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Benzinga's M&A Chatter for Tuesday April 23, 2013

Benzinga's M&A Chatter for Tuesday April 23, 2013

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

MEMSIC to be Acquired by IDG-Accel China Capital II, L.P. and Affiliates for $4.225/Share in Cash

The Deal:
MEMSIC (NASDAQ: MEMS) announced Tuesday that it has agreed to be acquired by IDG-Accel China Capital II, L.P. and its affiliates MZ Investment Holdings Limited and MZ Investment Holdings Merger Sub Limited for $4.225 per share in cash. Affiliates of IDG currently hold approximately 19.5% of the company's outstanding common stock. IDG and its affiliates will acquire all the outstanding shares of common stock of MEMSIC that are not currently owned by them, including shares underlying outstanding in-the-money equity awards, for approximately $88.5 million.

The transaction is expected to close during Q1 2013.

MEMSIC closed at $4.07 Tuesday, a gain of 50% on 21 times average volume.

Hearing Chatter New Oriental Education Near Going Private Deal

The Rumor:
Shares of New Oriental Education (NYSE: EDU) moved higher Tuesday on unconfirmed chatter the company may be close to deal to be taken private. A note from 86 Research on March 16, said EDU could receive a "going private" bid. On December 17, 2012, there was chatter of a possible LBO at $30 per share.

A spokesperson for New Oriental Education was not available for comment.

New Oriental Education closed at $19.00 Tuesday, a gain of 6% on twice average volume.

Hearing Chatter of Potential China Investment Corporation Stake in Cliff's Natural Resources

The Rumor:
Shares of Cliff's Natural Resources (NYSE: CLF) rallied early Thursday on report of a potential stake by China Investment Corporation. Cliff's shares are coming off recent 52-week lows.

Spokespersons for Cliff's and China Investment Corporation were not available for comment.

Cliffs Natural Resources closed at $17.32 Tuesday, a loss of almost 2% on 1.5 times average volume.

Report Delphi, Continental to Bid For Johnson Controls Divisions

The Rumor:
Shares of Johnson Controls (NYSE: JCI) traded higher Tuesday on a report from Bloomberg that Delphi Automotive (NYSE: DLPH) and Continental AG (OTC: CTTAY) have submitted offers for the company's automotive electronics unit. The deal could be around $1.2 billion, according to sources.

A Johnson Controls spokesperson declined comment on the rumor, referring to Tuesday's earnings report which mentioned that the sale process was "in its early stages" and the company "expects to provide an update within the next three to four months."

Johnson Controls closed at $33.49 Tuesday, gain of 1% on average volume.

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


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