Market Overview

Benzinga's M&A Chatter for Friday February 3, 2012


The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday February 3, 2012:

Joy Global Has Reached 97% of International Mining Machinery Shares and Extends Time to Complete Tender

The Deal: Joy Global (NYSE: JOY) announced Friday the extension of the tender offer that its wholly owned Hong Kong subsidiary, Joy Global Asia Limited, is conducting for the shares of common stock it does not currently own of International Mining Machinery Holdings. In the tender offer, which was announced on January 6, 2012, Joy Global Asia Limited offered to purchase the remaining shares of IMM common stock, or approximately 399.7 million shares, for HKD8.50 per share and to cancel all outstanding options to purchase IMM common stock, representing approximately 17.9 million shares, for the amount by which HKD8.50 exceeds the exercise price of each option.

Joy Global closed at $95.71 Friday, a gain of 4.61% for the day on 1.11 times the average daily volume.

Blackstone Considers Leveraged Buyout of Brocade Communications

The Rumor:
Blackstone (NYSE: BX) is considering a leveraged buyout of Brocade Communications (NASDAQ: BRCD), according to sources speaking to Bloomberg. Several private equity firms were mentioned as possible buyers recently, including Blackstone. Oracle (NASDAQ: ORCL) also was rumored to have made an offer of as much as $8.50 per share for Brocade.

Benzinga was in contact with spokespersons for both Brocade and Blackstone, but neither would comment on the report.

Brocade shares closed at $5.91 Friday, a gain of 1.37% for the day on 1.4 times the average daily volume.

KKR to Acquire Boston Scientific Corp

The Rumor:
KKR (NYSE: KKR) to acquire Boston Scientific (NYSE: BSX), according to sources.

Spokespersons for KKR and Boston Scientific were not available for comment.

Boston Scientific closed at $6.03 Friday, a gain of 3.25% for the day on 1.8 times the average daily volume.

Exxon Mobil to Acquire Cobalt International Energy

The Rumor:
Exxon Mobil (NYSE: XOM) to acquire Cobalt International Energy (NYSE: CIE) for $35 per share, according to sources. It was rumored that Cobalt International hired Morgan Stanley as an advisor to handle the transaction.

Spokespersons for Exxon Mobil and Cobalt International Energy could not be reached for comment.

Cobalt International Energy closed at $20.84 Friday, a gain of 4.20% for the day on 1.2 times the average volume.

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