Benzinga's M&A Chatter for Monday May 4, 2015

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday May 4, 2015:

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Ciena Corporation

announced Monday, it has entered into a definitive agreement to acquire Cyan Inc.

for approximately $400 million in cash and stock. Cyan shareholders will receive consideration equal to the value 0.224 shares of Ciena common stock (89% of which will be delivered in Ciena common stock and 11% will be delivered in cash based on the value of Ciena common stock at closing). This exchange ratio represents $4.75 per share of Cyan common stock, based on Ciena's 20-day volume weighted average price as of May 1, 2015. The transaction is expected to close during Ciena's FY Q4 of 2015. Cyan shares rose 26% Monday, closing at $4.62, while Ciena share closed 1.5% higher at $21.62.

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Furmanite Corporation

announced Monday, that it has received a written non-binding indication of interest from a potential buyer, under which Furmanite stockholders would receive cash for their shares, at a substantial premium to current market prices. The Furmanite Board feels this indication of interest could lead to a binding offer to acquire the Company at a substantial premium, The company is in process of hiring a financial advisor to assist in the evaluation of the proposal and any other strategic alternatives that may be presented. Furmanite shares rose 20% Monday, closing at $8.67.

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CECO Environmental Corp.

and PMFG, Inc.

, announced Monday, that CECO will acquire PMFG for cash and stock valued at $6.85 per share, for approximately $150 million in equity value. The deal is expected to close in Q3 of 2015. PMFG shares rose 39% Monday, closing at $6.42.

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Pinnacle Entertainment, Inc.

confirmed Monday, it is in talks with Gaming and Leisure Properties, Inc.

regarding a potential acquisition of Pinnacle's real estate assets. Goldman Sachs is serving as its financial advisor. Pinnacle said it does not intend to make any additional comments regarding this matter until there is something definitive to report. Pinnacle shares rose more than 1% Monday, closing at $37.56.