Market Overview

Benzinga's M&A Chatter for Tuesday November 26, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday November 26, 2013 :

Report Amec Contemplating Bid for Foster Wheeler

The Rumor:
Shares of Foster Wheeler (NASDAQ: FWLT) spiked higher after-hours Tuesday on a report from The Times that rival Amec (OTC: AMCBF)is considering a bid, according to sources. Goldman Sachs has reportedly been hired as advisor on a potential deal.

A spokesperson for Foster Wheeler declined comment on the report.

Foster Wheeler closed Tuesday at $28.73, but traded at $31.45 after-hours, a gain of almost 10%.

Men's Wearhouse Turns Tables on Jos A Bank, Offering $55.00/Share

The Offer:
Men's Wearhouse (NYSE: MW) which turned down a $48.00 per share offer from Jos. A. Bank (NASDAQ: JOSB) on October 9, turned around Tuesday and offered $55.00 per share for their rival. Jos. A. Bank confirmed receipt of today's offer and said its Board would "evaluate the proposal and respond in due course."

Acitvist investor, Eminence Capital CEO Ricky Sandler, responded to the offer: 'We are pleased to see that The Board of Men's Wearhouse agrees with us and recognizes the substantial benefits of merging with Jos. A. Bank."

Men's Wearhouse closed Tuesday at $50.60, a gain of 7.5%. Jos. A. Bank shares rose 11%, closing at $56.29.

Thermo Fisher Scientific Receives EC Approval for Life Technologies Acquisition

The Approval:
Thermo Fisher Scientific (NYSE: TMO) announced Tuesday received EC approval for its acquisition of Life Technologies Corporation (NASDAQ: LIFE). Thermo Fisher agreed to divest its cell culture, gene modulation and magnetic beads businesses in order to expedite the approval. Thermo Fisher is still awaiting US regulatory approval and expects the deal to close in early 2014.

Thermo Fisher Scientific closed Tuesday at $101.45, a loss of $0.54.

Posted-In: News Rumors Legal M&A Global Movers


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