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Benzinga's M&A Chatter for Tuesday January 26, 2015


The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday January 26, 2015

Nexstar to Announce Deal to Acquire Media General for ~$2.3B

The Rumor:
Nexstar Broadcasting (NASDAQ: NXST) is said to be about to sign an agreement to acquire Media General for approximately $2.3 billion, according to a report by the NY Post late Monday.

Bloomberg reported Tuesday that Meredith (NYSE: MDP) would step aside and allow the deal, according to a source. Meredith would receive the $60 million termination fee it negotiated and the right to purchase some divested assets from Nexstar and Media General.

Meredith and Media General declined comment, while Nexstar was not immediately available for comment.

Media General closed at $16.13 on Tuesday up 3.53%. Nexstar rose 3.74%, closing at $49.14. Meredith closed at $38.90, up 4.63%.

Leidos to Merge with Lockheed Martin Information Systems & Global Solutions Business

The Deal:
Leidos Holdings Inc. (NYSE: LDOS) announced Tuesday, it has agreed to combine with Lockheed Martin's (NYSE: LMT) Information Systems & Global Solutions business in a transaction valued at $5.0 billion, in a Reverse

Morris Trust transaction.

Lockheed Martin shareholders will receive approximately 50.5% of Leidos shares, on a fully diluted basis, and pre-transaction Leidos shareholders will own the balance of the combined company's shares.

The transaction is expected to close in H2 of 2016.

Leidos closed at $48.83 on Tuesday, down 9%.

Huntington Bancshares to Merge With FirstMerit Corporation

The Deal:
Huntington Bancshares Incorporated (NASDAQ: HBAN) and FirstMerit Corporation (NASDAQ: FMER) announced Tuesday, a definitive merger agreement under which FirstMerit Corporation will merge into Huntington in a stock and cash transaction valued at approximately $3.4 billion. FirstMerit will merge with a subsidiary of Huntington Bancshares, and FirstMerit Bank will merge with and into The Huntington National Bank.

FirstMerit shareholders will receive 1.72 shares of Huntington common stock, and $5.00 in cash, for each share of FirstMerit common stock.

The transaction is expected to be completed in Q3 of 2016.

FirstMerit closed at $18.19 on Tuesday, up 18.35%.

Terex Corporation Confirms Receipt of Unsolicited Proposal from Zoomlion

The Unsolicited Proposal:
Terex Corporation (NYSE: TEX) confirmed Tuesday, that it has received an unsolicited, non-binding acquisition proposal from Zoomlion Heavy Industry Science and Technology Co. to acquire all of the outstanding shares of Terex for $30.00 in cash, subject to Chinese regulatory approval and Zoomlion shareholder approval.

Terex and Konecranes had announced a merger agreement in August 2015. Terex shareholders were to receive 0.8 Konecranes shares for each Terex share.

Konecranes Board acknowledged being notified by Terex regarding the non-binding conditional proposal by Zoomlion Heavy Industry Science and Technology Co. to acquire Terex. The Konecranes Board said Konecranes will continue to pursue the merger of equals with Terex as planned.

Terex closed at $20.50 on Tuesday, up 36.58%.

Posted-In: M&A News Rumors Management Movers


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