Market Overview

Benzinga's M&A Chatter for Monday January 23, 2012

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday January 23, 2012:

Pan American to Acquire Minefinders

The Deal:
Pan American Silver (NASDAQ: PAAS) Minefinders (NYSE: MFN) announced Monday that they have entered into a definitive agreement pursuant to which Pan American will acquire all of the issued and outstanding common shares of Minefinders by way of a plan of arrangement. Under the terms of the Arrangement Agreement, Minefinders shareholders will be entitled to elect to receive, in exchange for each Minefinders share held, either: (i) 0.55 shares of Pan American and $1.84 in cash; or (ii) 0.6235 shares of Pan American; or (iii) $15.60 in cash, subject to pro-ration under total aggregate cash and share pools of approximately $176 million and approximately 53 million Pan American shares, respectively, on a fully-diluted basis. Assuming full pro-ration, Minefinders shareholders will receive 0.55 shares of Pan American and $1.84 in cash in exchange for each Minefinders share held.

MineFinders closed at $13.95 Monday, a gain of 23% for the day on more than 10 times the average daily volume.

New Research in Motion CEO Will Listen to Bidders, But Not Main Focus

The New CEO:
New Research in Motion CEO Thorsten Heins says he will listen to potential suitors for the company, but it will not be his primary focus. Heins replaces Co-CEOs Jim Balsillie and Mike Lazaridis, who announced they were stepping down on Sunday.

Research in Motion has been the focus of much takeover discussion in recent weeks. Samsung most recently has been linked to discussions with RIMM, though the South Korean electronics giant has denied the rumors.

Research in Motion closed at $15.56 Monday, a loss of 8.47% for the day on more than twice the average daily volume.

Google to Acquire Surewest Communications

The Rumor:
Google (NASDAQ: GOOG) to be acquire Surewest Communications (NASDSAQ: SURW), according to sources.

A SureWest spokesperson would not comment on the Google buyout rumor. A Google spokesperson was not available for comment.

SureWest Communications closed at $14.35 Monday, a gain of 5% for the day on more than 3 times the average daily volume.

Cisco to Acquire Finisar

The Rumor:
Cisco Systems (NASDAQ: CSCO) to acquire Finisar (NASDAQ: FNSR) for $34 per share, according to sources.

Benzinga placed calls into both Cisco and Finisar, but did not get a reply.

Finisar closed at $20.21 Monday, a loss of 1.46% for the day on two-thirds the average daily volume.

Private Equity to Acquire JC Penney

The Rumor:
Multiple private equity firms have approached JC Penney (NYSE: JCP) regarding a buyout, according to sources. The price being discussed is $43.

A JC Penney spokesperson could not be reached for comment.

JC Penney closed at $34.97 Monday, a loss of 0.34% for the day on about 1.5 times the average daily volume.

Private Equity to Acquire Tiffany

The Rumor:
Private equity firm Richemont has approached Tiffany (NYSE: TIF) regarding a buyout for $90 per share, according to sources.

A Tiffany spokesperson would not comment on the rumor.

Tiffany closed at $63.01 Monday, a gain 1.13% for the day on about the average daily volume.

Private Equity to Acquire Jakks Pacific

The Rumor:
A private equity firm may have an interest in acquiring Jakks Pacific (NASDAQ: JAKK), according to sources. Oaktree Capital is the rumored buyer.

Jakks last received a bid from Oaktree for $20 per share back on October 5, 2011. The board rejected the offer as 'inadequate', the same day.

Jakks closed at $14.69 Monday, a gain of 5.53% for the day on 1.6 times the average daily volume.

Private Equity to Acquire Marvell Technology

The Rumor:
Private equity firm Silver Lake to acquire Marvell Technology (NASDAQ: MRVL) for $21 per share, according to sources.

Investor David Einhorn of Greenlight Capital announced a position in Marvell in November. A spokesperson for the company could not be reached for comment.

Marvell closed at $15.97 Monday, a gain of 2.83% for the day on 1.6 times the average daily volume.

Posted-In: Long Ideas News Short Ideas Rumors M&A Movers Tech Trading Ideas

 

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