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February 21, 2014
09:00 EDTMNDLMandalay Digital falls 7.8%
Mandalay Digital is down 7.8%, or 34c, to $4.00
News For MNDL From The Last 14 Days
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November 13, 2014
16:13 EDTMNDLMandalay Digital to acquire Appia
Mandalay Digital Group announced it has entered into a definitive merger agreement to acquire Appia. Under the terms of the agreement, Mandalay Digital will issue at closing a number of shares and stock options to purchase its common stock equivalent to $100M less Appia's net debt and transaction expenses, at an agreed-upon value for Mandalay Digital common stock of $4.50 per common share. Based on an estimate of Appia's net debt at closing, including transaction fees and expenses, Appia stockholders would receive in the aggregate approximately 19M shares, representing pro forma ownership of the combined company of approximately 33%. Mandalay Digital is acquiring Appia's equity for $65M based on its closing stock price as of November 12 of $3.40. Mandalay Digital will assume approximately $10M of Appia indebtedness, which Mandalay expects to refinance. The transaction, which has been approved by the boards of directors of Mandalay Digital and Appia, is subject to Mandalay Digital stockholder and other customary approvals, and is expected to close in 1Q15. Mandalay Digital, which operates through its Digital Turbine subsidiary, intends to change its name to Digital Turbine during the month of January 2015 or at the transaction's close if earlier. Appia had unaudited revenues of $30M for the twelve months ended September 30. The combined company has the opportunity to achieve up to $14M in revenue synergies during the fiscal year ending March 31, 2016 and thereafter, predicated on Mandalay's achievement of its internal strategic standalone forecast. Mandalay Digital has also identified approximately $2M in potential annual cost synergies from overlapping campaign management and CPI-infrastructure functions, as well as duplicative corporate headcount. Mandalay Digital expects to achieve gross profit, EBITDA and cash flow growth from the realization of these revenue and cost synergies in FY16 and thereafter.
16:09 EDTMNDLMandalay Digital reports Q2 EPS (14c), consensus (11c)
Reports Q2 revenue $5.5M, consensus $6.98M.
November 12, 2014
14:08 EDTMNDLIntel reports 427.7K share position in Rocket Fuel
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11:43 EDTMNDLColumbus Capital reports 5.51% passive stake in Mandalay Digital
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