deal was announced on 1 August 2016. Trameta is a company which owns access to a key section of pipeline in Slovenia. Under the deal, Ascent acquired Trameta in return for the issue of up to 75m consideration shares (USD 135.11m) plus options over a further up to 7.5m subscription shares. 
Status: Closed

-TEJOORI SELLS INVESTMENT IN GERMAN BIOGAS TECHNOLOGY FIRM BEKON
Dubai-based Shari'a-compliant investment company Tejoori (AIM: TJI) has disposed of its 10.1% interest in German biogas technology firm Bekon Holding AG, the company said. Bekon was acquired by the Eggermann Group for a total consideration of EUR 2m (USD 2.25m).
Due to the rights of preferential shareholders of Bekon in a sale, Tejoori did not receive any initial consideration for the sale of its shares. The decision to sell Bekon to the Eggermann Group was made by the majority shareholders of Bekon. Tejoori was forced to dispose of its interest by virtue of drag-along rights in the Bekon shareholders' agreement.
Status: Closed

-URALS ENERGY TO ACQUIRE RUSSIAN PRODUCER ARCTIC OIL CO
Cyprus-based, Russia-focused exploration and production company Urals Energy plc (AIM: UEN) has agreed to purchase the entire share capital of Arctic Oil Co Ltd. from Russian State owned oil company JSC Zarubezhneft's JSC ArcticMorNefteGazRazvedka subsidiary, the company said.
The company will pay AMNGR a cash consideration of RUB 100m (USD 1.56m), equivalent to USD 0.09 per barrel of recoverable reserves, on a cash free/debt free basis. The acquisition will be made by Urals Energy's subsidiary, JSC Arcticneft. ANK's sole asset is the central part of the Peschanoozerskoe oil field on Kolguyev Island. The eastern and western parts of the Peschanoozerskoe field are already owned by Arcticneft.

-BOND INTERNATIONAL SOFTWARE RECOMMENDS SHAREHOLDERS CURB THEIR ENTHUSIASM
UK-based recruitment industry software and services Bond International Software plc (LSE: BDI) is mulling an unsolicited buyout offer from Constellation Software UK Holdco Ltd. and is recommending that shareholders take no action, the company said.
On 18 August, Constellation Software UK Holdco offered to buy all of the issued and to be issued ordinary shares of Bond not held by Constellation at 105 pence in cash per ordinary share. This offer values the company at GBP 44.2m (USD 58.64m). Last week, Bond said that its board unanimously concluded that the proposal fails fully to reflect the fair value of bond and if a firm offer were to be made on the terms of the proposal the board would not currently recommend the offer to its shareholders.
Status: Bidding

-SPARK ENERGY CLOSES USD 80M ACQUISITION OF US NG, ELECTRICITY SUPPLIER MAJOR ENERGY
US-based retail energy services company Spark Energy, Inc. (NASDAQ: SPKE) has completed its acquisition of the US-based Major Energy Companies, the company said.
This deal is worth up to USD 80m plus working capital adjustments. Founded in 2005, Major Energy is a licensed energy service company supplying natural gas and electricity to customers in eight states and in over 40 utility territories. The company was purchased by National Gas and Electric in April. NGE has since been preparing the company as a drop-down to Spark.
Status: Closed

-MERGER OF US REITS APOLLO RESIDENTIAL MORTGAGE, APOLLO COMMERCIAL REAL ESTATE FINANCE TO MERGE ON 31 AUGUST
US-based REITs Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) acquisition of Apollo Residential Mortgage, Inc. (NYSE: AMTG) is expected to close on 31 August, the companies said on Wednesday. AMTG approved the deal this week.
Upon the completion of the acquisition, AMTG common stockholders will receive 0.417571 shares of ARI common stock and USD 6.86 in cash for each share of AMTG common stock that they hold, based upon AMTG's book value per share of common stock on the pricing date of USD 15.52.
Status: Agreed

-ANTARES CAPITAL SUPPORTS MORGAN STANLEY GLOBAL PRIVATE EQUITY'S ACQUISITION OF VETERINARY HOSPITAL OPERATOR
US-based middle-market financing solutions company Antares Capital is serving as administrative agent and sole lead arranger on a USD 72m senior secured credit facility to support the acquisition of Pathway Partners Vet Holding LLC by investment funds managed by Morgan Stanley Global Private Equity, the company said.
Founded by Dr. Jasen Trautwein in Austin, TX and led by CEO Shawn McVey, Pathway is a veterinary hospital owner and operator. 
Status: Closed

