Market Overview

Benzinga's M&A Chatter for Wednesday May 7, 2014

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday May 7, 2014:

Report PNM Resources Considering a Sale

The Rumor:
Shares of PNM Resources (NYSE: PNM) surged higher Wednesday, on a report from Deal Reporter that the company may be for sale. The company has hired advisers and reportedly could get as much as $35 per share in a sale, according to sources. A Macquarie Infrastructure Fund is rumored to be a potential buyer.

A spokesperson for PNM Resources declined comment when asked by Benzinga about the report.

PNM Resources closed Wednesday at $28.51, a gain of 8.50%.

Gannett Rumored to be Pursuing Cars.com

The Rumor:
Shares of Gannett (NYSE: GCI) spiked higher briefly on Wednesday, following a report from Reuters that the company is exploring a bid for Cars.com, according to sources. Gannett has reportedly spoken to PE firms about teaming up for a bid for the online car shopping site.

A spokesperson for Gannett declined comment when asked by Benzinga about the report. A Cars.com spokesperson was not available for comment.

Gannett closed Wednesday at $27.08, a gain of $0.09.

Encana to Acquire Eagle Ford Assets from Freeport-McMoRan for $3.1B

The Deal:
Encana (NYSE: ECA) announced Wednesday, an agreement to acquire approximately 45,500 acres in Karnes, Wilson and Atascosa counties of South Texas from Freeport-McMoRan (NYSE: FCX) for about $3.1 billion. The acreage is in the heart of the Eagle Ford resource play, and generated Q1 2014 production from the acreage of approximately 46,000 barrels per day of total liquids production and 44 million cubic feet per day of natural gas.

The deal is expected to close by the end of Q2 of 2014.

Encana closed Wednesday at $23.57, a gain of 4%. Freeport-McMoRan closed at $33.99, a gain of $0.15.

Report DirecTV Working with Advisers to Explore Potential Deal with AT&T

The Rumor:
Shares of DirecTV (NASDAQ: DTV) and Dish Network (NASDAQ: DISH) rose sharply Wednesday, on a report from Dow Jones that DirecTV is working with advisers, including Goldman Sachs, on exploring a potential deal with AT&T (NYSE: T), according to sources. Dow Jones reported on May 1 that AT&T had approached DirecTV regarding a potential acquisition.

DirecTV and AT&T have repeatedly declined comment on the reported talks.

DirecTV closed Wednesday at $88.25, a gain of 8%.

Teva Reportedly Prepared to Bid $6B for Cipla

The Rumor:
Teva Pharmaceutical (NYSE: TEVA) is prepared to pay as much as $6 billion for India's Cipla, according to Live Mint. Teva has failed in its two previous attempts to acquire Cipla.

A spokesperson for Teva declined comment when asked about the rumor. A Cipla spokesperson said there are no plans to sell the company.

Teva Pharmaceutical closed Wednesday at $50.38, a gain of 1.5%.

Google Acquires Stackdriver

The Deal:
Google (NASDAQ: GOOG) has acquired Stackdriver, according to a blog post, as first reported by GigaOM. Stackdriver monitors cloud workload performance.

Terms of the deal were not disclosed.

Google closed Wednesday at $509.96, a loss of 1%.

Bankrate Acquires Caring.com for $54M

The Deal:
Bankrate (NASDAQ: RATE) has acquired privately held, senior care resource, Caring.com for $54 million in cash. The Caring.com team will join Bankrate.

Bankrate closed Wednesday at $15.65, a loss of 7%.

Posted-In: News

 

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