Benzinga's M&A Chatter for Wednesday March 14, 2012

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday March 14, 2012: Vringo and Innovate/Protect Sign Definitive Merger Agreement The Deal:
Vringo VRNG and Innovate/Protect announced Wednesday that they have entered into a definitive agreement to merge. Through the strategic combination with Innovate/Protect, Vringo will substantially increase its intellectual property portfolio, add significant talent in technological innovation, and be positioned to enhance its opportunities for revenue generation through the monetization of the combined company's assets. Completion of the transaction, which is expected to occur in the second quarter, will be subject to approval by Vringo's shareholders and customary closing conditions. Vringo closed at $1.81 Wednesday, a gain of 9.70% on 4 times the average daily volume. Clinton Group Asks Board of JAKKS Pacific, Inc. to Run an Auction to Sell the Company The Deal:
Clinton Group announced Wednesday that it has sent a letter to the board of directors of JAKKS Pacific JAKK requesting that the directors embark on a sale process of the company, including "openly considering the indication of interest from Oaktree Capital Management." As noted in the letter, Oaktree expressed an interest in acquiring JAKKS Pacific at a price of $20 per share on September 13, 2011. The letter also noted: JAKKS is well positioned to grow market share and increase the mix of proprietary products, but that the equity markets appear to be more focused on recent under-performance; JAKKS' stock trades at a substantial discount to the prices that strategic and financial buyers could pay for the business, given the potential synergies and long-term perspectives of these buyers; and Clinton is dismayed at the Board's decision to adopt a poison pill and expects the Board to permit any interested buyer to bring their proposal directly to shareholders. JAKKS issued the following statement in response to a letter received from Clinton Group: “The JAKKS Board of Directors appreciates input from its stockholders. The Board continually reviews the Company's strategic plan and opportunities to enhance stockholder value. We note that at no time has the Company received any communications regarding the sale of the Company other than highly conditional expressions of interest from Oaktree. The Board remains confident that continued execution of the Company's strategic plan, including potentially transformative projects planned and already underway, will provide significant value to JAKKS stockholders. JAKKS is committed to maintaining an open dialogue with its stockholders and to delivering continued growth, success and value creation.” JAKKS Pacific closed at $16.56 Wednesday, a loss of 1.08% on 1.8 times the average daily volume. Avaya to Buy Radvision The Deal:
Avaya is close to a deal to acquire Radvision RVSN for $230 million to $240 million, according to Globes. A spokesperson for Avaya would not confirm the deal, while a Radvision representative had no comment. Radvision closed at $11.20 Wednesday, a gain of 12.34% on 7 times the average daily volume. Hearing Chatter of ThyssenKrupp Offer for AK Steel The Announcement:
AK Steel AKS has hired Morgan Stanley as an adviser and has received a bid from ThyssenKrupp for $13.50 per share, according to sources. A ThyssenKrupp spokesperson denied they were bidding for AK Steel. An AK Steel spokesperson was not available for comment. AK Steel closed at $7.59 Wednesday, a gain of 3.41% on more than twice the average daily volume. This was due mainly to a boost in carbon steel prices by the company. Hearing Private Equity Chatter in Abercrombie & Fitch The Rumor:
Abercrombie & Fitch ANF is attracting private equity interest, according to sources. On March 5, it was rumored the company had hired Deutsche Bank to explore strategic alternatives. Rumored buyers include Leonard Green and KKR KKR. An Abercrombie & Fitch spokesperson could not be reached for comment. Abercrombie & Fitch closed at $53.53 Wednesday, a gain of 3.72% on 1.5 times the average daily volume. Hearing Takeover chatter in E*TRADE Financial The Rumor:
E*TRADE Financial ETFC was the subject of vague takeover chatter Wednesday. The company was last the subject of buyout chatter in January. An E*TRADE spokesperson could not be reached for comment. E*TRADE Financial closed at $10.40 Wednesday, a gain of 3.48% on 1.5 times average volume. Hearing Renewed Takeover Chatter in Fusion-IO The Rumor:
Fusion-IO FIO is rumored to have hired Morgan Stanley to explore strategic alternatives, including a possible buyout, according to sources. Last month, Apple AAPL was rumored to be making an offer. A spokesperson for Fusion-IO was not available for comment. Fusion-IO closed at $32.05 Wednesday, a loss of 0.62% on 1.5 times the average daily volume.