Benzinga's Weekend M&A Chatter

The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday May 15 through Sunday May 17, 2015:

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Shares of BlackBerry

spiked higher Friday, on a post from

that Microsoft

could be considering buying the Canadian smartphone maker for as much as $7 billion. Microsoft has reportedly hired Deutsche Bank and Goldman Sachs to investigate deal, Microsoft declined comment. BlackBerry shares rose $0.01 on Friday, to close at $10.33.

:

Sorrento Therapeutics, Inc.

announced Friday, that NantPharma, has agreed to acquire the rights to Cynviloq through the acquisition of Sorrento Subsidiary Igdrasol. Sorrento will receive more than $90 million in an up-front cash payment, plus up to $600 million in regulatory and $600 million in sales milestone payments. Sorrento has the option to co-develop, co-market Cynviloq on terms to be negotiated. Sorrento Therapeutics shares gained 13% Friday, closing at $13.01.

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The FBI is investigating what may be a bogus takeover bid for Avon Products Inc.

filed on Thursday, according to the

. Avon shares were halted three times on circuit-breakers, as "PTG Capital Partners" filed to offer $18.75 per share for the cosmetics company. Avon says it did not receive an offer from PTG and believed the offer to be a hoax. The SEC is also reportedly investigating the matter. Avon shares lost 1.5% Friday, to close at $7.05.

:

Axis Capital Holdings won't raise its offer for PartnerRe

and believes its proposal of $132 per share in stock, plus a special dividend of $11.50 per share, is superior to the $137.50 all-cash offer from Italy's Exor Spa

, according to sources as reported by Reuters on Sunday. Spokespersons for Axis and PartnerRe declined comment. Exor is PartnerRe's largest shareholder, with a 9.32% stake. PartnerRe closed Friday at $134.23, a gain of $0.14.

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Apple, Inc.

has acquired GPS startup Coherent Navigation. The company's

stated: "Coherent Navigation has ceased operations at this time." Terms were not disclosed. Apple closed Friday at $128.77, a loss of $0.18.