Market Overview

Benzinga's M&A Chatter for Wednesday July 9, 2014

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

Google Rumored to Have Interest in Deal for Time Warner

The Rumor:
Shares of Time Warner (NYSE: TWX) surged higher Tuesday, following a tweet from Fox Business' Charlie Gasparino, that he has been hearing chatter of a potential bid from Google (NASDAQ: GOOG). Time Warner shares hit a high of $73.07.

Wall Street Journal reporter Doug MacMillan later tweeted that Time Warner's CEO said his company was not in talks with Google.

Time Warner shares closed off the highs Wednesday at $72.41, a gain of more than 2%.

Hearing Potential Bid for GameStop

The Rumor:
Shares of GameStop (NYSE: GME) spiked higher Wednesday, on renewed unconfirmed market chatter of a potential bid from an unnamed suitor. Chatter had surfaced on June 22 that GameStop had hired an advisor to help it to review strategic alternatives.

A spokesperson for GameStop was unavailable for comment.

GameStop shares closed Wednesday at $41.79, a gain of $0.15.

AbbVie Forced to Retract Comments Regarding Shire Takeover Attempt

The Withdrawn Comments:
AbbVie (NYSE: ABBV) CEO Richard Gonzalez was forced to withdraw comments he made regarding shareholder support for his company's bid for Shire (NASDAQ: SHPG). The comments were a violation of UK Takeover Panel rules, as the support was not in writing.

AbbVie confirmed today, it had not received commitments of support in writing.

Shire closed Wednesday at $235.08, a gain of almost 1%, while AbbVie lost more than 1% to close at $55.01.

Shareholders Urge Allergan to Make Acquisitions

The CEO Comments:
Allergan (NYSE: AGN) shareholders are encouraging the company to make a large acquisition in order to fight off a $53 billion hostile takeover bid from Valeant Pharmaceuticals (NYSE: VRX) and investor Bill Ackman of Pershing Square, according to a report from Financial Times. Allergan CEO David Pyott, said his company should act quickly in making an acquisition, based on comments from shareholders.

Allergan's board rejected Valeant's latest bid of $53 billion in cash and Valeant shares on June 23.

Allergan closed Wednesday at $165.20, a loss of $0.87, while Valeant lost 1% to close at $120.94.

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

 

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