Market Overview

Benzinga's M&A Chatter for Tuesday November 6, 2012

The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday November 6, 2012:

Hearing Statoil Offer for Whiting Petroleum

The Rumor:
Whiting Petroleum (NYSE: WLL) has been approached by Statoil (NYSE: STO) with a bid of $65 per share, according to sources. Whiting has reportedly hired Bank of America as an adviser to handle the sale process. The Bank of America hiring was first rumored by Deal Reporter on September 13.

A spokesperson for Whiting declined comment on the report. A Statoil spokesperson was not available for comment.

Whiting Petroleum closed at $43.10 Tuesday, a gain of 1.92% on higher than average volume.

Hearing Chevron Making Offer for Devon Energy

The Rumor:
Chevron (NYSE: CVX) has offered $67.50 per share to acquire Devon Energy (NYSE: DVN), according to sources. Morgan Stanley is rumored to have been hired by Devon as an adviser on the deal.

Spokespersons for Devon and Chevron were not available for comment.

Devon Energy closed at $59.62 Tuesday, a gain of 3.10% on almost twice average volume.

Hearing Chatter of Disney Talks with Hasbro

The Rumor:
Disney (NYSE: DIS) is rumored to be in takeover talks with Hasbro (NYSE: HAS), according to MTV Geek. Disney just announced a $4.05 billion acquisition of Lucasfilm and the Star Wars franchise last week.

CNBC's David Faber said Hasbro sources indicated they were not aware of talks with Disney.

Hasbro closed at $37.79 Tuesday, a gain of 4.48% on 5 times average volume.

MIPS Technologies Sells Patent Properties to Group Including Arm Holdings for $350M

The Deal:
MIPS Technologies (NASDAQ: MIPS) announced Tuesday it has entered into separate definitive agreements with Bridge Crossing LLC, a group that includes Arm Holdings (NASDAQ: ARMH), and Imagination Technologies Group plc with net proceeds of approximately $7.31 per share in cash to each holder of MIPS common stock. The total value of the transaction represents a 40% premium to the closing price on April 11, 2012, the day prior to the first public rumor of a potential sale of MIPS.

Bridge Crossing will acquire 498 of MIPS' total 580 patent assets for gross proceeds of $350 million. MIPS will retain the remaining 82 patent properties that are directly relevant and key to the MIPS architecture, and will also be granted a royalty-free, perpetual license under all of the patent properties sold to Bridge Crossing.

MIPS Technologies closed at $7.22 Tuesday, a gain of 2.85% on twice average volume.

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

 

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