Market Overview

Benzinga's M&A Chatter for Monday September 9, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday September 9, 2013

Western Digital to Acquire Virident for $685M in Cash

The Deal:
Western Digital Corp. (NASDAQ: WDC) and Virident Systems announced Monday that they have agreed that Virident will be acquired by HGST, a wholly owned subsidiary of Western Digital for approximately $685 million in cash.

The deal is expected to close by the end of Q4 of 2013.

Shares of Fusion-io (NYSE: FIO) surged higher on a note from Craig-Hallum that it may be acquired by Western Digital competitor Seagate Technology (NASDAQ: STX). A Needham note said a deal could be done at $20 per share or higher.

A spokesperson for Seagate declined comment. A Fusion-io spokesperson was not available.

Western Digital closed Monday at $65.40, a gain of $0.41, while Fusion-io closed at $13.59, a gain of more than 25%.

Umpqua Reportedly in Talks to Buy Sterling Financial

The Rumor:
Shares of Umpqua Holdings (NASDAQ: UMPQ) rose more than 5% Monday on a report from Bloomberg that it is in talks to acquire Sterling Financial (NASDAQ: STSA). Sterling Financial shares rose 3.5% on the report.

Spokespersons for Umpqua and Sterling Financial did not return Benzinga's calls.

Umpqua Holdings closed at $17.11 Monday, while Sterling Financial shares closed at $27.72.

Ares Management, Canada Pension Plan Investment Board Acquire Neiman Marcus for $6B

The Deal:
Ares Management LLC and The Canada Pension Plan Investment Board have acquired Neiman Marcus from TPG and Warburg Pincus for $6 billion. TPG and Warburg Pincus have owned Neiman Marcus since 2005.

The deal likely ends the prospect of an IPO, which was planned by the current owners.

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

 

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