Market Overview

Benzinga's M&A Chatter for Monday December 19, 2011


Here are the M&A deals and chatter for Monday December 19, 2011. Benzinga Pro reported them in real-time as they occurred:

BI-LO to Acquire Winn-Dixie

The Deal: BI-LO to acquire Winn-Dixie (NASDAQ: WINN) for $9.50 per share in cash.

Under the terms of the definitive agreement, BI-LO will acquire all of the outstanding shares of Winn-Dixie stock in the merger. Winn-Dixie shareholders will receive $9.50 in cash per share of Winn-Dixie common stock, representing a premium of approximately 75% over the closing price of Winn-Dixie common stock on December 16, 2011.

The merger will create an organization of approximately 690 grocery stores and 63,000 employees in eight states throughout the southeastern United States.

Winn-Dixie shares traded in a range of $9.15 to $9.32 Monday, on 60 times the average daily volume. Winn-Dixie Shares closed at $9.24, a gain of 70% for the day.

Tangoe Acquires ProfitLine

The Deal: Tangoe (NASDAQ: TNGO) acquires privately-held ProfitLine for $23.5 million.

Tangoe announced that it has acquired privately held ProfitLine, in a transaction that closed today, December 19, 2011. Under the terms of the acquisition agreement, Tangoe will pay approximately $23.5 million in cash, $14.5 million of which was paid upon closing, $4.5 million of which will be paid in 12 months, and $4.5 million of which will be paid in 18 months.

Roche to Acquire Inhibitex

The Rumor: Roche Holding (RHHBY) to acquire Inhibitex (NASDAQ: INHX) for between $23.00 and $28.00 per share.

M&A chatter has been brewing in Inhibitex since the company released positive Hepatitis-C trial data on November 29. Benzinga placed calls into both Inhibitex and Roche, but did not receive a reply.

Inhibitex shares traded Monday in a range of $10.45 to $11.49 on almost twice the average daily volume and closed at 10.54, a gain of 1.5% for the day.

Bristol-Myers Squibb to Acquire Elan

The Rumor: Bristol-Myers Squibb (NYSE: BMY) to Acquire Elan (NYSE: ELN) for $16.00 per share.

The subject of frequent takeover rumors and just as many denials, Elan did not return calls from Benzinga.

Elan shares traded in a range of $11.85 to $12.60 Monday on more than 3 times the average daily volume. Elan closed just off the highs of the day at $12.57, a gain of more than 6% for the day.

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