BioFuel Energy (BIOF) Buys JBGL from Greenlight Capital

Shares of BioFuel Energy (BIOF) are surging by 36% in pre market after the company merged with JBGL, a company owned by Greenlight Capital.

See Also - Top Stocks 2014 - Top Penny Stocks 2014 - Stocks for 2014

BIOFUEL ENERGY CORP. (BIOF) (the "Company") announced today that it has entered into a definitive agreement (the "Agreement") with certain affiliates of Greenlight Capital, Inc. ("Greenlight") and James R. Brickman ("Brickman") pursuant to which the Company will acquire the equity interests of JBGL Builder Finance LLC and certain subsidiaries of JBGL Capital, LP (collectively, "JBGL") from Greenlight and Brickman.  JBGL is a series of real estate entities involved in the purchase and development of land for residential purposes, construction lending and home building operations.  JBGL is currently owned and controlled by Greenlight and Brickman.

Pursuant to the terms of the Agreement, the Company will acquire JBGL for $275 million, payable in cash and Company common stock.  The cash portion of the purchase price will be funded from the proceeds of a $70 million rights offering to be conducted by the Company and approximately $150 million in debt financing provided to the Company by Greenlight.

In response to a proposal from Greenlight and Brickman on March 28, 2014, the board of directors of the Company formed a special committee of independent directors to evaluate the proposed transaction and possible alternatives for the Company.  The Company's board of directors, acting upon the unanimous recommendation of the special committee, approved the transaction, determined to exempt the transaction under the Company's Section 382 rights plan and resolved to recommend that the Company's stockholders vote to approve the transaction and related matters.  The special committee negotiated the terms of the transaction with the assistance of its legal and financial advisors.

David Einhorn, president of Greenlight Capital, Inc. and a director of the Company, said today, "though it is bittersweet that its original business plan did not pan out, I am excited about the transformation of the Company to a well positioned and successful development and homebuilding platform, which will enable it to capitalize on the value of its remaining assets."

Merck MRK buys Schering-Plough SGP 3/9/09

The Dow Jones Futures are taking a bit of a nose dive as Dow component Merck ( MRK ) buys Schering-Plough ( SGP ) for 41.1 Billion today, 3/9/09.

• COMBINED COMPANY POSITIONED FOR SUSTAINABLE GROWTH THROUGH SCIENTIFIC INNOVATION AND A STRONGER, MORE DIVERSIFIED PRODUCT PORTFOLIO
  
• Powerful Joint R&D Pipeline with Strong Candidates in All Development Phases Doubles the Number of Late-Stage Compounds to 18
  
• Broader Product Portfolio in Critical Therapeutic Areas
  
• Expanded Global Presence Including High-Growth Emerging Markets
  
• Expected to be Significantly Accretive, Increase Efficiencies and Result in Cost Savings of Approximately $3.5 Billion Annually
  
• Merck Committed to Maintain Current Dividend

March 9, 2009 - Merck & Co., Inc. (NYSE: MRK) and Schering-Plough Corporation (NYSE: SGP) today announced that their Boards of Directors have unanimously approved a definitive merger agreement under which Merck and Schering-Plough will combine, under the name Merck, in a stock and cash transaction. Under the terms of the agreement, Schering-Plough shareholders will receive 0.5767 shares and $10.50 in cash for each share of Schering-Plough. Each Merck share will automatically become a share of the combined company. Merck Chairman, President and Chief Executive Officer Richard T. Clark will lead the combined company.

Based on the closing price of Merck stock on March 6, 2009, the consideration to be received by Schering-Plough shareholders is valued at $23.61 per share, or $41.1 billion in the aggregate. This price represents a premium to Schering-Plough shareholders of approximately 34 percent based on the closing price of Schering-Plough stock on March 6, 2009. The consideration also represents a premium of approximately 44 percent based on the average closing price of the two stocks over the last 30 trading days

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MS, WB - Merger? Morgan Stanley & Wachovia in talk to Merge

CNBC is reporting that Morgan Stanley ( MS ) and Wachovia ( WB ) are in early talks in what could be a possible merger.....both stocks are rising afterhours and so are market futures.

Stay Tuned..........