Market Overview

Benzinga's M&A Chatter for Tuesday June 24, 2014

The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday June 24, 2014:

Endo International to Acquire DAVA Pharma for $575M Cash and Up to $25M in Milestone Payments

The Deal:
Endo International (NASDAQ: ENDP) announced Tuesday that it has agreed to acquire privately-held DAVA Pharmaceuticals for $575 million in cash, plus additional cash consideration of up to $25 million contingent on achieving certain sales milestones. The deal is expected to close in H2 of 2014.

Endo International closed Tuesday at $70.26, a gain of more than 2%.

ARC Group Announces Acquisition of Kecy Corporation For $26M

The Deal:
ARC Group Worldwide (ARCW) announced Tuesday, it has agreed to acquire precision metal stamping company, Kecy Corporation for $26 million in cash. The closing of the Kecy Acquisition is expected to occur on June 25, 2014.

ARC Group closed Tuesday at $17.54, a gain of almost 2%.

IMS Health to Acquire Cegedim's Information Solutions and CRM Businesses for $520M in Cash

The Deal:
IMS Health (NYSE: IMS) announced Tuesday, its intention to acquire certain Cegedim information solutions and Customer Relationship Management businesses for approximately $520 million in cash. The deal is expected to close in early 2015.

IMS Health closed Tuesday at $23.21, and traded as high as $24.76 after-hours.

Valeant CEO Says Major Allergan Shareholders Support $53B Proposal

The CEO Comments:
Shares of Allergan (NYSE: AGN) spiked higher Tuesday, on comments by Valeant (NYSE: VRX) CEO Pearson, that major Allergan shareholders supported the $53 billion bid by Valeant, and the company would soon have enough support for an Allergan shareholder vote on the hostile takeover attempt. Pearson also said Valeant was pursuing no other large deals, while they are working on completing the Allergan deal.

25% of Valeant shareholders are needed to convene the vote. Activist investor Bill Ackman holds almost a 10% stake in Allergan.

Allergan closed Tuesday at $165.35, a gain of $0.53. Valeant closed at $120.52, a loss of $0.69.

Report Aetna Considers Sale of Coventry Health Care Assets Valued at $1.5B

The Rumor:
Aetna (NYSE: AET) is considering a sale of Coventry Health Care assets valued at as much as $1.5 billion, according to sources reported by Reuters. Aetna is reportedly working with Bank of America/Merrill Lynch on the sale process.

Aetna completed its $5.6 billion acquisition of Coventry Health Care in May 2013.

Aetna closed Tuesday at $80.99, a loss of more than 1%.

Posted-In: News Hedge Funds Rumors Management Insider Trades M&A Movers General

 

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