Market Overview

Benzinga's M&A Chatter for Friday December 9, 2011

An old M&A chatter favorite finally ties the knot and some new ones appear for the first time.

Blue Coat System Agrees to be Acquired by Thoma Bravo

The Deal: Blue Coast System (NASDAQ: BCSI) Agrees to Be Acquired by Private Equity Firm Thoma Bravo for $25.81 per share in cash.

Have been hearing about Blue Coat as a potential target for two years.

Shares of Blue Coast System were halted at 7:00am Friday, as the deal was announced, and resumed 30 minutes later. BCSI traded in a range of $25.14 to $25.27 on 71 times the average daily volume and ended the day at $25.18, a gain of 44%.

Magna International to Acquire American Axle

Rumor: Magna International (NYSE: MGA) to acquire American Axle (NYSE: AXL) for $12.50 per share.

Benzinga placed calls to both Magna and American Axle but neither company responded.

Shares of American Axle traded in a range of $8.78 to $9.19 and closed at $9.16, a gain of 3%.

Zimmer Holdings to Acquire Mako Surgical

Rumor: Zimmer Holdings (NYSE: ZMH) to acquire Mako Surgical (NASDAQ: MAKO). No price mentioned.

This rumor started on Twitter in the pre-market after comments from William Blair. More postive comments mid-morning out of Piper kept the momentum going.

Benzinga placed calls to both Zimmer Holdings and Mako. Neither company responded.

Mako Surgical shares traded in a range of $24.40 to $27.38 on 2.5 times the average daily volume. Mako closed at $26.95, a gain of 5.73% for the day.

Teva Pharmaceuticals to Acquire Spectrum Pharmaceuticals

Rumor: Teva Pharmaceuticals (NASDAQ: TEVA) to acquire Spectrum Pharmaceuticals (NASDAQ: SPPI). No price mentioned.

This rumor started in a chat room based on sketchy information that apparently came from the website Biotech Insight. Benzinga contacted the publisher of the site, a Dr.Ronald Garren. Dr. Garren told Benzinga he was not the source of the rumor.

Benzinga placed calls into both Teva Pharmaceuticals and Spectrum Pharmaceuticals. Teva would not comment on the rumor. Spectrum did not respond.

Earlier in the day shares of Spectrum fell sharply on reports their patent on Fusilev might be in jeopardy. However, Spectrum confirmed later that they had strong patent protection on the drug until December 31, 2019.

Spectrum Pharmaceuticals shares traded in a range of $12.85 to $14.39 on 1.5 times the average daily volume and closed at $13.83, a loss of 5% for the day.

Posted-In: News Rumors M&A Movers Trading Ideas General

 

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