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Shaw Group (NYSE:SHAW) said that, at a special meeting, its shareholders voted to approve the definitive merger agreement with Chicago Bridge & Iron Company (NYSE:CBI) to purchase Shaw. The transaction should close during the first calendar quarter of next year. Shares closed up 0.5 percent on the day at $46.55, and have been traded in a 52-week range of $23.95 to $46.42.
Ameristar Casinos (NASDAQ:ASCA) will be purchased by Pinnacle Entertainment (NYSE:PNK) for $26.50 per share in cash, for a total enterprise value of $2.8 billion, including debt of $1.9 billion and cash on hand of $116 million as of September 30th. This aggregate amount represents a premium of 45 percent over the average close of Ameristar common stock for the 90 days ended December 20th. The consideration marks an EBITDA multiple of 7.6 times Ameristar’s Adjusted EBITDA of $365 million for the trailing 12-month period ended September 30th, excluding synergies Pinnacle expects toobtain. The combined enterprise would have brought net revenue of $2.4 billion, and Combined Adjusted EBITDA of $649 million, excluding $40 million of synergies Pinnacle expects to achieve, over the trailing 12-month period ended September 30th. Shares closed up 20.07 percent on the day at $26.50, having been traded in a 52-week range of $15.04 to $23.47.
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JDA Software Group (NASDAQ:JDAS) and RedPrairie announced that the tender offer by an affiliate of RedPrairie to purchase all of the outstanding shares of common stock of JDA expired at 11:59 p.m., on December 20th. All shares that were validly tendered into the offer and not properly withdrawn have been accepted for payment and will be paid promptly through the terms of the offer. Pursuant to the merger agreement among RP Parent and JDA, RP Acquisition initiated a tender offer on November 15th to purchase all of the outstanding shares of common stock of JDA at $45 per share, net to the seller in cash without interest and less any required withholding taxes. The merger should be completed on or about December 21st. Following the merger, JDA’s common stock will no longer be traded on The NASDAQ Global Market. Shares closed up 0.49 percent on the day at $45.18, having been traded in a 52-week range of $23.95 to $45.00.
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