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Benzinga's Weekend M&A Chatter

The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday December 20 to Sunday 22, December 2013.

Oracle to Acquire Responsys for $27/Share in Cash

The Deal:
Oracle (NYSE: ORCL) announced Friday, an agreement to acquire cross-channel marketing company Responsys (NASDAQ: MKTG) for $27.00 per share in cash, or approximately $1.5 billion.

The deal is expected to close in H1 2014.

Responsys closed Friday at $27.40, a gain of 40%.

Xerox Acquires Invoco

The Deal:
Xerox (NYSE: XRX) announced Friday, an agreement to acquire German-based customare care company, Invoco Holding GmbH. The deal is expected to close following the completion of customary closing conditions. Terms were not disclosed.

Xerox closed Friday at $11.88, a gain of $0.10.

Apollo Tyres Asks Judge to Block Cooper Tire from Access to Termination Fees

Ongoing Legal Issues:
Apollo Tyres (APTY) asked a judge Friday, to block Cooper Tire (NYSE: CTB) from accessing $112.5 million in deal termination fees, set aside in the event Apollo backed out of its $35 per share deal to acquire Cooper. Apollo announced the offer on June 12, 2013, but the deal has run into problems. Apollo wants to pay less than the $35 per share agreement, due to labor issues at Cooper plants in the U.S. and the company's joint venture in China.

On December 16, the Delaware Supreme Court dismissed Cooper Tire's appeal of a judge's decision blocking the company's bid to force a merger with Apollo.

Cooper spokesperson, Anne Roman, provided the following response to Apollo's action in an email to Benzinga: "We were surprised to see Apollo's motion for a temporary restraining order. While Cooper continues to pursue its legal options, we had already determined not draw on the letter of credit. Apollo's motion was aimed at actions Cooper was not intending to take. After Cooper so advised the Court, Apollo's motion was formally withdrawn. The parties have been instructed to file a status report regarding the case on January 10."

Cooper Tire closed Friday at $22.20, a loss of $0.15.

Posted-In: News Legal M&A Global

 

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