Benzinga's M&A Chatter for Tuesday December 10, 2013
The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday December 10, 2013
Trunkbow to be Acquired for $1.46/Share in 'Going Private' Transaction
Trunkbow International announced Tuesday that it has entered into an Agreement and Plan of Merger with Trunkbow Merger Group, wholly owned by Dr. Wanchun Hou, Chairman of the Board of Directors, and Mr. Qiang Li, CEO, and Trunkbow International Merger Sub Limited, a wholly owned, direct subsidiary of Parent, whereby Trunkbow Merger Group will acquire the company for $1.46 per share.
Trunkbow International will call a meeting of shareholders for the purpose of voting on the adoption of the merger agreement as soon as is practicable.
Trunkbow International closed Tuesday at $2.33, a gain of more than 11%.
Dealreporter Says Jones Group Bidder Lining Up Financing
Shares of Jones Group (NYSE: JNY) spiked higher in late trading Tuesday on a report from Deal Reporter that a potential bidder is in the process of obtaining financing. KKR (NYSE: KKR) and Sycamore Partners have been mentioned as possible suitors for Jones Group.
Jones Group closed Tuesday at $14.02, a gain of $0.17.
Variety Reports Discovery May Bid for Scripps Networks Interactive
Shares of Scripps Networks Interactive (NYSE: SNI) surged higher after-hours Tuesday on a report from Variety that Discovery Communications (NASDAQ: DSCA), was considering a bid for the parent company of the Food Network, Travel Channel and HGTV.
According to a source, the topic was discussed at a Discovery board meeting on Tuesday. Spokespersons for Scripps and Discovery declined comment on the report.
Scripps Networks Interactive closed Tuesday at $75.25, but traded over $87.00 after-hours.
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