Market Overview

Benzinga's M&A Chatter for Wednesday March 6, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday March 6, 2013:

Report Best Buy Founder Schulze Wants to Sell His Stake

The Rumor:
Best Buyer (NYSE: BBY) founder, wants to sell his stake in the company, according to Deal Reporter. Schulze, who owns a 20% stake in the electronics retailer, failed in his attempt to take the company private.

Schulze and his spokesperson were not available for comment.

Best Buy shares fell on the report and closed at $18.75 Wednesday, a gain of almost 2% on 2.5 times average volume.

Report Icahn Accumulates 6% Stake in Dell

The Rumor:
Investor Carl Icahn has reportedly taken a 6% stake in DELL (NASDAQ: DELL), according to a report from CNBC. By taking the 100 million share stake, Icahn is attempting to block founder Michael Dell's attempt to take the company private for $3.65 per share.

Earlier in the day, in a 14A filing, the Dell board stated "the Special Committee unanimously determined that the sale of the Company would be the best alternative for stockholders. We negotiated aggressively to ensure that stockholders received the best possible value and agreed to a $13.65 per share transaction that provides value certainty at a 37% premium above the average price for the 90 days before rumors regarding the transaction surfaced."

Shareholder Southeastern Asset Management is reportedly considering looking for a partner in its attempt to block the Dell takeover. Hewlett-Packard (NYSE: HPQ) has also shown an interest in Dell, according to sources.

Dell closed at $14.32 Wednesday, a gain of $0.25 on 1.5 times average volume.

Johnson Controls Surges Higher on Report of Potential Unit Sale

The Sale Exploration:
Shares of Johnson Controls (NYSE: JCI) spiked sharply higher Tuesday afternoon on a report from Reuters that the company was looking to sell its automotive interiors business.

The company later issued a statement indicating that it had no intention to sell its automotive interiors business, but it had "retained JPMorgan to explore the potential divestiture of its automotive electronics business segment." That process is in its early stages.

Johnson Controls closed at $32.63 Wednesday, a gain of 2.5% on 6.5 times average volume.

Hearing Chatter of Apple Interest in Akamai

The Rumor:
Akamai Technologies (NASDAQ: AKAM) reportedly has attracted the attention of Apple (NASDAQ: AAPL), according to unconfirmed market chatter. Other companies previously rumored to have an interest in Akamai include Google (NASDAQ: GOOG), AT&T (NYSE: T), and Verizon (NYSE: VZ).

An Akamai spokesperson declined comment on the rumor.

Akamai Technologies closed at $37.53 Wednesday, a gain of $0.04 on average volume.

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

 

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