Benzinga's M&A Chatter for Wednesday December 11, 2013
The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday December 11, 2013
Fortis to Acquire UNS Energy for $60.25/Share
The Board of Directors of UNS Energy Corporation (NYSE: UNS) has approved a merger agreement with Fortis (OTC: FRTSF), whereby Fortis will acquire all the outstanding common shares of UNS Energy for $60.25 per share in cash, or $4.3 billion.
The proposed acquisition will be to UNS shareholders in early 2014. The deal is subject to approval by shareholders and regulators, including the Arizona Corporation Commission and FERC. UNS anticipates the transaction will close before the end of 2014.
UNS Energy closed Wednesday at $45.84 and traded around $60 after-hours.
Renewed Report of Discovery Interest in Scripps Networks Interactive
Shares of Scripps Networks Interactive (NYSE: SNI) spiked higher for a second consecutive day Wednesday on a report from Bloomberg that Discovery Communications (NASDAQ: DSCA), was considering a bid for Food Network's parent company. Variety reported Tuesday that a deal was at a Discovery board meeting.
A spokesperson for Scripps declined comment. A Discovery spokesperson was not available for comment.
Scripps Networks Interactive closed Wednesday at $81.00, after a high of $85.73.
JDSU to Acquire Network Instruments for $200M in Cash
JDSU (NASDAQ: JDSU) announced Wednesday that it has reached agreement to acquire Network Instruments for $200 million in cash, subject to certain adjustments. The companies expect to close the deal, subject to regulatory approvals, within approximately 45 days. '
JDSU closed Wednesday at $12.18, a loss of $0.14.
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