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Benzinga's M&A Chatter for Friday May 31, 2013

Benzinga's M&A Chatter for Friday May 31, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday May 31, 2013:

CBS Acquires TV Guide Digital

The Deal:
CBS (NYSE: CBS) announced Friday it acquired TV Guide Digital, including and TV Guide Mobile properties. Under the terms of the deal, CBS acquired the remaining 50% stake in TV Guide Digital shares from Lionsgate (NYSE: LGF), though CBS and Lionsgate's 50/50 partnership for TVGN cable network will continue.

CBS Corporation closed at $49.50 Friday, a loss of 1.5% on average volume.

American Realty Capital Properties to Acquire $807M GE Capital Portfolio

The Deal:
American Realty Capital Properties (NASDAQ: ARCP) announced Friday that it has entered into an agreement to purchase GE Capital's (NYSE: GE) $807 million portfolio of 471 net lease properties, including assets net leased to tenants who operate IHOP; Jack in the Box; Golden Corral; Burger King; Arby's; Taco Bell; Applebee's; Wendy's; Logan's Roadhouse; and Denny's. These brands comprise approximately 64% of the net operating income of the portfolio.

American Realty Capital Properties closed at $15.23 Friday, a loss of 3.5% on 4 times average volume.

Dell Files Proxy Materials in Connection with July 18 Meeting to Vote on $13.65/Share Dell/Silverlake Bid

The Proxy Filing:
Dell (NASDAQ: DELL) announced Friday that it has filed definitive proxy materials with the SEC in connection with a Special Meeting to be held on July 18, 2013 to approve a transaction under which Founder and CEO Michael Dell in partnership with Silver Lake, will acquire Dell for $13.65 per share in cash. The Special Committee of Dell's Board of Directors issued an open letter to shareholders recommending that shareholders vote to approve the transaction and outlining the reasons for the recommendation.

Shareholder Southeastern Asset Management also issued an open letter to Dell stockholders, urging them not to take any action in response to Dell's proxy materials. Southeastern, along with shareholder Carl Icahn, submitted an alternate bid for Dell on May 10, including a $12 per share cash distribution or $12 in additional shares worth $1.65 per share.

Dell closed at $13.36 Friday, a gain of $0.08 on higher than average volume.

Anheuser-Busch InBev Announces Expiration of Tender Offer for Grupo Modelo Shares

The Tender Offer Expiration:
Anheuser-Busch InBev (NYSE: BUD) announced Friday the expiration of the tender offer by Anheuser-Busch Mexico Holdings, to acquire all outstanding shares of Grupo Modelo not already owned by AB InBev for $9.15 per share in cash. The tender offer expired at 2:00 p.m., Mexico City time, on May 31, 2013.

As of the expiration of the tender offer, a preliminary total of 1,966,744,040 shares had been tendered into and not withdrawn from the tender offer, representing approximately 89% of Modelo's outstanding Series C shares not previously owned by AB InBev. When added to AB InBev's existing ownership interest in Modelo, AB InBev and its affiliates will, following the settlement of the tender offer, own approximately 95% of Modelo's outstanding shares.

Anheuser-Busch InBev closed at $91.92 Friday, a loss of 2.5% on higher than average volume.


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