Market Overview

Benzinga's M&A Chatter for Monday March 5, 2012


The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday March 5, 2012:

Archipelago Learning to be Acquired by PLATO Learning

The Deal:
Archipelago Learning (NASDAQ: ARCL) announced Monday that it has entered into a definitive agreement under which PLATO Learning, a portfolio company of Thoma Bravo, will acquire Archipelago Learning for $11.10 per share in cash, representing an equity value of approximately $291 million. The transaction represents a premium of 23 percent to the closing price of $9.04 on March 2, 2012, and a premium of 17 percent to the company's weighted average trading price for the last twelve months.

The transaction is subject to customary closing conditions, including regulatory approvals and the approval of Archipelago Learning shareholders. A proxy statement with additional information is expected to be filed within approximately four weeks. As a result of the pending transaction, Archipelago Learning has cancelled its fourth quarter and fiscal year 2011 earnings conference call and webcast, which was scheduled for March 13, 2012, and will not be rescheduling this event.

Archipelago Learning closed at $11.09 Monday, a gain of 22.68% on almost 226 times the average daily volume.

Pioneer Natural Resources Announces Acquisition of Carmeuse Industrial Sands

The Deal:
Pioneer Natural Resources Company (NYSE: PXD) announced Monday the Company has signed an agreement with a subsidiary of Carmeuse Holding to acquire its U.S. industrial sands business, Carmeuse Industrial Sands, for approximately $297 million, before normal closing adjustments.

The acquisition will be funded from available cash and is expected to close late in the first quarter or early in the second quarter of 2012.

Pioneer Natural Resources closed at $106.16 Monday, a loss of 2.07% on 1.5 times the average daily volume.

FTC Approves Western Digital - Hitachi Deal with Conditions

The Deal:
Western Digital Corp. (NYSE: WDC) has received approval from the FTC to buy Hitachi Global Storage Technologies (NYSE: HIT). The condition of the purchase is that Western Digital must sell assets to Toshiba Corp. (TOSBF) that Hitachi uses to make and sell desktop hard- disk drives.

The acquisition is valued at $4.5 billion.

Western Digital closed at $38.47 Monday, a loss of 1.18% on slightly more than the average daily volume.

ParkOhio Announces Agreement to Acquire Fluid Routing Solutions

The Deal:
Park-Ohio Industries (NASDAQ: PKOH), announced Monday that it has entered into an agreement to acquire Fluid Routing Solutions, in an all cash transaction valued at $97.5 million.

The transaction is expected to close by March 30, 2012 subject to a number of customary conditions, including the expiration of waiting periods and the receipt of approvals under Hart-Scott-Rodino Antitrust Improvements Act.

Park-Ohio closed at $17.73 Monday, a loss of 1.12% on less than 15,000 shares.

Monster Retains Financial Advisors in Connection with Strategic Alternatives Process

The Advisor:
Monster Worldwide (NYSE: MWW) announced Monday that it has retained Stone Key Partners and BofA Merrill Lynch as financial advisors in connection with its review of strategic alternatives, which was previously announced by the Company on March 1, 2012.

Monster Worldwide closed at $7.52 Monday, a gain of 1.62% on 1.28 times the average daily volume, and traded over $8.00 after-hours.

Hearing Abercrombie & Fitch Retains Deutsche Bank to Explore Strategic Alternatives

The Rumor:
Abercrombie & Fitch (NYSE: ANF) has retained Deutsche Bank as an advisor to assist in a review of strategic alternatives, which may include a sale of company. This according to sources.

A spokesperson for Abercrombie & Fitch was not available for comment.

Abercrombie & Fitch closed at $49.00 Monday, a gain of 1.49% on 88% of the average daily volume.

Posted-In: Long Ideas News Short Ideas Rumors Asset Sales M&A After-Hours Center Movers


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