Market Overview

Benzinga's M&A Chatter for Friday April 19, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday April 19, 2013:

Blackstone Withdraws from Dell Bid Process

The Withdrawal:
Blackstone (NYSE: BX) announced late Thursday that it would not pursue the opportunity to participate in the bid process for Dell (NASDAQ: DELL). In a letter to the company's Board of Directors, Blackstone said it was withdrawing from the process due to "(1) an unprecedented 14 percent market decline in PC volume in the first quarter of 2013 and (2) the rapidly eroding financial profile of Dell."

Dell closed at $13.40 Friday, a loss of 4% on 3 times average volume.

Constellation Brands, Anheuser-Busch InBev, Grupo Modelo Reach Settlement with DOJ

The Settlement:
Constellation Brands (NYSE: STZ), Anheuser-Busch InBev (NYSE: BUD), and Grupo Modelo announced Friday they had reached a final agreement with the U.S. Department of Justice on the terms of a settlement of the DOJ`s litigation challenging AB InBev`s proposed acquisition of the remaining stake in Grupo Modelo that it does not already own.

Under the agreement, Constellation will become a fully independent beer competitor in the U.S. with perpetual rights for the Modelo brands currently sold by Crown and autonomous control of distribution, marketing, promotion and pricing. The Mexican Competition Commission approved the revised transaction with Constellation in early April 2013. The transaction is expected to occur around the end of Constellation`s Q1 2014 or shortly thereafter.

Constellation Brands closed at $48.52 Friday, a gain of 2.5% on higher than average volume. Anheuser-Busch InBev closed at $99.22 Friday, a gain of 1.5% on lower than average volume.

Clayton Williams Energy to Monetize Andrews County Wolfberry Assets for $214M

The Monetization:
Clayton Williams Energy (NASDAQ: CWEI) announced late Thursday that it had entered into a transaction with a financial investor to monetize 95% of its Wolfberry oil and gas reserves, leasehold interests and facilities located in Andrews County, Texas for $214 million. The proceeds will be used to reduce the amount outstanding on its revolving bank credit facility.

The deal is expected to close on April 24, 2013.

Clayton Williams Energy closed at $39.93 Friday, gain of 2% on average volume.

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

 

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