Market Overview

Benzinga's M&A Chatter for Monday September 23, 2013


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

BlackBerry Enters into Letter of Intent with Fairfax Financial-Led Consortium to be Acquired for $9/Share in Cash

The Letter of Intent:
BlackBerry Limited (NASDAQ: BBRY) announced Monday a letter of intent from a consortium to be led by Fairfax Financial to acquire the Canadian mobile phone manufacturer for $9 per share in cash in a transaction valued at approximately $4.7 billion. Fairfax, currently owns approximately 10 percent of BlackBerry's common shares.

The BlackBerry Board approved the terms of the letter of intent. The deal is subject to due diligence and the diligence period ends on November 4, 2013.

BlackBerry closed at $8.82 Monday, a gain of 1% on 4 times average volume, following Friday's selloff on disastrous preliminary Q2 results.

Report Dollar General to Bid for Family Dollar

The Rumor:
Shares of Family Dollar (NYSE: FDO) spiked higher Monday, on an article released Sunday in the Tennessean and circulated in the market on Monday, reporting that Dollar General (NYSE: DG) could bid as much as $100 per share for the Matthews, NC retailer.

A Family Dollar spokesperson declined comment on the rumor. A Dollar General Spokesperson was not available for comment.

Family Dollar closed at $74.03 Monday, a gain of 1%.

Nasdaq Shares Spike on Rumor of LSE Bid

The Rumor:
Shares of Nasdaq OMX Group (NASDAQ: NDAQ) surged higher Monday morning on a tweet from Charlie Gasparino of Fox Business News that the LSE had cancelled an investor day event, leading to a rumor they were possibly preparing a bid for Nasdaq. Later the LSE confirmed that an analyst day was cancelled and not an investor day. CNBC later reported the rumor was false.

A Nasdaq spokesperson declined comment on the rumor.

Nasdaq OMX Group closed at $32.06 Monday, a loss of $0.02.

Yongye International Enters into Merger Agreement

The Deal:
Yongye International (NASDAQ: YONG) announced Monday that the Company has agreed to merge with Full Alliance International Limited and Yongye International Merger Sub Limited. Under the agreement, each of the Company's shares of common stock issued and outstanding immediately prior to the effective time of the Merger will be converted into the right to receive $6.69 in cash.

The deal is expected to close before the end of Q1 2014.

Yongye International closed at $6.28 Monday, a gain of 5%.

Posted-In: News Rumors M&A Global Movers


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