Benzinga's M&A Chatter for Friday July 5, 2013
The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday July 5, 2013:
Michael Dell, Silver Lake to Rule Out Raising Bid for Dell
Shares of Dell (NASDAQ: DELL) sold off Friday on a report from Bloomberg that founder Michael Dell and Silver Lake will not be raising their bid for the PC company above the $13.65 offer.
In a presentation released in a 14A filing Friday, Dell said Icahn/Southeastern's sum-of-the-parts valuation of $22.34 per share implies unrealsitic multiples. The presentation indicated a shareholder rejection of the Michael Dell/Silver Lake bid could send the Dell share price to $5.85.
Dell shareholders are scheduled to vote on the Michael Dell/Silver Lake proposal on July 18.
Dell closed at $13.03 Friday, a loss of 2% on 2.5 times average volume.
FCC Approves SoftBank's Investment in Sprint, Sprint's Acquisition of Clearwire
The Federal Communications Commission announced Friday that it has voted unanimously to approve the applications filed by SoftBank (OTC: SFTBY), Sprint (NYSE: S) and Clearwire (NASDAQ: CLWR) related to their transactions announced last year.
Clearwire's shareholders are scheduled to vote on the Sprint offer of $5.00 per share on July 8th.
Clearwire closed at $5.00 Friday, unchanged on lower than average volume. Sprint closed at $7.16, a loss of $0.03 on lower than average volume
Kid Brands Sells Russ and Applause Brands for $1.25M
Kid Brands (NYSE: KID) announced Friday that, on June 30, 2013, the company sold the "Russ" and "Applause" trademarks for $1.25 million. The brands were retained by the company when it sold its gift business in 2008.
Kid Brands closed at $1.63 Friday, a gain of 1.87% on light volume.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.