Notable Mergers and Acquisitions of the Day 06/19: (TRIP) (AVHI) (CYTK)
* TripAdvisor, Inc. (Nasdaq: TRIP) announced it has acquired GateGuru (www.gateguruapp.com), the leading mobile resource for flight and airport information around the world. Built on a mix of user-generated content and information from the airports, flyers can view detailed maps and insights on stores, restaurants, amenities and gate locations. Combined with weather forecasts, estimated security wait times and real-time flight status information, the award-winning app aims to take the stress out of flying.
The GateGuru team will continue to operate out of New York City, and report to Bryan Saltzburg, General Manager New Initiatives and leader of the TripAdvisor Flights product and SeatGuru brand.
Terms of the acquisition will not be disclosed.
* AV Homes, Inc. (Nasdaq: AVHI) announced that TPG, a leading global private investment firm, has agreed to make a $135 million investment in the Company at a price of $14.65 per share, which represents a 9.6% premium to the 30-day trailing average closing price of AV Homes' common stock. AV Homes will use the proceeds to accelerate the implementation of its strategic growth plan in its existing and new high-potential housing markets. In addition the Company has adopted a shareholder rights plan effective today designed to protect its net operating loss assets from the application of Section 382 of the Internal Revenue Code.
Since 2011, AV Homes has strategically re-engineered the Company to position it to benefit from the recovery of the homebuilding industry. It reduced overhead, launched initiatives to improve internal processes, invested in a new scalable IT platform, and developed a strategic plan to guide its growth.
* In a 13D filed after markets closed Tuesday, Amgen (Nasdaq: AMGN) disclosed an increased stake in Cytokinetics, Inc. (Nasdaq: CYTK).
Amgen reported holding 11,909,406 shares of Cytokinetics, or 7.58 percent of all outstanding, up from 3,484,806 shares reported on March 21, 2013.
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