Market Overview

Benzinga's Weekend M&A Chatter


The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday, October 14 through Sunday October 16, 2016:

Salesforce CEO Rules Out Twitter Bid

The CEO Interview:

Salesforce (NYSE: CRM) CEO Marc Benioff said Friday, in an interview with Financial Times, that he has "walked away" from a bid for Twitter (NYSE: TWTR). Benioff said Twitter "wasn’t the right fit for us.” Salesforce ruling out a bid for Twitter appears to put an end to months of speculation that a buyer would come forward for the troubled social media company. Salesforce was said to be the last remaining potential bidder for Twitter on a list that had included Google (NASDAQ: GOOGL), Apple (NASDAQ: CRM), AT&T (NYSE: T) and Disney (NYSE: DIS).

Twitter closed at $16.88 on Friday, down 6%.


Report GNC Could be Taken Private

The Rumor:
Shares of GNC (NYSE: GNC) spiked to a high of $21.13 Friday, following a report from DealReporter that the nutrition retailer might be taken private. According to sources, there are at least two potential Chinese buyers looking at GNC. DealReporter mentioned previously that GNC's sale process would begin in September.

GNC closed at 20.25 on Friday, up $0.18.


RBC's David Palmer Says Pinnacle Foods as ConAgra's 'Most Likely Takeover Target'

The Analyst Comments:

Shares of Pinnacle Foods (NYSE: PF) traded higher Friday, as analyst David Palmer of RBC, said the manufacturer of Birds Eye frozen food products was the most likely takeover target for ConAgra (NYSE: CAG). Palmer noted that Pinnacle is ready to sell itself and ConAgra has complete knowledge of Pinnacle's business.

Pinnacle Foods closed at $50.32 on Friday, up 1.45%.


Mentor Graphics Said to be Working with Bank of America to Explore Explore Strategic Aleernatives, Including Potential Sale

The Rumor:
Mentor Graphics Corp (NASDAQ: MENT) is said to be working with Bank of America on exploring strategic alternatives, including a potential sale, according to sources as reported by Reuters on Sunday. Activist investor Elliott Management reported an 8.1% stake in Mentor on September 29, saying its its shares were "deeply undervalued."

Mentor Graphics closed Friday at $27.52, down 1.43%.

Posted-In: M\u0026A News Rumors Management Movers


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