Benzinga's M&A Chatter for Wednesday May 7, 2014

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday May 7, 2014:

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Shares of PNM Resources

surged higher Wednesday, on a report from

that the company may be for sale. The company has hired advisers and reportedly could get as much as $35 per share in a sale, according to sources. A Macquarie Infrastructure Fund is rumored to be a potential buyer. A spokesperson for PNM Resources declined comment when asked by

about the report. PNM Resources closed Wednesday at $28.51, a gain of 8.50%.

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Shares of Gannett

spiked higher briefly on Wednesday, following a report from

that the company is exploring a bid for Cars.com, according to sources. Gannett has reportedly spoken to PE firms about teaming up for a bid for the online car shopping site. A spokesperson for Gannett declined comment when asked by

about the report. A Cars.com spokesperson was not available for comment. Gannett closed Wednesday at $27.08, a gain of $0.09.

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Encana

announced Wednesday, an agreement to acquire approximately 45,500 acres in Karnes, Wilson and Atascosa counties of South Texas from Freeport-McMoRan

for about $3.1 billion. The acreage is in the heart of the Eagle Ford resource play, and generated Q1 2014 production from the acreage of approximately 46,000 barrels per day of total liquids production and 44 million cubic feet per day of natural gas. The deal is expected to close by the end of Q2 of 2014. Encana closed Wednesday at $23.57, a gain of 4%. Freeport-McMoRan closed at $33.99, a gain of $0.15.

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Shares of DirecTV

and Dish Network

rose sharply Wednesday, on a report from

that DirecTV is working with advisers, including Goldman Sachs, on exploring a potential deal with AT&T

, according to sources.

reported on May 1 that AT&T had approached DirecTV regarding a potential acquisition. DirecTV and AT&T have repeatedly declined comment on the reported talks. DirecTV closed Wednesday at $88.25, a gain of 8%.

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Teva Pharmaceutical

is prepared to pay as much as $6 billion for India's Cipla, according to

. Teva has failed in its two previous attempts to acquire Cipla. A spokesperson for Teva declined comment when asked about the rumor. A Cipla spokesperson said there are no plans to sell the company. Teva Pharmaceutical closed Wednesday at $50.38, a gain of 1.5%.

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Google

has acquired Stackdriver,

, as first reported by

. Stackdriver monitors cloud workload performance. Terms of the deal were not disclosed. Google closed Wednesday at $509.96, a loss of 1%.

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Bankrate

has acquired privately held, senior care resource, Caring.com for $54 million in cash. The Caring.com team will join Bankrate. Bankrate closed Wednesday at $15.65, a loss of 7%.