Market Overview

Benzinga's M&A Chatter for Friday July 5, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday July 5, 2013:

Michael Dell, Silver Lake to Rule Out Raising Bid for Dell

The Filing:
Shares of Dell (NASDAQ: DELL) sold off Friday on a report from Bloomberg that founder Michael Dell and Silver Lake will not be raising their bid for the PC company above the $13.65 offer.

In a presentation released in a 14A filing Friday, Dell said Icahn/Southeastern's sum-of-the-parts valuation of $22.34 per share implies unrealsitic multiples. The presentation indicated a shareholder rejection of the Michael Dell/Silver Lake bid could send the Dell share price to $5.85.

Dell shareholders are scheduled to vote on the Michael Dell/Silver Lake proposal on July 18.

Dell closed at $13.03 Friday, a loss of 2% on 2.5 times average volume.

FCC Approves SoftBank's Investment in Sprint, Sprint's Acquisition of Clearwire

The Approval:
The Federal Communications Commission announced Friday that it has voted unanimously to approve the applications filed by SoftBank (OTC: SFTBY), Sprint (NYSE: S) and Clearwire (NASDAQ: CLWR) related to their transactions announced last year.

Clearwire's shareholders are scheduled to vote on the Sprint offer of $5.00 per share on July 8th.

Clearwire closed at $5.00 Friday, unchanged on lower than average volume. Sprint closed at $7.16, a loss of $0.03 on lower than average volume

Kid Brands Sells Russ and Applause Brands for $1.25M

The Deal:
Kid Brands (NYSE: KID) announced Friday that, on June 30, 2013, the company sold the "Russ" and "Applause" trademarks for $1.25 million. The brands were retained by the company when it sold its gift business in 2008.

Kid Brands closed at $1.63 Friday, a gain of 1.87% on light volume.

Posted-In: News Rumors Management Insider Trades M&A Movers

 

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