Market Overview

Benzinga's M&A Chatter for Wednesday March 13, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday March 13, 2013:

Priceline.com, KAYAK Proposed Merger Under Review by UK Office of Fair Trading

The UK Review:
KAYAK Software (NASDAQ: KYAK) Priceline.com (NASDAQ: PCLN) announced Wednesday that the parties have been informed by the UK Office of Fair Trading that the administrative deadline for the OFT's review of the merger of KAYAK with Priceline.com is expected to be in May 2013.

The closing of the merger will take place once the remaining conditions to closing have been satisfied. KAYAK and priceline.com will announce the closing date of the proposed merger and the election deadline for KAYAK stockholders to specify the type of consideration they wish to receive once those dates have been set. In accordance with the merger agreement, the election deadline will be 5:00 pm on the date that is 5 business days preceding the closing date.

Priceline.com closed at $715.230 Wednesday, a loss of $6.51 on lower than average volume. Kyak closed at $40.64, a loss of $0.08 on lower than average volume.

Hearing Market Chatter of Foreign Bid for Western Digital

The Rumor:
Shares of Western Digital (NASDAQ: WDC) moved higher Wednesday morning on unconfirmed market chatter of a potential bid from a foreign buyer.

A spokesperson for Western Digital declined comment on the rumor.

On Tuesday Western Digital announced that Skyera had received strategic funding from Western Digital Capital as part of its recently announced Series B round of financing and that Western Digital Capital co-invested in the $51 million round.

Western Digital closed at $50.39 Wednesday, a gain of $0.40 on average volume.

National Financial Partners Exploring Sale

The Sale Exploration:
National Financial Partners (NYSE: NFP) confirmed Wednesday, that as a result of indications of interest it has received from private equity firms, its Board of Directors has formed a committee of independent directors, and is exploring the possibility of a sale of the Company. The Company cannot predict whether it will enter into a transaction and does not intend to comment further at this time.

National Financial Partners closed at $22.13 Wednesday, a gain of 10% on 9 times average volume.

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

 

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