-MALLINCKRODT TO SELL NUCLEAR IMAGING BUSINESS IN USD 690M DEAL
UK-based specialty pharmaceutical company Mallinckrodt plc (NYSE: MNK) has entered into a definitive agreement under which it will sell its Nuclear Imaging business to IBA Molecular for approximately USD 690m, the company said on Wednesday.
This total is before tax impacts, including up-front and contingent consideration and the assumption of long-term obligations. IBA Molecular is manufacturer and distributor of radiopharmaceutical products. Starting in 4Q16 (ending September 30, 2016), the company will report the nuclear imaging business as a discontinued operation.
Status: Agreed

-BARCLAY'S CLOSES GBP 615M SALE OF RISK ANALYTICS AND INDEX SOLUTIONS BUSINESS
UK-based financial services group Barclays plc (NYSE: BCS) has completed the sale of Barclays Risk Analytics and Index Solutions Ltd. to Bloomberg L.P. for approximately GBP 615m (USD 815.93m), the company said on Wednesday.
Barclays Risk Analytics and Index Solutions Limited provides benchmark and strategy indices, portfolio analytics, risk and attribution models, and portfolio construction tools. Its benchmark indices span global markets covering multiple asset classes, most notably the Barclays Family of Aggregate Bond Indices.
Status: Closed

-MITIE GROUP BUYS EMPLOYEE MINORITY SHAREHOLDERNS IN THREE BUSINESSES
UK-based outsourcing and energy services company Mitie Group plc (LSE: MTO) has purchased employee minority shareholdings of three of its 'Mitie Model' businesses, the company said on Wednesday.
Mitie has been partnering with entrepreneurs to grow British businesses for over 25 years and has supported over 100 start-up businesses using the Mitie Model. The group has now agreed to purchase certain minority shareholdings in Mitie Care and Custody Ltd., Mitie Business Services UK Ltd. and Mitie Technical Facilities Management Ltd. The total maximum consideration for all three purchases amounts to GBP 16.1m (USD 21.36m).
Status: Closed

-STX ENTERTAINMENT ACQUIRES VIRTUAL REALITY FIRM SURREAL
US-based global media company STX Entertainment has acquired US-based virtual reality firm Surreal, Inc., the company said.
Surreal will operate as a division of STX, led Surreal co-founders Rick Rey and Andy Vick, who will serve as co-presidents of VR and Immersive Entertainment. The addition of Surreal and its premier VR content creation capabilities will form STX's first full-scale division dedicated to new capabilities across digital.
Status: Closed

-CCMP CAPITAL TO ACQUIRE TEAM UNIFORM MAKER BADGER SPORTSWEAR
Affiliates of New York-based private equity firm CCMP Capital Advisors, LP have agreed to acquire a controlling interest in North Carolina-based team uniform maker Badger Sportswear, the company said.
The transaction is subject to customary closing conditions and is expected to close in September 2016. The company's founders, Jerry and Bill Carr, will reinvest a significant portion of their equity as part of the transaction. Jerry Carr will remain CEO and will continue to serve as chairman of Badger's board of directors.
Status: Agreed

-PFIZER TO ACQUIRE ASTRAZENECA'S SMALL MOLECULE ANTI-INFECTIVE BUSINESS FOR USD 725M
US-based biopharmaceutical company Pfizer Inc. (NYSE: PFE) has agreed to acquire the development and commercialization rights to Europe-based pharmaceutical company AstraZeneca's late-stage small molecule anti-infectives business, primarily outside the United States, for USD 725m, the company said.
Under the terms of the agreement, Pfizer will make an upfront payment of USD 550m to AstraZeneca upon the close of the transaction and a deferred payment of USD 175m in January 2019.
Status: Agreed

-CONSTELLATION HOMEBUILDER SYSTEMS ACQUIRES DATA ANALYSTS WOODLAND, O'BRIEN AND SCOTT
Canada-based home builder software solutions provider Constellation HomeBuilder Systems has acquired Minneapolis, Minnesota-based home building data analysis company Woodland, O'Brien and Scott, the company said.
Woodland, O'Brien and Scott's team will be joining Constellation HomeBuilder Systems to provide customer insight expertise and expand the business services available to the industry. Established in 1986, Woodland, O'Brien and Scott conducts research and management consulting with homebuilding companies and developers.
Status: Closed

-CLEMENTS CONCRETE TO BUY ASSETS OF CIVIL CONSTRUCTION FIRM C/A PAVING
Idaho-based concrete supplier Clements Concrete has contracted to purchase the assets of Boise, Idaho-based civil construction organization C/A Paving Co, the company said.
The acquisition will boost Clements Concrete's current production ability, making Clements Concrete among the largest ready-mix, asphalt and aggregate suppliers in the region. With over 20 years of operations in the Idaho construction industry, C/A Paving is an asphalt production and paving company specialising in roadway construction, asphalt paving, rotomilling and overlay, asphalt patching, and chip sealing services.
Status: Agreed

