Market Overview

Benzinga's M&A Chatter for Wednesday November 18, 2015


The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday November 18, 2015:

Montage Technology Raises Bid for Pericom to $19.00/Share; Offer is Rejected

The Rejected Offer:
Pericom Semiconductor Corporation (NASDAQ: PSEM) announced Wednesday, that its Board of Directors has unanimously rejected the unsolicited revised offer that Pericom received from Montage Technology Group on November 18, 2015 of $19.00 per share. The previous offer had been $18.50 per share.

The Pericom Board determined that Montage's revised offer has significant, including financing, regulatory and other risks, while the $17.75 per share offer from Diodes (NASDAQ: DIOD) has committed financing, from a U.S. bank.

Pericom shares rose 1.36% Wednesday, closing at $17.90.

ON Semiconductor to Acquire Fairchild Semiconductor for $2.4 Billion in Cash

The Deal:
ON Semiconductor Corporation (NASDAQ: ON) and Fairchild Semiconductor International Inc. (NASDAQ: FCS) announced Wednesday, that they have entered into a definitive agreement for ON Semiconductor to acquire Fairchild for $20.00 per share in cash, in a deal valued at approximately $2.4 billion. ON Semiconductor will commence a cash tender offer to acquire Fairchild's outstanding shares of common stock for $20.00 per share, net to each holder in cash.

The deal is expected to close in late Q2 of 2016.

Fairchild Semiconductor shares rose 8.59% Wednesday, closing at $19.40.

Pfizer Said to be Near Deal to Acquire Allergan for Up to $380/Share

The Rumor:
Pfizer Inc. (NYSE: PFE) is in advanced talks to acquire Allergan Plc (NYSE: AGN) for up to $380 per share, according sources as reported by Bloomberg< on Wednesday. A deal could be announced as soon as Monday, say the sources.

Earlier in the day, Allergan shares sold off on a report from Dow Jones that Treasury Secretary Lew had indicated new anti-inversion tax guidance was coming forth, but provided no details.

Spokespersons for Allergan and Pfizer declined comment on the rumor.

Allergan traded as low as $291.50 and high as $325.00 after-hours on Wednesday.

Posted-In: News Rumors M&A Movers


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