Benzinga's M&A Chatter for Tuesday December 6, 2011
General Electric for Cree
Benzinga placed calls into both Cree and General Electric. A Cree spokesperson restated the company's policy not to comment on rumors. General Electric did not respond.
Shares of Cree trade in a range of $25.00 to $26.02 on slightly more than average volume, and ended the day at $25.68, a gain of 3%.
Seagate Technology for Quantum Corp
Benzinga placed calls into both Seagate and Quantum. A Seagate spokesperson had no comment. Quantum did not return the call.
Quantum shares spiked on the rumor, traded in a range of $2.65 to $2.79 on average volume, and closed at $2.73, a gain of less than 1%.
Holcim for Vulcan Materials
Rumor: Swiss cement manufacturer Holcim to acquire Vulcan Materials (NYSE: VMC) for $60 per share.
Both companies responded to Benzinga contact, but neither company would comment on the rumor.
Vulcan shares spiked on the rumor from $32.72 at 9:54am to $35.10 at 10:21am. Shares traded in a range of $32.61 to $35.10 on a little more than twice the average daily volume, and closed at $33.90, a gain of 3%.
Baker Hughes for Nabors Industries
Benzinga placed calls into both Baker Hughes and Nabors. Neither responded.
Nabors shares traded in a range of $18.31 to $19.01 on slightly less than the average daily volume, closing at $18.69, a gain of 2%.
Disney for Dreamworks
Benzinga placed calls into both Disney and Dreamworks. A Dreamworks spokesperson had no comment on the rumor. Disney did not respond.
Dreamworks shares spiked on the rumor, from $17.88 at around 9:54am to $18.65 at 10:03am, before pulling back to around $18.00. Shares traded in a range of $17.81 to $18.72 on 15% greater than average volume and closed at $17.99, a gain of less than 1%.
Rio Tinto for Ivanhoe Mines
Benzinga placed calls into both Ivanhoe Mines and Rio Tinto. An Ivanhoe spokesperson said Rio Tinto, which currently owns 49% of Ivanhoe, may only increase its ownership by purchasing the remaining 51%. No such deal has been discussed. Rio Tinto did not respond.
Ivanhoe Mines shares traded in a range of $20.94 to $22.80 on 65% higher than average volume and closed at $22.53, a gain of 6%.
Pfizer for Amarin
There was no actual takeover rumor, just an article in HartfordBusiness.com that caused a late day pop in the price of Amarin.
Amarin shares traded in a range of $7.37 to $7.67 and closed at $7.65, a gain of less than 2% on just under than half the average daily volume.
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