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Benzinga's M&A Chatter for Thursday May 23, 2013

Benzinga's M&A Chatter for Thursday May 23, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday May 23, 2013:

rue21 to be Acquired by Apax Partners for $42.00/Share in Cash

The Deal:
rue21 (NASDAQ: RUE) and Apax Partners, announced Thursday, a definitive agreement under which funds advised by Apax Partners will acquire rue21 for $42.00 per share in cash. That will value the transaction at approximately $1.1 billion. As part of the agreement, a Special Committee will conduct an initial 40-day "go-shop" process during which it will actively solicit, evaluate and potentially enter into negotiations with any parties willing to offer a superior acquisition proposal.

rue21 closed at $41.96 Thursday, a gain of 23% on 45 times average volume.

Hearing Renewed Takeover Chatter in Harris Teeter

The Rumor:
Harris Teeter (NYSE: HTSI) was the subject of renewed takeover chatter on. Dow Jones reported that Cerberus and Bain could be pursuing bids for the supermarket operator. Kroger (NYSE: KR) and Ahold have also been mentioned as potential buyers.

A Harris Teeter spokesperson Referred to a press release of February 13, where they indicated hiring JP Morgan as an advisor and confirmed they were approached by two private equity firms.

Harris Teeter Supermarkets closed at $45.66 Thursday, a gain of $0.28 on twice average volume.

Hearing Ashland Hires Citigroup as Advisor

The Rumor:
Ashland (NYSE: ASH) has been rumored to have hired Citigroup as an advisor to help in a potential sale, according to Deal Reporter.

A spokesperson for Ashland declined comment on the rumor.

Ashland closed at $89.10 Thursday, a gain of $0.28 on average volume.

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


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