Market Overview

Benzinga's M&A Chatter for Tuesday April 15, 2014

The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday April 15, 2014"

Elliot Says $21/Share Offer for Riverbed Still Stands

The Offer:
Elliott Management today reiterated that its $21.00 per share cash offer for Riverbed Technology (NASDAQ: RVBD) announced on February 25 still stands. That offer had been rejected by Riverbed's Board of Directors three days later. Elliott noted that the stock's share price on Tuesday was below their previous offer of $19.00 per share.

A spokesperson for Riverbed, reiterated the company's statement of February 28, whereby they rejected the $21.00 offer, saying it "undervalues the company and is not in the best interests of shareholders."

Riverbed Technology closed Tuesday at $18.69, a loss of $0.17.

Report ConMed Exploring Sale

The Rumor:
Shares of ConMed (NASDAQ: CNMD) moved sharply higher Tuesday on a report from Reuters (http://www.reuters.com/article/2014/04/15/us-conmed-sale-idUSBREA3E1R120140415) that the maker of surgical devices is exploring a sale, according to sources. The company's advisors, Bank of America Merrill Lynch and Greenhill & Co have reportedly been asked to offer ConMed to larger orthopedic device makers.

In November 2013, Reuters (http://uk.reuters.com/article/2013/11/04/uk-conmed-activist-exclusive-idUKBRE9A303620131104) reported that investor Voce Capital had urged ConMed to pursue a sale.

A spokesperson for ConMed declined comment on today's report.

ConMed closed Tuesday at $45.25, a gain of 7%.

Twitter Acquires Gnip

The Deal:
Twitter (NYSE: TWTR) announced Tuesday (https://blog.twitter.com/2014/twitter-welcomes-gnip-to-the-flock) that they have agreed to acquire social data company Gnip (http://blog.gnip.com/) for an undisclosed price. Gnip has been a long-time Twitter data partner.

Shares of Twitter surged higher, following the announcement and closed at $45.52 on Tuesday, a gain of more than 11%.

Report Ann Aiming for Leveraged Buyout

The Rumor:
Shares of Ann Taylor parent, Ann, Inc (NYSE: ANN) spiked higher Tuesday, following a report from TheDeal (http://www.thedeal.com/content/consumer-retail/private-equity-and-retailers-court-each-other.php) that investor Golden Gate Capital, which currently owns a 9.5% stake, could be a potential buyer. According to sources, Ann is working with a financial advisor to assist on a potential deal.

Ann closed at $40.10 on Tuesday, a gain of 3.5%.

Bazaarvoice Acquires FeedMagnet for $9M

The Deal:
Bazaarvoice (NASDAQ: BV) announced Tuesday that it has acquired social media curation company FeedMagnet for $9 million in cash. FeedMagnet's technology helps brands curate and display content from social networks including Facebook, Twitter, Instagram, Pinterest and YouTube.

Bazaarvoice closed Tuesday at $7.08, a loss of $0.06.

Posted-In: News Rumors M&A Movers

 

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