Market Overview

Benzinga's M&A Chatter for Tuesday April 16, 2013

Benzinga's M&A Chatter for Tuesday April 16, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday April 16, 2013:

Hearing Unconfirmed Takeover Chatter in Walter Energy

The Rumor:
Shares of Walter Energy (NYSE: WLT) moved off 52-week lows Tuesday on renewed unconfirmed takeover chatter. Warren Buffett is the rumored buyer at $40 per share. Walter Energy is a frequent takeover name.

A spokesperson for Walter Energy was not available for comment.

Walter Energy closed at $20.51 Tuesday, a loss of $0.09 on 1.5 times average volume.

Dell Enters Agreement with Carl Icahn

The Agreement:
Dell (NASDAQ: DELL) announced Tuesday that its Board of Directors has approved an agreement with Carl Icahn, under which Mr. Icahn and affiliated entities have agreed to cap his ownership at 10% of Dell's shares.

Icahn commenting on the agreement said, "like other large Dell shareholders, I continue to believe that the February 5 merger agreement to take Dell private (for $13.65 per share) undervalues Dell and hurts shareholders. My affiliates and I expect to engage in meaningful discussions with other Dell shareholders, discussions that we believe will help to facilitate alternatives to the existing transaction with Michael Dell. In addition, I want to make it very clear that I have retained the absolute right to conduct a proxy fight at Dell. In fact, I have refused to take a $25 million expense reimbursement from Dell as the price of giving up a proxy fight."

Dell closed unchanged Tuesday at $14.04 on lower than average volume.

Atlas Pipeline Partners to Acquire Eagle Ford Midstream Business For $1B from TEAK Midstream

The Deal:
Atlas Pipeline Partners (NYSE: APL) and Atlas Energy (NYSE: ATLS) announced Tuesday that the partnership has executed a definitive agreement to acquire 100% of the equity interests of TEAK Midstream, a privately owned midstream operator, for $1 billion in cash. The transaction is expected to close in the second quarter of 2013.

Atlas Pipeline Partners closed at $35.66 Tuesday, gain of 2% on average volume.

Posted-In: News Rumors M&A After-Hours Center Movers


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