Market Overview

Benzinga's M&A Chatter for Monday April 16, 2012

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday April 16, 2012:

Edelman Financial signs going-private transaction for $8.85 in cash

The Deal:
Edelman Financial Group (NASDAQ: EF) announced Monday that it has entered into a definitive merger agreement with affiliates of Lee Equity Partners a private equity firm, to be acquired for $8.85 per share in cash. This represents a premium of 43% over TEFG's closing price Friday of $6.18, and a premium of 33% over TEFG's volume-weighted average closing price over the last 20 trading days.

Edelman Financial Group closed at $8.74 Monday, a gain of 41.42% on 477 times the average daily volume.

Teavana Announces Agreement to Acquire Teaopia

The Deal:Teavana Holdings (NYSE: TEA) announced Monday that it has reached an agreement to acquire the assets of Teaopia Ltd., a leading mall-based specialty tea retailer in Canada, for an all-cash purchase price of $26.9 million, subject to post-closing adjustments. Teavana expects to fund the transaction primarily with cash on hand with the remainder from borrowings under an existing U.S. credit facility. The acquisition is expected to close in the second fiscal quarter, subject to customary closing conditions. The acquisition's impact to earnings per share is expected to be neutral in fiscal 2012, excluding transaction and integration expenses, and accretive by $0.03 - $0.04 in fiscal 2013.

Teavana closed at $19.76 Monday, a gain of 3% on twice times the average daily volume.

Stratasys and Objet Agree to Combine

The Deal:
Stratasys (NASDAQ: SSYS) and privately held Objet today announced Monday that the boards of directors of both companies have unanimously approved a definitive merger agreement under which the companies would combine in an all-stock transaction with a combined equity value of approximately $1.4 billion, based upon the closing price of Stratasys' common stock on April 13, 2012. The transaction will position the combined company as a leader within the high-growth 3D printing and direct digital manufacturing industry.

Under the terms of the agreement, Stratasys will merge with a subsidiary of Objet, and Stratasys shareholders will receive one share of the new combined company for each share of Stratasys common stock they own. Upon closing of the transaction, Stratasys shareholders are expected to own 55 percent and Objet shareholders are expected to own 45 percent of the combined company on a fully diluted basis using the treasury stock method.

Stratasys closed at $41.21 Monday, a gain of 14.54% on 10 times average daily volume.

Fanatics to Acquire Dreams for $3.45 per Share

The Deal:
Dreams, Inc. (NYSE: DRJ) has signed a definitive merger agreement with Fanatics, Inc., a leading online seller of licensed sports products.

The agreement calls for Fanatics to acquire all the outstanding shares of the company for $3.45 per share in cash for an aggregate transaction value of approximately $183 million, taking into account $25 million of outstanding debt. The offer represents a premium of 32.0% over Dreams' closing share price of $2.61 on April 13, 2012, the last trading day prior to this announcement.

The Board of Directors of Dreams has unanimously approved the transaction, which is subject to customary closing conditions, including the approval of Dreams' shareholders and regulatory approvals. The transaction is expected to close in the third quarter of 2012.

Dreams, Inc. closed at $3.40 Monday, a gain of 30.27% on 232 times the average daily volume.

Hearing Kinross Gold Making Bid for Jaguar Mining Assets

The Rumor:
Kinross Gold (NYSE: KGC) is in talks to acquire Jaguar Mining's (NYSE: JAG) exploration and development assets for CAD 6.50 per share. Jaguar has been the subject of several rumors over the past week, including the withdrawal of Shandong Gold's unconfirmed $9.30 per share buyout offer.

Benzinga spoke with representatives of both Jagar Mining and Kinross Gold, but neither would comment on the rumor. The Jaguar spokesperson said the company would not comment during their strategic review process.

Jaguar Mining closed at $3.43 Monday, a loss of 3.11% on 1.5 times the average daily volume.

Hearing Research in Motion Hires Banks to Weigh Options

The Rumor:
Research in Motion (NASDAQ: RIMM) has hired One Canadian bank and one global bank, according to sources to weigh their strategic options. Research in Motions has been the subject of much takeover chatter of the last few months.

A spokesperson for Research in Motion could not be reached for comment.

Research in Motion closed at $13.42 Monday, a gain of 4.11% on slightly more than average volume.

Hearing AMD and Google Are Bidding for MIPS Technologies

The Rumor:
Advanced Micro Devices (NYSE: AMD) and Google (NASDAQ: GOOG) are bidding to acquire MIPS Technologies (NASDAQ: MIPS), according to sources. On April 12, MIPS was rumored to have hired Goldman Sachs as an adviser.

Spokespersons for MIPS Technologies and AMD would not comment on the rumor. A Google representative was not available for comment.

MIPS Technologies closed at $6.28 Monday, a loss of 0.48% on almost 3 times the average daily volume.

Hearing China National Offshore Oil Company in Talks to Acquire Canadian Solar -China Business Media

The Rumor:
China National Offshore Oil Company is in talks to acquire Canadian Solar (NASDAQ: CSIQ), according to China Business Media.

A spokesperson for Canadian Solar was not available for comment.

Canadian Solar closed at $3.54 Monday, a gain of 7.60% on almost twice the average daily volume.

Posted-In: Long Ideas News Short Ideas Rumors Insider Trades M&A Global After-Hours Center

 

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