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Benzinga's M&A Chatter for Friday November 16, 2012

Benzinga's M&A Chatter for Friday November 16, 2012
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The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday November 16, 2012:

NIKE Sells Cole Haan to Apax Partners for $570M

The Deal:
NIKE (NYSE: NKE) announced Friday it has reached a definitive agreement to sell its Cole Haan affiliate brand to Apax Partners for $570 million. The transaction is expected to be complete in early 2013.

Nike closed at $92.59 Friday, a gain of 1.94% on average volume.

Reckitt Benckiser Offers to Acquire Schiff Nutrition for $42/Share

The Offer:
Reckitt Benckiser Group announced Friday it has commenced a tender offer to acquire Schiff Nutrition (NYSE: SHF) for $42.00 per share in cash, or approximately $1.4 billion.

The tender offer will expire at 9:00 am ET on December 14, 2012, unless extended in accordance with the applicable rules and regulations of the SEC.

The bid tops one of $34/share or $1.2 billion from Bayer (OTC: BAYRY) announced on October 30.

Schiff Nutrition closed at $43.76 Friday, a gain of 29% on 6 times average volume.

Jefferies Note Says Deckers a Takeover Target

The Note:
A note from Jefferies says Deckers Outdoor (NASDAQ: DECK) is a takeover target. The note said "DECK is a quality company with its key asset being the popular UGG brand. While we expect the stock to move higher on improving fundamentals, we believe the recent M&A in the space shows that both strategic and private equity investors now have a real appetite for deals. With DECK extremely undervalued (trading at just 8x earnings, 6x EBITDA and 0.8x P/S) and no love lost by the Street, we think it only makes sense that these players would take a look at the company as well."

A Deckers spokesperson was not available for comment.

Deckers Outdoor closed at $30.94 Friday, a gain of 1.81% on higher than average volume.

TNT Express Sells Airline Operations to Gain EU Approval for UPS Takeover

The Sale:
TNT Express N.V. (OTC: TNTEY) announced Friday the conditional sale of 100% of its equity interest in TNT Airways SA and Pan Air Lineas Areas SA to ASL Aviation Group. The transfer is conditional on and will become effective immediately prior to completion of the proposed UPS-TNT Express merger.

TNT Express is seeking to win EU regulatory approval for its proposed $6.6 billion takeover by United Parcel Service (NYSE: UPS).

TNT Express closed at $8.90 Friday, a gain of 0.86% on light volume.

Cablevision Hires Citigroup, JP Morgan to Handle Bresnan Sale

The Rumor:
Cablevision Systems Corporation (NYSE: CVC) has hired Citigroup and JP Morgan to find buyers for its Bresnan Broadband division, according to sources.

Cablevision acquired Bresnan from Providence Equity Partners for $1.37 billion in 2010.

A spokesperson for Cablevision declined comment on the rumor.

Cablevision closed at $14.02 Friday, a gain of 2.86% on twice average volume.

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

 

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