Market Overview

Benzinga's M&A Chatter for Wednesday January 9, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday January 9, 2013:

Hearing Unconfirmed Renewed Chatter of GE Bid for Joy Global

The Rumor:
General Electric (NYSE: GE) is once again rumored to be making a bid to acquire Joy Global (NYSE: JOY), according to unconfirmed sources. The rumored offer is $78 per share.

GE has been mentioned on several occasions as a potential buyer for Joy. A note from William Blair in September 2012, mentioned GE as a "likely" buyer.

A spokesperson for Joy Global declined comment on the rumor. A GE spokesperson was not available.

Joy Global closed at $67.97 Wednesday, a gain of 1.36% on average volume.

Skullcandy Potential Takeover Target, According to Bloomberg

The Rumor:
Shares of Skullcandy (NASDAQ: SKUL) rose as high as $7.40 Wednesday, on a report from Bloomberg the company could be a takeover target. Sony (NYSE: SNE) was mentioned as a potential buyer for Skullcandy, whose IPO debuted in July 2011.

Skullcandy closed at $7.14 Wednesday, a gain of almost 4% on 3.5 times average volume.

Richard Schulze Still Actively Pursuing Best Buy Bid

The Rumor:
Founder Richard Schulze is still trying to takeover his former company Best Buy (NYSE: BBY), according to Deal Reporter. Schulze has been performing due diligence since January 1, according to a source familiar with the situation.

Schulze offered $24 to $26 to acquire Best Buy on August 6, 2012.

Best Buy closed at $11.59 Wednesday, a loss of almost 2% for the day on average volume.

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

 

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