Market Overview

Benzinga's M&A Chatter for Tuesday December 6, 2011

It was a remarkably busy day for M&A chatter, even if you discount the General Electric (NYSE: GE) for Cree (NASDAQ: CREE) rumor that seems to resurface on a weekly basis.

General Electric for Cree

Rumor: General Electric (NYSE: GE) to acquire Cree (NASDAQ: CREE) in the mid-$30 per share range.

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

Rumor: Seagate Technology (NASDAQ: STX) to acquire Quantum Corp (NYSE: QTM) for $4.25 per share in cash.

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

Rumor: Baker Hughes (NYSE: BHI) to Acquire Nabors Industries (NYSE: NBR) for $39.50 per share.

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

Rumor: Disney (NYSE: DIS) to acquire Dreamworks Animation (NASDAQ: DWA) for $27.50 per share.

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

Rumor: Rio Tinto (NYSE: RIO) to acquire the remaining 51% of Ivanhoe Mines (NYSE: IVN) it does not already own.

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

Rumor: Amarin's (NASDAQ: AMRN) move to office space within 3 miles of Pfizer's (NYSE: PFD) R&D headquarters in Groton, CT, is a signal to some that Pfizer will purchase 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.

Posted-In: News Rumors M&A Global After-Hours Center Movers Tech Trading Ideas

 

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