Benzinga's Weekend M&A Chatter

The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday May 30, through Sunday June 1, 2014: Valeant, Pershing Square Make Revised Offer for Allergan, $72/Share in Cash, 0.83 VRX Shares The Revised Offer:
Valeant Pharmaceuticals VRX announced Friday a revised offer for Allergan AGN of $72.00 in cash and 0.83 shares of Valeant common stock for each share of Allergan common stock outstanding. Additionally, there is a Contingent Value Right for DARPin of up to $25.00 per share. Allergan's largest shareholder, Pershing Square, with a 9.7% stake, has agreed to elect only stock consideration and receive no cash consideration. Pershing Square will exchange their Allergan shares for Valeant shares at a 1.22659 exchange ratio. Allergan acknowledged the revised offer from Valeant and Pershing Square, and said the Allergan Board of Directors will "carefully review and consider it and pursue the course of action that the Board believes is in the best interests of the company and all of its stockholders." Allergan shares gained 5.5% Friday, to close at $167.46. Valeant closed at $131.21, a gain of 1.5%. Element Financial Deal to Acquire PHH Fleet Leasing Unit for About $1.35B, Could be Announced Monday The Rumor:
Shares of PHH PHH moved higher midday Friday, on a report from Reuters that Canada's Element Financial ELEEF could announce a deal to acquire PHH's auto fleet leasing unit for $1.35 billion in cash, as early as Monday, according to sources. PHH confirmed on May 21 that it was in talks regarding a potential sale of PHH Arval. PHH closed Friday at $25.47, a gain of $0.03. Snap-on Acquires Pro-Cut International for $42M in Cash The Deal:
Snap-on SNA announced Friday that it has acquired substantially all of the assets of Pro-Cut International for approximately $42 million in cash. Pro-Cut designs, manufactures and distributes on-car brake lathes, related equipment and accessories used in brake servicing by automotive repair facilities. Snap-on closed Friday at $117.27, a gain of $0.27. Hearing Unconfirmed Marker Chatter of $2.40/Share Offer for Radio Shack from UAE's MAF Group The Rumor::
Shares of Radio Shack RSH spiked higher early Friday, on a rumor that it was an acquisition target of the UAE's MAF Group. On Thursday there was heavy trading in the October $1.5 call. Spokespersons for Radio Shack and MAF were not available for comment. Radio Shack closed Friday at $1.50, a gain of 3.5%.