Market Overview

Benzinga's M&A Chatter for Thursday October 23, 2014

Benzinga's M&A Chatter for Thursday October 23, 2014

The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday October 23, 2014:

Cutrale-Safra Submits $14.50/Share Chiquita Bid

The Revised Offer:
Cutrale-Safra announced Thursday, it has submitted to the Chiquita Brands International, Inc. (NYSE: CQB) Board of Directors, a revised offer to acquire all of the outstanding shares of Chiquita for $14.50 per share in cash.

Chiquita confirmed receipt of the revised offer from Cutrale-Safra and will review it. Chiquita's Board unanimously rejected Cutrale-Safra's previous offer of $14.00 per share and reaffirmed its recommendation that Chiquita shareholders vote to approve the agreement between Chiquita and Fyffes plc (OTC: FYFFF).

Chiquita shareholder Wynnefield Capital, who owns a 3.5% stake in the company, issued a statment Thursday, that it views today's updated $14.50 per share offer by Cutrale-Safra as a significant increase in the offer price and affirmed its support for the Cutrale-Safra transaction.

Chiquita Brands closed Thursday at $13.76, a gain of 8%.

Report T-Mobile Shopping Itself

The Rumor:
Shares of T-Mobile US, Inc. (NYSE: TMUS) rose as high as $27.92 on Thursday, on a report from Germany's Manager Magazine, that the number 4 U.S. mobile carrier is shopping itself and is being looked at by companies that include Google (NASDAQ: GOOGL) and América Móvil (NASDAQ: AMOV).

T-Mobile did not respond to a request for comment.

T-Mobile closed Thursday at $27.77, a gain of 2.5%.

DealReporter Says EPIQ Has Interest from PE

The Review:
Shares of Epiq Systems, Inc. (NASDAQ: EPIQ) spiked higher early Thursday, on a report from Deal Reporter that private equity has expressed interest in the global provider of technology-enabled solutions for electronic discovery, bankruptcy, and class action and mass tort administration.

Epiq Systems closed down 1.5% Thursday, at $18.15.

PetSmart Attracts Interest of KKR

The Rumor:
Pet Supply Retailer PetSmart, Inc (NASDAQ: PETM), has reportedly attracted the interest of prviate equity firm Kohlberg Kravis Roberts & Co. L.P. (NYSE: KKR) and others, according to the NY Post. The company confirmed in August, it was exploring strategic alternatives, including a potential sale, on pressure from activist investor, Jana Partners.

PetSmart closed down $0.24 Thursday, at $68.64.


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