Market Overview

Benzinga's M&A Chatter for Wednesday February 20, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday February 20, 2013:

Harvest Natural Resources Terminates Agreement to Sell Interests in Venezuela

The Deal Termination:
Harvest Natural Resources (NYSE: HNR) announced Wednesday that the Share Purchase Agreement (SPA) between PT Pertamina and HNR Energia B.V., a wholly-owned subsidiary of Harvest, for the purchase of Harvest's interests in Venezuela for $725 million has been terminated as a result of the Government of Indonesia, in its capacity as sole shareholder of PT Pertamina (Persero), voting not to approve the transaction. The SPA, announced on June 21, 2012, had also been subject to, among other things, the approval of the Government of the Bolivarian Republic of Venezuela and a majority of Harvest's stockholders.

Harvest Natural Resources closed at $5.45 Wednesday, a loss of 40% on 20 times average volume.

OfficeMax, Office Depot Merge in All-Stock Deal

The Deal:
OfficeMax (NYSE: OMX) and Office Depot (NYSE: ODP) confirmed Wednesday the signing of a definitive merger agreement under which the companies would combine in an all-stock merger of equals transaction intended to qualify as a tax-free reorganization. Under the terms of the agreement, OfficeMax stockholders will receive 2.69 Office Depot common shares for each share of OfficeMax common stock.

Shares of both stocks surged higher in the pre-market, along with shares of Staples (NASDAQ: SPLS), on a reported earlier than planned release of the press release announcing the deal.

OfficeMax closed at $12.09 Wednesday, a loss of 7% on 28 times average volume. Office Depot closed at $4.18 Wednesday, a loss of almost 17% on 21 times average volume.

Iconix Brand Group Acquires Lee Cooper for $72M in Cash

The Deal:
Iconix Brand Group (NASDAQ: ICON) announced Wednesday that it has acquired Lee Cooper for $72 million in cash. The brand was acquired through the Company's Luxembourg subsidiary, Iconix Luxembourg Holdings Sarl.

Iconix Brand Group closed at $23.68 Wednesday, a loss of 3.5% on 3 times average volume.

Millennial Media to Acquire Metaresolver

The Deal:
Millennial Media (NYSE: MM) announced Wednesday that it has signed a definitive agreement to acquire San Francisco-based Metaresolver, a privately held mobile media buying and targeting platform, in an all-cash transaction. The closing of the acquisition is subject to the satisfaction of various customary closing conditions. The Metaresolver team will continue to be based out of San Francisco.

Millennial Media closed at $8.95 Wednesday, a loss of 37% on 20 times average volume.

Hearing Chatter of Atlas Copco Bid for Joy Global

The Rumor:
Joy Global (NYSE: JOY) was once again the subject of takeover chatter on Wednesday with Atlas Copco (OTC: ATLKY) the rumored buyer this time. Speculation centered around an update call for bond investors.

Atlas Copco said the call was only an update call. A spokesperson for Joy Global was not available for comment.

Joy Global closed at $65.25 Wednesday, a gain of 2.5% on 4.5 times average volume.

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

 

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