-SEED STRATEGY ACQUIRES FLORIDA CONSULTANCY CHERRI PRINCE COMPANY
Crestview Hills, Kentucky-based growth acceleration firm Seed Strategy has acquired Florida-based female insights and innovation consultancy The Cherri Prince Company, the company said.
Seed Strategy is a part of Cincinnati, Ohio-based research firm Burke, Inc. It was founded in 2002 by Susan Jones. Burke Inc. is an international research and consulting firm that helps manufacturing and service companies understand and predict marketplace behaviour.
Status: Closed

-PENNSYLVANIA'S FIRST PRIORITY BANK ACQUIRES USD 65M LOCAL COMMERCIAL LOAN PORTFOLIO
Pennsylvania-based holding company First Priority Financial Corp.'s (OTCQX: FPBK) Pennsylvania-based state-chartered bank First Priority Bank has acquired a USD 65m commercial loan portfolio from another local banking institution, the company said.
The portfolio encompasses 36 local business relationships within the bank's market area and complements the Bank's existing commercial and commercial real estate loan businesses. First Priority said that the purchase increases the bank's total loan portfolio from USD 418m as of 30 June 2016 to approximately USD 483m, an increase of 15%, and will be absorbed by First Priority without any anticipated additional operating costs.
Status: Closed

-ACCOUNTING FIRM OSTROW REISIN BERK AND ABRAMS JOINS FORCES WITH RED GRANITE
Chicago, Illinois-based independent accounting firm Ostrow Reisin Berk and Abrams, Ltd. is joining forces with Chicago, Illinois-based financial services firm Red Granite, the company said.
ORBA is a full-service audit, tax and consulting firm dedicated to helping clients achieve their goals and build success since 1977. It specialises in accounting, audit, and federal, state and local tax planning and compliance for privately-held businesses and not-for-profit organisations across all industries.
Status: Agreed

-NEXTCLEARNERS ACQUIRES DRY CLEANING PICKUP SERVICE BOOMERANG NYC
US-based eco-friendly dry cleaning service NextCleaners has acquired New York-based on-demand dry cleaning and laundry pickup service Boomerang NYC assets, the company said.
NextCleaners has a unique on-demand dry cleaning and laundry services platform. It provides its on-demand customers a local and in-person customer service and garment care specialist at each of its locations. Customers can contact or visit their local NextCleaners store for service matters or making special requests.
Status: Closed

-FINN PARTNERS ACQUIRES OREGON PR FIRM LANE
US-based public relations firm Finn Partners has agreed to acquire Portland, Oregon-based independent public relations firm Lane, the company said.
The move is Finn Partners' first step in the Pacific Northwest and builds a greater footprint for its West Coast operations. Lane, with offices in Portland and New York City and a presence in Seattle, focuses on financial services, consumer, travel and hospitality, food and beverage, and technology.
Status: Closed

-MANPOWERGROUP ACQUIRES US IT FIRM CIBER'S NORWAY BUSINESS
Wisconsin-based workforce solutions provider ManpowerGroup (NYSE: MAN) has agreed to acquire the Norway business of Colorado-based information technology company Ciber, Inc. (NYSE: CBR), the company said.
The acquisition of Ciber Norway complements the organic growth of ManpowerGroup's project-based workforce solutions arm, Experis, and will help meet growing demand in the IT sector. Ciber Norway's business, including 130 employees, will transition over to ManpowerGroup when the deal closes, which is expected later this month, pending regulatory approval.
Status: Closed

-UK DIGITAL CONTENT FIRM ONE MEDIA ACQUIRES OWL RECORDS CATALOGUE FOR USD 23K
UK-based digital media content provider One Media iP Group Plc (AIM: OMIP) has acquired the exclusive rights and ownership to the Ireland-based music production company Owl Records International Ltd music catalogue on a complete buy-out basis for USD 23,660 (EUR 21,000), the company said.
The Owl catalogue comprises more than 1100 Irish folk and Celtic music original recordings. The tracks have been marketed by One Media over the last eight years on royalty sharing basis. Owl Records was established in 1997.
Status: Closed

-US E/P COMPANY PDC ENERGY TO ACQUIRE 57,000 TEXAS ACRES IN USD 1.5BN DEAL
Colorado-based exploration and production company PDC Energy, Inc. (NASDAQ: PDCE) has agreed to acquire two privately held companies managed by New York-based private equity asset manager Kimmeridge Energy Management Company for USD 1.5bn, subject to due diligence and certain customary closing conditions, the company said.
The transaction is expected to close in 4Q16. Consideration in the transaction includes approximately USD 915m of cash and approximately 9.4m shares of PDC Energy common stock privately placed to the sellers and valued at approximately USD 590m.
Status: Agreed

