Benzinga's M&A Chatter for Wednesday October 10, 2012:
The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday October 10, 2012:
CafePress to Acquire EZ Prints for $30M Cash
CafePress (NASDAQ: PRSS) announced Wednesday that it has entered into an agreement to acquire privately held EZ Prints, a complete deployable e-commerce platform, significantly strengthening CafePress' ability to offer its unique products and services everywhere e-commerce occurs.
Under the terms of the definitive merger agreement, at closing, CafePress will acquire all of the outstanding stock of EZ Prints in exchange for approximately $30 million in initial cash. The transaction also includes a single year earn-out opportunity of up to $10 million in the aggregate based on achieving revenue growth and other performance milestones. Subject to the satisfaction of various closing conditions, CafePress anticipates that the transaction will close in approximately 15 to 45 days.
CafePress closed at $7.50 Wednesday, a loss of 7.06% on 3.5 times average volume.
Sprint Holding Off on Bid for MetroPCS
Sprint (NYSE: S) is holding off on a counteroffer for MetroPCS (NYSE: PCS), according to sources. Sprint wants to take the time to scrutinize the previously announced MetroPCS-T-Mobile merger.
According to the source reported by Bloomberg, the Sprint board met last week to discuss the situation, after Deutsche Telekom (OTC: DTE) proposed to combine T-Mobile with MetrPCS.
MetroPCS closed at $12.04 Wednesday, a loss of 3.76% on 2.5 times average volume.
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