Market Overview

Benzinga's M&A Chatter for Tuesday March 12, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday March 12, 2013:

FCC Approves T-Mobile USA, MetroPCS Merger

The Approval:
Deutsche Telekom AG (OTC: DTEGY), T-Mobile USA and MetroPCS Communications (NYSE: PCS) announced Tuesday, that the Federal Communications Commission has approved the proposed combination of T-Mobile USA, a wholly-owned subsidiary of Deutsche Telekom, and MetroPCS. On March 5, 2013, MetroPCS announced that the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 had expired.

A Special Meeting of MetroPCS stockholders to vote on matters relating to the proposed combination of MetroPCS with T-Mobile has been scheduled for April 12, 2013. MetroPCS stockholders of record as of the close of business on March 11, 2013 are entitled to vote at the Special Meeting. The combination is expected to close shortly after the Special Meeting.

MetroPCS closed at $10.26 Tuesday, a loss of 2% on higher than average volume.

Report The9 Going Private

The Rumor:
Shares of The9 Limited (NASDAQ: NCTY) surged higher in the pre-market Tuesday, on a report from China Business News that Zhu Jun, chairman and CEO is seeking to raise money from investment banks and private funds in his attempt to take the company private.

A spokesperson for The9 Limited was not available for comment.

The9 Limited closed at $2.80 Tuesday, a gain of 1.5% on 7.5 times average volume.

Report Advent Software Hires Qatalyst Partners to Handle Potential Sale

The Rumor:
Shares of Advent Software (NASDAQ: ADVS) rose sharply higher Tuesday on a report from Reuters the company had hired Qatalyst Partners as part of a sale process.

A spokesperson for Advent Software was not available for comment.

Advent Software closed at $29.64 Tuesday, a gain of 11.5% on 7 times average volume.

Camelot Information Systems Receives 'Going Private' Proposal of $1.85/ADS

The Going Private Proposal:
Camelot Information Systems (NYSE: CIS) announced Tuesday, that its Board of Directors has received a preliminary non-binding proposal letter dated March 12, 2013 from its Chairman and Chief Executive Officer, Mr. Simon Yiming Ma and other officers to acquire all of the outstanding shares of the Company not currently owned by the Buyer Group in a going private transaction for $1.85 per American Depositary Share ("ADS", each ADS representing 4 ordinary shares of the Company) in cash, subject to certain conditions.

The Company's Board of Directors has formed a special committee of independent directors to consider this proposal.

Camelot Information Systems closed at $1.69 Tuesday, a gain of 12.5% on 5 times average volume.

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

 

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