-COLORADO MINING FIRM URANIUM RESOURCES ACQUIRES NEVADA LITHIUM PROPERTY
Colorado-based uranium mining company Uranium Resources, Inc. (NASDAQ: URRE) (ASX: URI) has staked 4,600 acres (1,860 hectares) of placer mining claims covering a prospective target for lithium-enriched brines in the Columbus Salt Marsh area of west-central Nevada, the company said.
The target area, known as the Nina Project, is situated within a region of known lithium mineralization and is approximately 27 miles (43 kilometers) northwest of the Clayton Valley/Silver Peak lithium brine mine of Albemarle Corp., the only operating lithium brine recovery operation in the United States. Incorporated in 1977, URI is focused on developing energy-related metals. In addition to the Nina Project, URI has projects in Central Turkey, Texas, and New Mexico.
Status: Closed

-US VIDEO CURATOR ZMG ACQUIRES CONTENT INCUBATOR RUCKUS FACTORY DIGITAL STUDIOS
New York-based video creator and multi-platform content distributor ZMG (Zazoom Media Group) has acquired Chicago-based content incubator and production studio Ruckus Factory Digital Studios, the company said.
Ruckus Factory will join ZMG to expand ZMG's content capabilities through its expertise in both short-form and long-form content, documentary production and direct to consumer original programming. The company works with brands and media companies to create video content featuring up-and-coming comedians and writers.
Status: Closed

-US SOFTWARE FIRM SOFTECH TO SELL PRODUCTCENTER, CONNECTOR PRODUCT LINES FOR USD 3.25M
US-based life cycle management solutions provider SofTech (OTCQB: SOFT) has agreed to sell its product lifecycle management technologies, including its ProductCenter and Connector product lines, to Cincinnati, Ohio-based engineering and manufacturing services company Essig Research Inc. in exchange for USD 3.25m plus earnouts, the company said.
Closing of this asset sale, which is subject to the approval of SofTech's shareholders and other customary closing conditions, is expected to occur by October 2016. The transaction is not subject to any financing condition. If the transaction is completed, SofTech would receive approximately USD 1.3m in cash at the closing and its outstanding short-term debt to Essig of USD 1.15m would be extinguished.
Status: Agreed

-BLACKEAGLE ENERGY SERVICES ACQUIRES PERMIAN BASIN ASSETS OF BRAZOS ROCK
Berthoud, Colorado-based energy-related construction services provider Blackeagle Energy Services has acquired certain Permian Basin assets from Weatherford, Texas-based oilfield construction services provider Brazos Rock, Inc., the company said.
The terms of the deal remain private except for the public announcement that Blackeagle will employee Brazos Rock's former employees and occupy the company's building and yard in Midland, Texas. Since 1986, Blackeagle Energy Services has been providing specialized services to the nation's energy transportation and distribution companies.
Status: Closed

-PHOENIX REHABILITATION AND HEALTH SERVICES ACQUIRES DELAWARE PHYSICAL THERAPY PRACTICE
Pennsylvania-based rehabilitation agency Phoenix Rehabilitation and Health Services, Inc. has acquired privately held, Wilmington, Delaware-based physical rehabilitation practice The Physical Therapy Connection, the company said.
Phoenix Rehabilitation said that the acquisition will anchor the company in a second Mid-Atlantic state and position it for expansion beyond the Pennsylvania and Virginia markets through strategic de novo development, as well as, mergers and/or acquisitions of other regional private practice physical therapy entities.
Status: Closed

-YINTECH INVESTMENT TO ACQUIRE CHINESE COMMODITY TRADING SERVICES FIRM
China-based commodity trading services provider Yintech Investment Holdings Ltd. (NASDAQ: YIN) has agreed to acquire 100% equity interest in China-based online spot commodity trading services provider Gold Master Company Ltd, the company said.
Under the terms of the agreement and subject to certain closing conditions, Yintech has agreed to acquire a 100% equity stake in Gold Master for a combination of cash and share consideration, including USD 42.2m in cash and USD 150.7m in newly issued Yintech ordinary shares. Consideration shares will be issued at USD 0.75 per share, equivalent to USD 15 per American Depositary Shares.
Status: Agreed

-PROMETIC AGREES TO ACQUIRE CANADIAN BIOTECHNOLOGY FIRM TELESTA THERAPEUTICS
Canadian biopharmaceutical company ProMetic Life Sciences Inc. (TSX: PLI) (OTCQX: PFSCF) has agreed to acquire Canadian biotechnology company Telesta Therapeutics, Inc (TSE: TST), the company said.
Under the terms of the Agreement, ProMetic will acquire all of the share capital of Telesta at a share price of CDN 0.14 payable in ProMetic common shares. The number of common shares to be issued by ProMetic will be based on the volume-weighted average closing price (VWAP) of ProMetic's common shares for the five trading days prior to the closing date of the acquisition.
Status: Agreed