Benzinga's M&A Chatter for Wednesday February 27, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday February 27, 2013: Coach Shares Move Higher on 'Unsubstantiated' Reports Company is for Sale The Rumor:
Coach COH shares traded higher Wednesday on a Deal Reporter story that the company is for sale. Shares traded as high as $49.00 during the day. A spokesperson for Coach said the company does "not comment on speculation or rumors, particularly unsubstantiated ones." Coach closed at $47.82 Wednesday, a gain of almost 3% on 2.5 times average volume. Corvex, Related Companies Conditionally Raise Bid to $27/Share for Commonwealth REIT The Offer:
Corvex and Related sent a letter to the Board of Commonwealth REIT CWH Wednesday, offering to raise their bid to $27 per share, subject to "(1) your immediate cancellation of your plans to complete an equity offering and (2) you engaging in good faith discussions with us within the next 48 hours to discuss our proposal and a path forward." Commonwealth REIT reaffirmed its planned tender offer announced February 25. Commonwealth REIT closed at $22.51 Wednesday, a loss of 7.75%, and traded an additional 3% lower after-hours Optimer Pharmaceuticals Commences Strategic Review The Strategic Review:
The Board of Optimer Pharmaceuticals OPTR announced Wednesday that it has commenced a process to explore a full range of strategic alternatives. In connection with this process, the company has engaged J.P. Morgan and Centerview Partners as its financial advisers and Sullivan & Cromwell LLP as its legal adviser. Optimer Pharmaceuticals closed at $12.13 Wednesday, a gain of 13% on almost almost 7 times average volume. Hearing Renewed Market Chatter in Cliffs Natural The Rumor:
Cliff's Natural CLF was the subject of renewed takeover chatter on Wednesday. Cliffs was rumored in October 2012 to have hired Deutsche Bank as an adviser to handle potential bids. In April 2012, Anglo American AAUKY was rumored to be offering $95.75 per share to acquire Cliffs. Cliffs Natural Resources closed at $25.91 Wednesday, a gain of $0.10 on Average Volume. Report Flowers Foods to Acquire Wonder Bread and Other Hostess Brands for $360M The Rumor:
Flowers Foods FLO will buy Wonder Bread and some other brands owned by Hostess for $360 million, according to Reuters. A spokesperson for Flowers Foods was not available for comment. Flowers Foods closed at $28.32 Wednesday, a gain of 2% on Average Volume.