Benzinga's M&A Chatter for Wednesday July 24, 2013
The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday July 24, 2013:
HanesBrands to Acquire Maidenform for $23.50/Share in Cash
HanesBrands (NYSE: HBI) announced Wednesday an agreement to acquire all of the outstanding shares of Maidenform (NYSE: MFB) for $23.50 per share in cash, for a total value of approximately $575 million. The deal is expected to close in Q4 2013.
Maidenform closed at $23.36 Wednesday, a gain of more than 22% on 62 times average volume.
Michael Dell/Silver Lake Raise Dell Bid to $13.75/Share
The Revised Proposal:
Dell's (NASDAQ: DELL) Special Committee announced Wednesday that it has received a revised proposal from Michael Dell and Silver Lake of $13.75 per share in cash, and increase of $0.10 per share over the previous offer. In lieu of the new offer, the Special Committee announced the Special Meeting of Stockholders would be adjourned to August 2, 2013 at 10:00 AM EDT.
Michael Dell deal advisor Mark Shafir said on CNBC that $13.75 is the "best and final offer".
Dell closed at $12.91 Wednesday, a gain of $0.03 on 4 times average volume.
Reuters Reporting Perrigo, Forest Labs to Bid for Elan
Shares of Elan (NYSE: ELN) rose above $15.00 after-hours Wednesday on a report from Reuters the Forest Labs (NYSE: FRX) and Perrigo (NYSE: PRGO) are preparing bids for the Irish drug maker. A bid of $13.00 per share plus $2.50 per share CVR from Royalty Pharma was rejected by Elan's board.
Elan closed at $14.73 Wednesday and traded over $15.00 after-hours.
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