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Benzinga's M&A Chatter for Monday June 30, 2014

Benzinga's M&A Chatter for Monday June 30, 2014

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday June 30, 2014:

Devon Energy Announces $2.3B Sale Of U.S. Non-Core Assets

The Deal:
Devon Energy (NYSE: DVN) announced Monday that it has agreed to sell all of its non-core U.S. oil and gas properties to Linn Energy (Nasdaq: LINE) (NASDAQ: LNCO) for $2.3 billion, approximately $1.8 billion after tax.

The deal is expected to close in Q3 of 2014.

Devon Energy shares closed Monday at $79.40, a loss of $0.10%. Shares of Linn Energy gained 1.5%, to close at $32.35, while Linn Co gained 2.5%, closing at $31.29.

Twitter Acquires Tap Commerce for Approximately $100M

The Deal:
Twitter (NYSE: TWTR) has acquired mobile ad technology firm Tap Commerce for approximately $100 million. Twitter confirmed the acquisition Monday on it blog. TapCommerce enables real-time mobile ad buying across a newtwork of more than 50,000 apps.

Twitter closed Monday at $40.97, a gain of $0.04.

TreeHouse Foods To Acquire Flagstone Foods For $860M

The Deal:
TreeHouse Foods (NYSE: THS) announced Monday that it will acquire Flagstone Foods from Gryphon Investors and other shareholders for $860 million in cash. The deal is expected to close during Q3 of 2014.

TreeHouse Foods closed Monday at $80.07, a gain of $0.18.

Pinnacle Foods Terminates Deal with Hillshire, Receives $163M Fee

The Termination:
Pinnacle Foods (NYSE: PF) announced Monday, it has exercised its right to terminate the merger agreement with Hillshire Brands (NYSE: HSH) announced on May 12, 2014. Pursuant to the merger agreement, Pinnacle is entitled to receive a cash payment from Hillshire Brands of $163 million as a result of this termination, plus $25 million in additional fees and expenses.

Hillshire withdrew its support for the merger with Pinnacle foods, following receipt of a $63.00 per share offer from Tyson Foods (NYSE: TSN). Pinnacle's best offer was $55.00 per share.

Pinnacle Foods closed Monday at $32.90, a loss of $0.02, while Hillshire gained $0.30 to close at $62.30, and gained $0.35 after-hours.

Isle of Capri Reportedly in Talks to Sell to Gaming and Leisure Properties

The Rumor:
Isle of Capri Casinos (NASDAQ: ISLE) is in advanced talks to sell itself to Gaming and Leisure Properties (NASDQ: GLPI), according to sources as reported by Reuters. Spokespersons for Isle of Capri declined to comment, while Gaming and Leisure Properties did not immediately respond.

Isle of Capri owns and operates 15 gaming and entertainment facilities in Mississippi, Louisiana, Iowa, Missouri, Colorado, Pennsylvania and Florida. Gaming and Leisure Properties operates as a REIT, having been spun off from Penn National Gaming (NASDAQ: PENN) in 2013.

Isle of Capri Casinos closed Monday at $8.56, a gain of 5%, while Gaming and Leisure Properties ended the day up 2%, at $33.97.

Hormel Foods to Acquire Muscle Milk Maker for Approximately $450M

The Deal:
Hormel Foods (NYSE: HRL) announced Monday that it has entered into an agreement to acquire Muscle Milk maker, CytoSport Holdings for approximately $450 million. The deal is expected to close within 30 days.

Hormel Foods closed Monday at $49.35, a gain of $0.30.

Micron Rumored to be Considering Bid for Violin Memory

The Rumor:
Shares of Violin Memory (NASDAQ: VMEM) spiked higher Monday on a report from Deal Reporter, that Micron (NYSE: MU) may be considering a bid. The Deal reported in February that several companies were interested in Violin Memory, prior to its September 2013 IPO. Among the potential suitors mentioned were Hewlett-Packard (NYSE: HPQ), Seagate Technology (NASDAQ: STX), IBM (NYSE: IBM), Samsung (OTC: SSNLF) and EMC (NYSE: EMC).

A spokesperson for Micron declined comment on the rumor, while a VMEM did not respond to a request for comment.

Violin Memory closed Monday at $4.43, a loss of 1%.

Exxon Mobile Rumored to be Offering $115-$120/Share for Apache

The Rumor:
Shares of Apache (NYSE: APA) spiked higher early Monday, on unconfirmed market chatter that Exxon Mobil (NYSE: XOM) could offer $115-$120 per share for Apache, according to sources.

A spokesperson for Apache declined comment. An Exxon Mobil spokesperson was not available for comment.

Apache closed Monday at $100.62, a gain of $0.86.

Cooper Companies to Acquire Sauflon Pharmaceuticals for $1.2B

The Deal:
The Cooper Companies (NYSE: COO) announced Monday, it has entered into definitive agreements to acquire European contact lens and solutions distributor Sauflon Pharmaceuticals, for approximately $1.2 billion. The deal is anticipated to close prior to October 31, 2014.

The Cooper Companies closed Monday at $135.53, a loss of 1%.


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