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Benzinga's M&A Chatter for Tuesday May 28, 2013

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Benzinga's M&A Chatter for Tuesday May 28, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday May 28, 2013:

AstraZeneca to Acquire Omthera Pharmaceuticals for $12.70/Share

The Deal:
AstraZeneca (NYSE: AZN) announced Tuesday that it has entered into an agreement to acquire Omthera Pharmaceuticals (NASDAQ: OMTH). Under the terms of the agreement, AstraZeneca will acquire Omthera for $12.70 per share, or approximately $323 million, plus Contingent Value Rights of up to approximately $4.70 per share. The CVRs are based on specific milestones being met related to Epanova, Omthera's investigational product.

The transaction is expected to close in Q3 2013.

Omthera Pharmaceuticals closed at $13.51 Tuesday, a gain of 99.5% on 11.5 times average volume.

Fidelity National Financial to Acquire Lender Processing Services for $33.25/Share

The Deal:
Fidelity National Financial (NYSE: FNF) and Lender Processing Services (NYSE: LPS) announced Tuesday an agreement, under which FNF will acquire all of the outstanding common stock of LPS for $33.25 per share, or approximately $2.9 billion.

Under the terms of the definitive agreement, FNF will pay 50% of the consideration for the LPS shares of common stock in cash and 50% in shares of FNF common stock, based on a fixed price of $25.489 per share.

The acquisition agreement includes a "go-shop" period effective through July 7, 2013, during which LPS is permitted to actively solicit acquisition proposals from third parties. The transaction is expected to close in Q4 2013.

Lender Processing Services closed at $33.49 Tuesday, a gain of almost 2% on 12 times average volume.

Hearing Waste Management May Bid for Covanta

The Rumor:
Shares of Covanta (NYSE: CVA) surged higher Tuesday on a report saying that Waste Management (NYSE: WM) could acquire Covanta in the $28 to $30 range, according to sources.

A spokesperson for Covanta said the company does not comment on M&A activity. A Waste Management spokesperson was not available for comment.

Covanta closed at $20.77 Tuesday, a gain of $0.08 on 2.5 times average volume.

American Realty Capital Properties to Acquire CapLease for $8.50/Share in Cash

The Deal:
American Realty Capital Properties (NASDAQ: ARCP) and CapLease (NYSE: LSE) announced Tuesday that they have signed a definitive merger agreement under which ARCP will acquire all of the outstanding shares of CapLease in a transaction valued at approximately $2.2 billion or $8.50 per share in cash.

The merger agreement provides for a "go-shop" period commencing immediately and ending on July 7, 2013.

CapLease closed at $8.55 Tuesday, a gain of 20% on 30 times average volume.

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

 

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