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


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

Seagate Buys Xyratex for $13.25/Share in Cash

The Deal:
Seagate Technology (NASDAQ: STX) and Xyratex (NASDAQ: XRTX) announced Monday, an agreement under which Seagate will acquire all outstanding shares of Xyratex for $13.25 per share in cash, or approximately $374 million, including approximately $80 million in cash on Xyratex's balance sheet as of August 31, 2013.

The deal is expected to close mid-calendar year 2014.

Xyratex closed Monday at $13.30, a gain of 27%.

Boulder Brands Acquires EVOL Foods for $48M

The Deal:
Boulder Brands (NASDAQ: BDBD) announced Monday, it acquired 100% of the equity interests of Phil`s Fresh Foods, LLC, owner of EVOL Foods, for $48 million.

Boulder Brands closed Monday at $16.05, a gain of more than 5.5%.

Jos. A Bank Rejects $55.00/Share Men's Wearhouse Bid

The Rejection:
Jos. A. Bank Clothiers (NASDAQ: JOSB) announced Monday, that after thorough consideration by its Board of Directors, it has rejected the $55.00 per share proposal it received on November 26, 2013, from The Men's Wearhouse (NYSE: MW). The company's Board of Directors concluded that offer from Men's Wearhouse significantly undervalued Jos. A. Bank and it is reviewing all alternatives regarding potential strategic acquisition opportunities that would enable the Company to drive significant value for shareholders.

Men's Wearhouse responded with surprise at the rejected proposal. Men's Wearhouse said: "While it is our strong preference to work collaboratively with Jos. A. Bank to realize the benefits of this transaction, we are continuing to carefully consider all of our options to make this combination a reality, including nominating director candidates at Jos. A. Bank's next annual meeting of shareholders."

Jos. A. Bank closed Monday at $56.29, a loss of $0.74. Men's Wearhouse lost $0.38, closing at $51.63.

Engility to Acquire Dynamics Research Corporation for $11.50/Share in Cash

The Deal:
Engility Holdings (NYSE: EGL) and Dynamics Research Corporation (NASDAQ: DRCO) announced Monday that they have agreed that Engility will acquire DRC for $11.50/share in cash. The deal is expected to close during Q1 2014.

Dynamics Research Corporation closed Monday at $11.46, a gain of 58%.

Posted-In: News Management M&A Movers


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