Benzinga's M&A Chatter for Thursday February 26, 2015

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The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday February 26, 2015:
Activist David Callan Presses Identiv Board to Consider SaleThe Activist Letter
:

Shares of Identiv, Inc.
INVE
rose early Thursday on a
letter from activist investor David Callan posted on Benzinga
. Callan is urging the Identiv Board to consider strategic alternatives to maximize shareholder value, including a sale of the company. Callan believes Identiv could be worth $22 to $27 in an acquisiiton. Callan points out that Identiv has a low price to sales of 1.4 trailing and an enterprise value/revenue of 1.2, compared to competitors that have an average price to sales of 7.1 and an enterprise value/revenue of 6.8. A spokesperson for Identiv issued the following statement in response to the letter: "The Identiv Board and management team regularly review options for creating long-term shareholder value. We value the opinions of all our bona fide shareholders, consider their input and appreciate their views. However, as a matter of policy, the Company does not disclose the specifics of boardroom discussions nor interactions with shareholders. Having spent 2014 restructuring and positioning the business, Identiv is now fully focused on executing a strategic plan to drive growth, and we enter 2015 with strong momentum, aiming for 20% revenue growth this year." Identiv shares lost $0.06 Thursday, closing at $10.34.
Cyberonics, Sorin Group Announce $2.7B Merger AgreementThe Deal
:

Sorin S.p.A.
SORJF
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and Cyberonics Inc.
CYBX
, announced Thursday, a merger valued at approximately $2.7 billion based on the closing price of Sorin and Cyberonics shares on 25 February. Under the terms of the merger agreement, Sorin and Cyberonics will combine under a newly formed holding company to be named prior to closing. Cyberonics shareholders will receive one ordinary share of NewCo for every share of Cyberonics owned. Each Sorin shareholder will receive a fixed ratio of 0.0472 ordinary shares of NewCo for every Sorin share owned. The transaction is expected to close by the end of Q3 2015. Cyberonics shares closed Thursday at $66.60, a gain of more than 10%.
Apple Could Make Investment in TeslaThe Rumor
:

Shares of Tesla Motors, Inc.
TSLA
spiked higher Thursday, on a
report from 21so.com
, that Apple "intends to make an investment". The note cited a Spring 2013 meeting between Tesla CEO Elon Musk and Apple's M&A head Adrian Perica at Apple headquarters. Spokespersons for Apple and Tesla did not respond to requests for comment. Tesla shares rose 1.5% Thursday, closing at $207.19.
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Posted In: NewsRumorsM&AMovers
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