Benzinga's M&A Chatter for Wednesday June 5, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday June 5, 2013: Dell Board Says Silver Lake/Dell $13.65/Share Bid Superior to Icahn Bid The Special Committee Report:The Special Committee of Dell's DELL Board of Directors filed an investor presentation with the SEC Wednesday advocating support of the merger agreement between Dell and entities owned by Michael Dell and investment funds affiliated with Silver Lake Partners. The Dell Board believes the $13.65 per share cash sale to Silver Lake and Michael Dell is the best option for shareholders, including the superior value and certainty it provides relative to all alternatives evaluated and its shifting of Dell's business risks to the buyer group. Dell's Board says there is a significant liquidity gap in the recapitalization plan proposed by Icahn that could reduce the $12.00 per share special dividend to $9.35 per share, and possibly to $8.50 per share, if Icahn/Southeastern are the only shareholders electing the equity stub instead of cash. Dell closed at $13.43 Wednesday, a gain of $0.01 on lower than average volume. SAP to Acquire Hybris The Deal:
SAP SAP and Hybris announced Wednesday that SAP plans to acquire e-commerce company Hybris. The deal is expected to close in Q3 2013. Terms were not disclosed. SAP closed at $74.67 Wednesday, a loss of $0.20 on twice average volume.