Market Overview

Benzinga's M&A Chatter for Wednesday June 12, 2013

Benzinga's M&A Chatter for Wednesday June 12, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday June 12, 2013:

Safeway to Sell its Canadian Operations to Sobeys for C$5.8 Billion

The Deal:
Safeway (NYSE: SWY) announced Wednesday that it has entered into an agreement to sell its Canadian operations to Sobeys for C$5.8 billion in cash, plus the assumption of certain liabilities. The proceeds from the sale are expected to be used to pay down $2.0 billion of debt plus buy back shares.

The transaction is expected to close in Q4 2013.

Safeway closed at $23.11 Wednesday, and traded over $32.00 after-hours.

Apollo Tyres to Acquire Cooper Tire & Rubber for $35.00/Share

The Deal:
Apollo Tyres and Cooper Tire & Rubber Company (NYSE: CTB) announced Wednesday the execution of a merger agreement under which a wholly-owned subsidiary of Apollo will acquire Cooper Tire for $35.00 per share in cash. The transaction is valued at approximately $2.5 billion.

The deal is expected to close in the second half of 2013.

Cooper Tire & Rubber closed at $34.66 Wednesday, a gain of 41% on 44 times average volume.

Hearing Deal Reporter Says Nook Deal with Microsoft Not Happening

The Rumor:
Shares of Barnes & Noble (NYSE: BKS) spiked lower in late trading on Wednesday on a Deal Reporter story that Microsoft (NASDAQ: MSFT) may not be buying the assets of Nook Media. TechCrunch reported on May 9 that Microsoft could pay $1 billion for the digital assets of Nook Media.

Nook Media is a partnership between Barnes & Noble and Microsoft involving software, content, and devices using the Nook Digitial brand, plus BKS' college business.

Barnes & Noble closed at $21.30 Wednesday, a loss of 6% on average volume

Posted-In: News Rumors M&A Movers


Related Articles (BKS + CTB)

View Comments and Join the Discussion!