Market Overview

Benzinga's M&A Chatter for Monday April 22, 2013


The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday April 22, 2013:

ABB to Acquire Power-One for $6.35/Share in Cash

The Deal:
ABB (NYSE: ABB) and Power-One (NASDAQ: PWER) announced Monday that their boards of directors have agreed to a transaction in which ABB will acquire Power-One for $6.35 per share in cash or $1.028 billion. The transaction is expected to close in the second half of 2013.

Power-One closed at $6.33 Monday, a gain of 56% on 52 times average volume.

CECO Environmental to Acquire Met-Pro for $13.75/Share

The Deal:
CECO Environmental (NASDAQ: CECE) announced Monday it has entered into a definitive agreement to acquire Met-Pro Corporation (NYSE: MPR) in a cash and stock transaction valued at approximately $210 million, or $13.75 per share, including $7.25 per share in cash and $6.50 per share in CECO common stock.

The completion of the acquisition is subject to approval of CECO and Met-Pro shareholders.

Met-Pro closed at $13.38 Monday, a gain of 39% on 52 times average volume.

IBM Acquires UrbanCode

The Deal:
IBM (NYSE: IBM) announced Monday it has acquired UrbanCode, a Cleveland, Ohio company which automates the delivery of software, helping businesses quickly release and update mobile, social, big data, cloud applications.

Terms were not disclosed.

IBM closed at $187.83 Monday, a loss of 1% on 2.5 times average volume.

Hearing Unconfirmed Chatter of Potential Microsoft Bid for Nuance Communications

The Rumor:
Renewed takeover chatter circulated in Nuance Communications (NASDAQ: NUAN) Monday. Microsoft (NASDAQ: MSFT) was the rumored buyer today with a potential bid of $32 per share, according to sources. Nuance has been rumored to have hired Goldman Sachs as an advisor. Carl Icahn reported a 9.27% passive stake in Nuance on April 1.

A Microsoft spokesperson declined comment on the rumor. A Nuance spokesperson was not available for comment.

Nuance Communications closed at $21.04 Monday, gain of 3% on average volume.

Hearing Unconfirmed Chatter of Qihoo 360 Hiring Goldman Sachs as an Advisor

The Rumor:
Qihoo 360 (NASDAQ: QIHU) was rumored Monday to have hired Goldman Sachs as an advisor to handle a potential bid from Tencent (OTC: TCEHY).

Spokespersons for Qihoo 360 and Tencent were not available for comment.

Qihoo 360 closed at $32.20 Monday, gain of 1% on lower than average volume.

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


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