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Benzinga's Weekend M&A Chatter


The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday April 29 through Sunday May 1, 2016

Rovi Acquiring TiVo for $10.70/Share in Cash, Stock

The Deal:
Rovi Corporation (NASDAQ: ROVI) and TiVo Inc. (NASDAQ: TIVO) announced Friday, that Rovi will acquire TiVo for $10.70 per share in cash and stock for total consideration of approximately $1.1 billion. Rovi will pay $2.75 per share in cash, plus $7.95 per share in shares of common stock of a new holding company that will own both Rovi and TiVo.

The merged company will be known as "TiVo". The transaction is expected to close in Q3 of 2016.

Tivo closed at $9.98 on Friday, up 5.94%. Rovi closed at $17.62 up 1.56%.

Medivation's Board of Directors Unanimously Rejects Sanofi's Unsolicited $52.50/Share Offer

The Rejection:
Medivation, Inc. (NASDAQ: MDVN) announced Friday, that its Board of Directors has unanimously determined that Sanofi's (NYSE: SNY) unsolicited offer of $52.50 per share in cash. The Board said the off substantially undervalues Medivation and is not in the best interests of the company and its stockholders. Medivation noted a return for shareholders since 2009 of 1440%+ and said the proposal is 21% below Medivation's 52-week trading high of $66.40.

Bloomberg reported on Friday that Medivation is seeking at least $65.00 per share and has seen interest from Pfizer (NYSE: PFE), AstraZeneca (NYSE: AZN) and Novartis (NYSE: NVS).

Medivation closed at $57.80 on Friday, up 2.90%.

Yahoo Said to have Short List of 10 Bidders

The Rumor:
Yahoo Inc (NASDAQ: YHOO) is said to have shortlisted approximately 10 bidders for its core Internet assets, according to sources as reported by Reuters on Friday. Ths sources say Verizon Communications Inc (NYSE: VZ) and TPG Capital are among the bidders, most of whom are offering cash, as opposed to a merger with another company.

Liberty Media's John Malone reportedly has proposed a merger with one of his companies.

Yahoo closed at $36.60 on Friday, up $0.01.

Cousins Properties, Parkway Properties Announce Stock-For-Stock Merger

The Deal:
Cousins Properties Incorporated (NYSE: CUZ) and Parkway Properties, Inc. (NYSE: PKY) announced Friday they have entered into a stock-for-stock merger agreement and simultaneous spin-off of the Houston-based assets of both companies into a publicly-traded REIT. Parkway shareholders will receive 1.63 shares of Cousins stock for each share of Parkway stock they own and the combined company will effect a taxable spin-off of HoustonCo via a special dividend distributed pro rata to its shareholders.

The transactions are expected to close in Q4 of 2016.

Parkway Properties shares rose 6.47% on Friday, to close at $16.45. Cousins Properties closed at $10.35 on Friday, down 3.36%.

Halliburton, Baker Hughes Announce Termination of Merger Agreement

The Rumor:
Halliburton Co (NYSE: HAL) and Baker Hughes Inc (NYSE: BHI) announced Sunday that their merger agreement has been terminated, effective April 30. Halliburton Chairman and CEO Dave Lesar said "while both companies expected the proposed merger to result in compelling benefits to shareholders, customers and other stakeholders, challenges in obtaining remaining regulatory approvals and general industry conditions that severely damaged deal economics led to the conclusion that termination is the best course of action.

The DoJ filed suit to block the deal in April over concerns it would cut down on competition in the well drilling and oil construction services industry, leading to higher prices. Halliburton will pay Baker Hughes a termination fee of $3.5 billion by Wednesday, May 4, 2016.

Baker Hughes shares rose 1% on Friday, to close at $48.36. Halliburton closed at $41.31 on Friday, up $0.27.


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Posted-In: M&A News Rumors Movers

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