YM BioSciences, BBM Holdings Inc. deal

In a letter to YM, BBM said it has obtained $30 million in debt financing from Iroquois Capital L.P. to support an acquisition of the biotech. Last month, BBM made an unsolicited offer to acquire YM for US$46.6 million in cash and stock. BBM said it would begin a cash tender offer of $0.60 a share, for a total of US$34.9 million, if YM's board did not negotiate. At Sept. 30, YM had C$54.6 million in cash (US$52.1 million). On Nov. 12, the day before the offer was announced, YM closed at $0.27 on the American Stock Exchange with a market cap of US$1.6 million based on about 58.2 million shares outstanding. ...