Market Overview

Benzinga's M&A Chatter for Thursday November 6, 2014

Benzinga's M&A Chatter for Thursday November 6, 2014

The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday November 6, 2014:

Lenovo Once Again Mentioned as BlackBerry Suitor

The Rumor:
Shares of BlackBerry Limited (NASDAQ: BBRY) spiked higher Thursday on renewed chatter of a potential bid from Lenovo Group Limited (OTC: LNVGY). Benzinga reported on October 18, that Lenovo could offer $15.00 to $18.00 for the smartphone maker.

A source familiar with the matter, told Benzinga on Thursday it was unlikely BlackBerry would consider a sale for less than $20 per share.

BlackBerry closed Thursday at $10.27, a gain of more than 1%.

Renewed Chatter of ArcelorMittal Bid for US Steel

The Rumor:
Shares of United States Steel Corp. (NYSE: X) moved higher Thursday on renewed takeover chatter, involving ArcelorMittal (NYSE: MT). That pairing has been frequently mentioned over the years and today's rumored offer was $45.00 per share.

Spokespersons for the two companies were not available for comment.

US Steel closed Thursday at $36.10, a loss of $0.26.

JAKKS Pacific Mentioned as Potential Takeover Target for Hasbro, Mattel

The Rumor:
Shares of JAKKS Pacific, Inc. (NASDAQ: JAKK) rose Thursday, on a report from PTT Research, that the toymaker could be a potential takeover target for Mattel, Inc. (NYSE: MAT) or Hasbro Inc. (NYSE: HAS).

In 2012, Oaktree Capital Management failed in a takeover attempt, when Jakks rejected a $20 per share offer from the private equity firm.

JAKKS Pacific shares closed Thursday at $6.54, a gain of 5%.

Ackman Says Canadian Pacific May Look to Merge with CSX Rival

The Investor Comments:
Shares of Norfolk Southern Corporation (NYSE: NSC) rose sharply after hours Thursday, on comments made by Bill Ackman at 'Invest for Kids', that Canadian Pacific Railway Limited (NYSE: CP) may be looking to merge with a rival of CSX Corp. (NYSE: CSX), now that two companies have ended their talks. Ackman currently owns approximately an 8% stake in CP.

Norfolk Southern's CEO Wick Moorman, said during the company's earnings call on October 22, that he thought a major rail merger was 'highly problematic' and not a good idea.

Norfolk Southern closed Thursday at $110.73, and traded as high as $117.05 after-hours.

Posted-In: News Rumors Hedge Funds Movers & Shakers Management M&A After-Hours Center Movers


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