Market Overview

Benzinga's M&A Chatter for Wednesday March 27, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday March 27, 2013:

Hearing Renewed Takeover Chatter in Walter Energy

The Rumor:
Shares of Walter Energy (NYSE: WLT) moved higher Wednesday on renewed takeover chatter. BHP Billiton (NYSE: BHP) is frequently mentioned as a potential suitor and has denied interest in Walter.

Audley Capital announced Monday that it recently filed definitive proxy materials with the SEC in connection with its five nominees for election to the Board of Directors of Walter Energy at its upcoming 2013 Annual Meeting of Stockholders on April 25, 2013.

A spokesperson for Walter Energy was not available for comment.

Walter Energy closed at $29.15 Wednesday, a gain of 4% on 1.5 times average volume.

UTStarcom Announces Receipt of $3.20/Share 'Going Private Proposal

The Going Private Proposal:
UTStarcom Holdings (NASDAQ: UTSI) announced Wednesday that its Board of Directors has received a preliminary non-binding proposal letter dated March 27, 2013 from one of its Directors, Mr. Hong Liang Lu, and entities affiliated with him, and Shah Capital Opportunity Fund LP and Himanshu H. Shah to acquire all of the outstanding shares of UTStarcom not currently owned by Mr. Lu or Shah Capital in a going private transaction for $3.20 per ordinary share in cash. The Board has formed a special committee of independent directors to consider this proposal.

UTStarcom Holdings closed at $2.78 Wednesday, a gain of almost 18% on 18 times average volume.

Judge Approves AMR's Merger with US Airways

The Merger:
U.S. Bankruptcy Judge Sean Lane has approved the merger between US Airways (NYSE: LCC) and American Airlines (OTC: AAMRQ). The new company would operate under the American Airlines name. The deal must still be approved by the Department of Justice and US Airways shareholders. It is expected to close by fall 2013.

US Airways closed at $16.65 Wednesday and traded at $17.00 after-hours.

US Approves Heinz-Berkshire Hathaway Deal; April 30 Set as Shareholder Meeting Date

The Deal:
H.J. Heinz Company (NYSE: HNZ) announced Wednesday that it has set a date for a special meeting of its shareholders to consider and vote on, among other things, a proposal to approve and adopt the previously announced merger agreement, dated as of February 13, 2013, as amended, providing for the acquisition of Heinz by an investment consortium comprised of Berkshire Hathaway (NYSE: BRK.B) and an investment fund affiliated with 3G Capital. The special meeting will be held on April 30, 2013, at 8 AM ET.

Heinz also announced that the parties have received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the transaction. At the closing of the transaction, Heinz shareholders will receive $72.50 in cash for each share of common stock they own, in a transaction valued at $28 billion, including the assumption of Heinz's outstanding debt.

H. J. Heinz closed at $72.10 Wednesday, a gain of $0.06 on lower than average volume.

Posted-In: News Rumors M&A After-Hours Center Movers

 

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