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Benzinga's M&A Chatter for Wednesday March 30, 2016

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The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday March 30, 2016:

Medivation Working With JP Morgan to Fend Off Takeover

The Rumor:
Shares of Medivation (NASDAQ: MDVN) spiked sharply higher Wednesday, following a Bloomberg report that the company had hired JPMorgan Chase to fight off a potential takeover attempt. Medivation has been the subject of takeover chatter, most recently from Sanofi (NYSE: SNY).

Medivation closed at $37.39, and traded as high as $43.90 after-hours.

McCormick's 65 Pence/Share Cash Offer Rejected by Premier Foods Board

The Rejection:
Premier Foods plc (OTC: PRRFY) said Wednesday, that the revised possible offer of 65 pence in cash per Premier share from McCormick & Company, Inc. (NYSE: MKC) continues to undervalue Premier and its prospects.

Premier's Board is prepared to meet to review documentation and establish whether McCormick will increase its offer price on a deliverable proposal to a recommendable level. \ of McCormick.

McCormick closed at $99.75 on Wednesday, up $0.16.

State Street to Buy GE Asset Management for $485M

The Deal:
State Street Corporation (NYSE: STT) announced Wednesday, that it has agreed to acquire GE Asset Management from GE (NYSE: GE) for up to $485 million in cash. The deal is expected to be completed early in Q3 of 2016.

GE closed at $31.83 on Wednesday, up 1%.

 

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