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Benzinga's M&A Chatter for Tuesday December 29, 2015


The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday December 29, 2015: Announces Shareholders Approve Merger

The Approval: International Ltd. (NASDAQ: DATE) announced Tuesday, that shareholders voted in favor of the proposal to authorize and approve the previously announced merger agreement dated December 7, 2015 among, LoveWorld Inc. and FutureWorld Inc., a wholly-owned subsidiary of Parent , pursuant to which Merger Sub will be merged with and into the Company with the Company continuing as the surviving company.

The merger is expected to be completed in Q1 of 2016. closed at $7.4 on Tuesday, unchanged.

Bridgestone Won't Make Counter Offer for Pep Boys

The Offer:
Bridgestone Americas, Inc. announced Tuesday, that Bridgestone Retail Operations, LLC will not present a counter offer for Pep Boys (NYSE: PBY). Bridgestone was responding to the most recent proposal from Icahn Enterprises L.P. (NYSE: IEP) of $18.50 per share, announced Monday.

Pep Boys closed at $18.94 on Tuesday, and traded down 3% after-hours.

Fairchild Semiconductor Receives Offer from Party G Group of $21.70/Share in Cash

The Offer:
Fairchild Semiconductor International, Inc. (NYSE: FCS) reported in a filing Tuesday, that on December 28, 2015, the company received a revised, unsolicited proposal from Party G Group to acquire all of the outstanding common stock of Fairchild for $21.70 per share in cash, subject to the completion of additional due diligence and the negotiation of definitive transaction agreements). The Party G Group offer is structured as a two-step tender offer, with a list of conditions, which include receipt of CFIUS approval and receipt of certain regulatory approvals from the State Sponsor's jurisdiction.

Fairchild acknowledged receipt of the proposal from Party G Group and will carefully review and consider it.

Fairchild's board of directors has not changed its recommendation in support of the merger agreement with ON Semiconductor Corporation (NASDAQ: ON), to acquire all of the outstanding shares of Fairchild common stock for $20.00 per share in cash.

Fairchild Semiconductor closed at $20.01 on Tuesday, and traded up 3% after-hours.


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