Benzinga's M&A Chatter for Monday May 23, 2016

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday May 23, 2016:

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Bayer

announced Monday, its proposal to acquire Monsanto

for $122 per share in cash or $62 billion. This offer is based on Bayer's written proposal dated May 10, 2016. Shares of Monsanto traded over $115 in the premarket, but sold off into and through the regular session on regulatory concerns and pressure from Bayer shareholders not to proceed with the deal. Monsanto Rose 4.41% Monday to close at $106.00.

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Arbor Pharmaceuticals, LLC and XenoPort, Inc.

announced Monday, that they agreed that Arbor will acquire XenoPort for $7.03 per share in cash, for a total equity value of approximately $467 million. The has been unanimously approved by both company'd Boards of Directors and is expected to close in Q3 of 2016. Xenoport closed at $6.88 on Monday, up 56%.

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Xura, Inc.,

announced Monday, that it has entered into a definitive agreement to be acquired by affiliates of Siris Capital Group for $25.00 per share in cash, for an equity value of approximately $643 million. The transaction is expected to close in Q3 of FY 2016. Xura closed at $24.61 on Monday, up 17.3%.

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Tribune Publishing Co.

announced Monday that its Board of Directors has again rejected Gannett's $15 per share acquisition proposal as not in the best interests of Tribune shareholders and clearly inadequate as a control investment in Tribune. Tribune Publishing invited Gannett to agree to a mutual NDA, under which both parties could engage in due diligence and discussions to assess whether a transaction in the best interests of Tribune and Gannett shareholders can be negotiated. Separately, Tribune agreed to issue 4.7 million its common stock to Nant Capital at $15.00 per share, for a total investment of $70.5 million. Tribune Publishing closed at $12.09 on Monday, down 15%.

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On May 23, 2016, Polycom, Inc.

announced Monday, that it has received a revised, non-binding proposal from a private equity sponsor that was previously described as "Sponsor 1" in the Registration Statement on Form S-4 filed by Mitel Networks Corporation

with the SEC on May 13, 2016. Polycom stockholders would receive a cash dividend of $11.00 per share and Sponsor 1 ould purchase from Polycom $650 million in shares of a new convertible preferred stock of Polycom. Polycom's Board has determined that Sponsor 1's revised proposal could reasonably be expected to lead to a "Company Superior Proposal" as defined in Polycom's merger agreement with Mitel. Polycom intends to engage in discussions or negotiations with Sponsor 1 with respect to the revised proposal, but has not changed its recommendation in support of Polycom's merger with Mitel. Polycom closed at $11.09 on Monday, and traded at $12.39 after-hours.