Market Overview

Benzinga's M&A Chatter for Monday June 9, 2014

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday June 9, 2014:

Merck to Acquire Idenix for $24.50/Share in Cash

The Deal:
Merck (NYSE: MRK) and Idenix Pharmaceuticals (NASDAQ: IDIX) announced Monday, that Merck will acquire Idenix for $24.50 per share in cash. The deal is valued at approximately $3.85 billion, and is expected to close in Q3 of 2014. Merck, through a subsidiary, will commence a tender offer to acquire all outstanding shares of Idenix Pharmaceuticals.

Merck is acquiring Idenix to gain access to its hepatitis C portfolio.

Idenix Pharmaceuticals shares rose 229% Monday to close at $23.79. Merck closed at $57.94, a gain of $0.09.

Tyson Foods to Acquire Hillshire Brands for $63.00/Share

The Deal:
Tyson Foods (NYSE: TSN) announced Monday it has submitted a unilaterally binding offer to acquire Hillshire Brands (NYSE: HSH) for $63 per share in cash. The offer is subject to Hillshire Brands terminating its deal to acquire Pinnacle Foods (NYSE: PF). The deal is valued at approximately $8.55 billion.

Pilgrim's Pride (NYSE: PPC), which had bid $55.00 per share for Hillshire, announced it was withdrawing its proposal,

Hillshire Brands closed Monday at $62.06, a gain of more than 5%. Tyson lost 6.5% to close at $37.50, while Pilgrim's Pride shares also lost 6.5% to close at $24.51.

Analog Devices to Acquire Hittite Microwave for $78/Share in Cash

The Deal::
Analog Devices (NASDAQ: ADI) and Hittite Microwave (NASDAQ: HITT) today announced that ADI will acquire Hittite for $78 per share in cash. The deal is expected to close near the end of ADI's Q3 of FY 2014.

Hittite Microwave closed Monday at $77.90, a gain of 28%, while Analog Devices closed at $55.31, a gain of 5%.

International Game Technology Reportedly Exploring Sale

The Rumor::
Shares of International Game Technology (NYSE: IGT) surged higher Monday, on a report from Reuters that the company was exploring a sale and had hired Morgan Stanley as an adviser, according to sources.

Spokespersons for the two companies declined comment.

International Game Technology shares closed Monday at $14.31, a gain of 14%.

Chico's Explores Sale to PE Firm

The Rumor::
Shares of Chico's FAS (NYSE: CHS) rose 10% after-hours, on a report from Financial Times that the company was exploring a sale to private equity, according to sources. The asking price could be as high as $20 per share, based on the mention of a 30% premium to the current share price.

Chicos declined comment to FT.

Chico's FAS shares closed Monday at $15.37, and traded as high as $17.50 after-hours.

Posted-In: News


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