Market Overview

Benzinga's M&A Chatter for Monday August 11, 2014

Benzinga's M&A Chatter for Monday August 11, 2014

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday August 11, 2014:

Cutrale Group, Safra Group Propose to Acquire Chiquita Brands for $13/Share in Cash

The Counteroffer:
The Cutrale Group and the Safra Group announced Monday, a proposal to acquire 100% of the outstanding shares of Chiquita Brands (NYSE: CQB) for $13.00 per share in cash. The proposal was made in a letter to Chiquita's Chairwoman, Kerrii Anderson.

Chiquita acknowledged receipt of the offer and advised shareholders to take no action at this time, awaiting the Board's recommendation.

Chiquita and Ireland's Fyffe's (OTC: FYFFF) had announced a merger agreement on March 10 in an all-stock transaction. A spokesperson for Fyffe's was not available for comment on today's counter offer.

Chiquita Brands shares closed Monday at $13.10, a gain of 30%.

Valueact Says Valeant Does Not Need to Buy Allergan

The Shareholder Statement:
Shares of Allergan (NYSE: AGN) dropped to the lows Monday, on comments from shareholder ValueAct's CEO Jeff Ubben, in an interview with Reuters. The Valeant (NYSE: VRX) shareholder said he does not believe the company needs to acquire Allergan and could trade as high as $140 per share in a year as a standalone company. Ubben said a prolonged bidding war for Allergan could be harmful to Valeant.

Valeant announced on June 18, it had offered $72.00 per share plus 0.83 Valeant shares per Allergan share.

Valeant closed at $107.25 Monday, a loss of 1.76%. Allergan shares lost 2%, to close at $153.39.

Renewed Takeover Chatter in Pandora

The Rumor:
Shares of Pandora (NYSE: P) surged higher Monday, on renewed takeover chatter. Deal Reporter said Amazon (NASDAQ: AMZN), Google (NASDAQ: GOOGL) and Yahoo (NASDAQ: YHOO) are again rumored as potential buyers of the streaming music service.

Pandora closed Monday at $26.38, a gain of more than 4%.

Report Intermune Considering Strategic Options

The Rumor:
Shares of Intermune (NASDAQ: ITMN), spiked higher Monday, on a report from blog Betaville, that the biotech company had hired Evercore Partners to explore strategic options.

A spokesperson for Intermune was not available for comment.

Intermune closed Monday at $44.71, a gain of almost 4%.

Posted-In: News Rumors Management M&A Movers


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