Benzinga's M&A Chatter for Wednesday October 15, 2014

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday October 15, 2014: AbbVie to Reconsider Merger Agreement with Shire The Reconsideration:
Shares of Shire plc SHPG fell sharply Wednesday, following the announcement Tuesday by AbbVie ABBV that it would reconsider its merger with the Irish biophamra company. AbbVie said it will consider the impact of proposed regulations on tax inversions, as announced by the U.S. Treasury Department on September 22. AbbVie said its Board would meet on October 20, unless Shire agreed to waive the notice. Shire on Wednesday agreed to waive the three-day notice. Shire confirmed on Wednesday, that it received notice from AbbVie under the Cooperation Agreement of the AbbVie Board's intention to consider whether to withdraw or modify its recommendation in light of the impact of the US Treasury Notice of 22 September 2014. Shire's Board says it believes that AbbVie should proceed with the agreed upon offer and terms agreed terms of July 18. Bloomberg reported Wednesday that AbbVie was close to dropping its bid for Shire, sending Shire shares sharply lower. Shire closed Wednesday at $170.49, a loss of 30%. AbbVie shares rose $0.50, to close at $54.63. Cutrale-Safra Submits Definitive Offer for Chiquita of $14/Share in Cash The Offer:
Cutrale-Safra announced Wednesday, an offer to acquire all the outstanding stock of Chiquita Brands International Inc. CQB for $14 per share in cash. Cutrale-Safra completed its due diligence, and submitted its offer to Chiquita's Board of Directors. Cutrale-Safra previously had submitted an offer of $13.00 per share, which was rejected by the Chiquita Board on August 14. Chiquita confirmed receipt of the offer and will review it. Fyffes FYFF said its merger offer from Chiquita remains superior, with an implied value of $15.46 to $20.01 per share. Chiquita closed Wednesday at $13.83, a gain of 5%. Ingredion to Acquire Penford Corporation for $19.00/Share in Cash The Deal:
Ingredion Incorporated INGR announced Wednesday that it has entered into a definitive agreement to acquire Penford Corporation (NASDAQ PENX), for $19.00 per share in cash, approximately $340 million. The acquisition has been approved by the boards of directors of both companies and could close as early as the end of 2014. Penford shares rose 69% Wednesday, to close at $18.59, while Ingredion shares fell $0.40, to close at $71.62.