Market Overview

Benzinga's M&A Chatter for Monday July 29, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday July 29, 2013:

Hudson's Bay to Acquire Saks for $16/Share in Cash

The Deal:
Hudson's Bay Company and Saks (NYSE: SKS) announced Monday that they have agreed that HBC will acquire Saks for $16.00 per share in cash, for a total deal value of approximately $2.9 billion, including debt. The deal is expected to close before the end of 2013.

Saks closed at $15.95 Monday, a gain of 4% on 24 times average volume.

Perrigo to Acquire Elan for $16.50/Share in Cash, Stock Deal

The Deal:
Perrigo (NASDAQ: PRGO) and Elan (NYSE: ELN) announced Monday that they have agreed that Elan will be acquired by "New Perrigo" holding company in a cash and stock transaction valued at approximately $8.6 billion.

Under the terms of the agreement, Elan shareholders will receive $6.25 per share in cash and 0.07636 shares of New Perrigo for each Elan share. The transaction values each Elan share at $16.50 based on the closing price of Perrigo shares on 26 July 2013. The deal is expected to close by the end of calendar year 2013.

Elan closed at $15.46 Monday, a gain of 3.5% on 11 times average volume.

Michael Baker to Be Acquired by Integrated Mission Solutions for $40.50/Share in Cash

The Deal:
Michael Baker Corp (NYSE: BKR) announced Monday that it has agreed to be acquired by DC Capital Partners affiliate, Integrated Mission Solutions, for $40.50 per share in cash in a transaction valued at $396.9 million.

The transaction is expected to close late in Q3 or early in Q4 of 2013.

Michael Baker Corp closed at $40.39 Monday, a gain of 36% on 76 times average volume.

Globes Reports Golan Telecom Considers Cellcom Acquisition

The Rumor:
Shares of Cellcom (NYSE: CEL) spiked higher Monday on a report from Israel's Globes that Xavier Niel, owner of 30% of Golan Telecom and Michael Golan, controlling shareholder have received a proposal through Lazard to acquire control of the Israeli cell carrier. The offer reportedly came from Cellcom shareholder Nochi Dankner of IDB Holding Co.

Bloomberg later reported that an IDB spokesperson said Cellcom was not for sale.

Cellcom closed at $11.35 Monday, a gain of 2% on 6.5 times average volume.

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


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