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Benzinga's Weekend M&A Chatter

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Benzinga's Weekend M&A Chatter

The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday October 10 through Sunday October 12, 2014:

Silver Lake Reportedly Decides Against Buying Shutterfly, Snapfish

The Rumor:
Shares of Shutterfly, Inc. (NASDAQ: SFLY) fell more than 6% after-hours Friday, as Bloomberg reported that Silver Lake Management LLC has decided not to pursue acquisitions of Shutterfly, as well as Snapfish from Hewlett-Packard Company (NYSE: HPQ), after failing to reach an agreement, according to a source. Silver Lake had reportedly intended to acquire both photo-sharing sites and combine them.

Shutterfly closed Friday at $46.96, and traded at $43.80 after hours.

CSX Said to Reject Approach from Canadian Pacific

The Rumor:
Canadian Pacific Railway Ltd. (NYSE: CP) has reportedly approached CSX Corp. (NYSE: CSX) about a potential merger, that would create a $62 billion North American railway powerhouse, according to sources, as reported Sunday by WSJ. The approach made in the past week, was rebuffed by CSX, according to people familiar with the matter.

Bill Ackman's Pershing Square Capital Management has a 20% stake in Canadian Pacific.

CSX closed Friday at $29.94, a loss of 2.5%, while Canadian Pacific lost almost 5%, to close at $189.37.

European Commission Approves Liberty Global Recommended Public Offer for Ziggo

The Approval:
Liberty Global plc (NASDAQ: LBTYA) and Ziggo N.V. (OTC: ZIGGY) announced Friday, that Liberty Global has obtained regulatory clearance from the EC for its previously announced recommended public offer to all the outstanding ordinary shares in the capital of Ziggo. As a result, the condition on competition clearance for completion of the Offer, as detailed in the Offer Memorandum dated June 27, 2014 and the U.S. prospectus/offer to exchange dated August 19, 2014, has now been satisfied.

Liberty Global shares rose 9% Friday, to close at $41.90, a loss of 1.5%.

 

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Posted-In: M&A News Rumors Movers