Benzinga's M&A Chatter for Wednesday November 7, 2012
The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday November 7, 2012:
Hearing Richard Schulze Could Bid for Best Buy Next Week
A bid for Best Buy (NYSE: BBY) could come from founder Richard Schulze next week, according to the Star Tribune. Reportedly the bid will be in the range of $18 to $19 per share. Schulze had made an offer of $24 to $26 for Best Buy on August 6.
A spokesperson for Best Buy was not available for comment.
Best Buy closed at $15.47 Wednesday, a gain of 3.48% on 1.5 times average volume.
Adtran Cancels Out of Conference; Sparks Takeover Rumors
Adtran (NASDAQ: ADTN) has cancelled out of a Needham conference on Wednesday, leading to chatter the company may be for sale. The company later said the cancellation was due to an illness.
Adtran closed at $18.03 Wednesday, a gain of 2.91% on 3.5 times average volume.
Hearing Nexen-CNOOC Deal Could be Completed by Christmas
CNOOC's (NYSE: CEO) takeover of Nexen (NYSE: NXY) could be approved by the Canadian government by Christmas, according to Deal Reporter. CNOOC offered $27.50 per share for Nexen on July 23, 2012, but since then there have been concerns that the deal would be blocked.
Spokespersons for the two companies were not available for comment.
Nexen closed at $23.83 Wednesday, a loss of 1.04% on higher than average volume.
Illumina Shares Spike Higher on Renewed Takeover Chatter
Shares of Illumina (NASDAQ: ILMN) rose as high as $52.22 Wednesday, following renewed takeover chatter. Roche (OTC: RHHBY) had bid $51.00 per share for Illumina back in April, an offer which was rejected. Rumors of higher offers persist, including one for $60 per share last month.
A spokesperson for Illumina said there was no company news to account for the spike in the share price. A spokesperson for Roche declined comment on Illumina, but said "it's part of Roche's overall strategy to evaluate opportunities in the form of assets or technologies that complement or further strengthen our own innovation capabilities."
Illumina closed at $48.21 Wednesday, a gain of 1.11% on twice average volume.
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