Market Overview

Benzinga's M&A Chatter for Wednesday June 18, 2014

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday June 18, 2014:

TE Connectivity to Acquire Measurement Specialties for $86.00/Share in Cash

The Deal::
TE Connectivity (NYSE: TEL) announced Wednesday that it has entered into an agreement to acquire Measurement Specialties (NASDAQ: MEAS) for $86 per share in cash, for a total transaction value of approximately $1.7 billion. The deal is expected to close in calendar year 2014.

Measurement Specialties Wednesday at $78.00, and traded over $86.00 after-hours.

Red Hat To Acquire ENovance in Cash, Stock Deal

The Deal:
Red Hat (NYSE: RHT) announced Wednesday, an agreement to acquire provider of open source cloud computing services, eNovance, for approximately €50 million in cash and €20 million in shares of Red Hat. The deal is expected to close in June 2014.

Shares of Red Hat gained more than 1% Wednesday to close at $53.10, and gained another 4% after-hours on report of an earnings beat.

Valeant Commences Exchange Offer For Allergan

The Exchange Offer:
Valeant Pharmaceuticals (NYSE: VRX) announced Wednesday that it has commenced an exchange offer for the common stock of Allergan (NYSE: AGN), based on its May 30th proposal of $72.00 in cash and 0.83 Valeant common shares. The offer is scheduled to expire at 5:00 PM ET on August 15, 2014, unless extended.

Allergan acknowledge the exchange offer and commented that its Board of Directors will carefully review and evaluate the Exchange Offer. Allergan stockholders are advised to take no action at this time pending the review of the Exchange Offer by the Board.

Shares of Allegan closed at $162.41, a gain of 1%. Valeant shares ended the day at $118.43, a loss of $0.44.

Mead Johnson Share Trade Higher on JPM Comments

The Analyst Comment::
Shares of Mead Johnson (NYSE: MJN) traded higher Wednesday, as JPMorgan commented on an 8-K filing from the company, dated June 13. The wording for the company's incentive plan was changed and could be interpreted to indicate a takeover of the company is in the works.

Shares of Mead Johnson closed Wednesday at $91.88, a gain of 3%

SolarWinds Acquires Pingdom

The Deal::
SolarWinds (NYSE: SWI) announced Wednesday, the acquisition of provider of website monitoring and performance management solutions company, Pingdom. Terms of the deal were not disclosed.

SolarWinds closed Wednesday at $40.53, a loss of $0.07.

Posted-In: Analyst Color News Rumors M&A Movers

 

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