Market Overview

Benzinga's M&A Chatter for Friday December 16, 2011

Here are the M&A deals and chatter for Friday December 16, 2011. Benzinga Pro reported them in real-time as they occurred:

Tilman J. Fertitta to Acquire Morton's Restaurant Group

The Deal: Tilman J. Fertitta to acquire Morton's Restaurant Group (NYSE: MRT) for $6.90 per share in cash.

Morton's Restaurant Group announced that it has signed a definitive agreement with Tilman J. Fertitta's wholly-owned company Fertitta Morton's Restaurants Inc., an affiliate of Landry's, Inc., whereby Feritta, through an acquisition subsidiary, will acquire all of the outstanding shares of Morton's for $6.90 per share in cash, representing a premium of approximately 34% to the Company's closing price on December 15, 2011 and a premium of approximately 30% to the weighted average 30-day trading price immediately preceding this announcement.

Morton's Restaurant Group shares traded in a range of $6.79 to $6.88 Friday on 245 times the average daily volume, closing at $6.86, a gain of 33% for the day.

Private Equity Firm to Western Digital Corp.

The Rumor: A private equity firm to acquire Western Digital Corp. (NYSE: WDC) for $43.50 per share.

There have been frequent rumors of buyouts and mergers on Western Digital. Benzinga place a call to the company on Friday but did not get a response.

Western Digital shares traded in a range of $30.81 to $31.67 Friday on about half the average daily volume.

Valeant Pharmaceuticals Makes an Offer for ISTA Pharmaceuticals

The Offer: Valeant Pharmaceuticals (NYSE: VRX) offers $6.50 per share in cash to acquire ISTA Pharmaceuticals (NASDAQ: ISTA).

ISTA Pharmaceuticals' Board of Directors confirmed receipt of the Valeant offer and issued this statement:

The ISTA Board is committed to maximizing long-term shareholder value. Due to the fact that Valeant has attempted to revive its previously rejected proposal, ISTA's Board announced that it will commence a review of all strategic options available to ISTA in the context of its fiduciary responsibilities and the Company's strategic plans. ISTA also announced that it will be holding its 2012 Guidance and Pipeline Update webcast and call on January 4, 2012, during which it will discuss guidance for 2012, pipeline developments and key upcoming events.

ISTA Pharmaceuticals shares traded in a range of $5.93 to $6.95 Friday on 28 times the average daily volume.

Posted-In: Long Ideas News Short Ideas Rumors M&A After-Hours Center Movers Tech

 

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