Market Overview

Benzinga's M&A Chatter for Monday July 22, 2013

Benzinga's M&A Chatter for Monday July 22, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday July 22, 2013:

Spartan Stores, Nash Finch Agree to $1.36B All-Stock Merger

The Deal:
Spartan Stores (NASDAQ: SPTN) and Nash Finch (NASDAQ: NAFC), announced Monday that they have agreed to an all-stock merger valued at approximately $1.3 billion. Under the terms of the deal, Nash Finch shareholders will receive a fixed ratio of 1.20 shares of Spartan Stores common stock for each share of Nash Finch common stock they own. Closing is expected by the end of calendar 2013.

Spartan Stores closed at $22.04 Monday, a gain of 4%, while Nash Finch shares gained 3%, closing at $26.24.

Bloomberg Reports Pfizer, Novartis, AstraZeneca to Bid for Onyx

The Rumor:
Shares of Onyx Pharmaceuticals (NASDAQ: ONXX) spiked higher midday Monday on a report from Bloomberg that Pfizer (NYSE: PFE), Novaritis (NYSE: NVS) and AstraZenca (NYSE: AZN) are preparing bids. There have been varying reports on which companies are still in the bidding process and which have dropped out. Reuters reported on Thursday that Pfizer would not bid for Onyx.

So far only Amgen (NASDAQ: AMGN) has submitted a bid of $120, which was rejected by the Onyx Board.

Onyx Pharmaceuticals closed at $129.25 Monday, a gain of 2.25% on twice average volume.

Hearing Renewed Chatter of Potential Bids for Jones Group

The Rumor:
Shares of Jones Group (NYSE: JNY) surged higher mid-afternoon on Monday on a report from Deal Reporter that the company is receiving bids. Reuters reported on July 8 that Jones Group had hired Citigroup to explore a potential sale.

A spokesperson for Jones Group was not available for comment.

Jones Group closed at $16.01 Monday, a gain of 4% on twice average volume.

Posted-In: News Rumors M&A Movers


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