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Benzinga's Weekend M&A Chatter

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The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday October 30 through Sunday November 1, 2015:

Microsemi Revises Offer to Purchase PMC-Sierra for $11.88/Share in Cash, Stock

The Offer:
Microsemi Corporation (NASDAQ: MSCC) announced Friday, that it has increased its proposal to acquire PMC-Sierra, Inc (NASDAQ: PMCS) for $11.88 per share in cash and stock, including $9.04 in cash and 0.0771 Microsemi shares for each PMC common share, for an implied enterprise value of $2.3 billion.

PMC-Sierra acknowledged receipt of the revised offer and will determine whether it constitutes a superior offer to $11.60 per all cash offer from Skyworks Solutions, Inc. (NASDAQ: SWKS).

PMCS shares rose 2.5% Friday, closing at $11.92.

KeyCorp to Acquire First Niagara Financial Group for $11.40/Share in Cash, Stock

The Deal:
The Offer:
KeyCorp (NYSE: KEY) and First Niagara Financial Group (NASDAQ: FNFG) announced Friday an agreement, under which KeyCorp will acquire First Niagara for $11.40 per share in cash and stock,

including 0.68 KeyCorp shares and $2.30 in cash, for a total consideration of approximately $4.1 billion.

The deal is expected to close in Q3 of 2016.

First Niagra shares fell 4% Friday to close at $10.38.

Chatter of FitBit Exploring Sale

The Rumor:
Shares of FitBit, Inc (NYSE: FIT) rose Friday, on unconfirmed market chatter that the San Francisco-based manufacturer of wearable fitness-tracking devices has hired a banker to explore a possible sale of the company. Sources mention a potential deal in the $52-$54 range, with Under Armour, Inc. (NYSE: UA), Microsoft Corp. (NASDAQ: MSFT), and Samsung (OTC: SSNLF) mentioned as potential suitors.

FitBit shares rose almost 8% Friday to close at $40.54.

SORL Receives Preliminary Non-Binding Proposal to Acquire the Company for $2.84/Share in Cash

The Offer:
SORL Auto Parts, Inc. (NASDAQ: SORL) announced Friday, that its board of directors from a consortium of Chairman and CEO Xiaoping Zhang, directors Shuping Chi and Xiaofeng Zhang, to acquire all of the outstanding shares of the company not owned by them or their affiliates for $2.84 in cash per share. The consortium members currently own approximately 58.8% of the outstanding shares of SORL. The Board intends to form a special committee to review the proposal.

SORL shares rose 1.3% Friday, closing at $2.33.

 

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Posted-In: M&A News Rumors Movers