Market Overview

Benzinga's M&A Chatter for Tuesday March 20, 2012


The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday March 20, 2012:

Symantec to Acquire Nukona

The Deal:
Symantec (NASDAQ: SYMC) announced Tuesday it has signed a definitive agreement to acquire Nukona, a privately-held provider of mobile application management. The acquisition extends Symantec's enterprise mobility portfolio to include a cross-platform mobile application protection solution to help IT organizations protect and isolate corporate data and applications across both corporate owned and personally owned devices. The transaction is expected to close in April and is subject to customary closing conditions. The financial terms of the acquisition are not being disclosed.

Symantec closed at $18.30 Tuesday, a loss of 0.11% on 78% of the average daily volume.

Glencore to buy Canada's Viterra

The Deal:
Glencore International (GLNCY) and Viterra (VTRAF) announced Tuesday that they have signed a definitive agreement pursuant to which Glencore has agreed to acquire all of the issued and outstanding shares of Viterra for C$16.25 per share in cash by way of a court approved plan of arrangement. The transaction price represents a premium of 48% over Viterra's closing share price on the Toronto Stock Exchange of C$10.98 on 8th March 2012, the day prior to Viterra's announcement that it had received expressions of interest regarding a potential transaction, and 55% over Viterra's 20-trading day volume weighted average trading price of C$10.48 per share ending on 8th March 2012. The transaction values Viterra's equity at approximately C$6.1 billion on a fully diluted basis. The transaction will be funded out of Glencore's existing cash resources and available credit facilities.

Viterra closed at $16.03 Tuesday, a loss of 0.74% on 8 times the average daily volume.

Agrium to Acquire Viterra's Agri-Products Business from Glencore

The Deal:
Agrium (NYSE: AGU) announced Tuesday it has entered into a definitive agreement with Glencore International to acquire the majority of Viterra's Agri-products business upon completion of Glencore's recently announced supported acquisition of Viterra.

Under the agreement, Agrium would acquire approximately 90 percent of Viterra's Canadian retail facilities, all of its Australian retail facilities, as well as their minority position in a nitrogen facility located in Medicine Hat, Alberta. The acquisition price from Glencore is approximately $1.15-billion plus working capital, in a back-to-back purchase and sale arrangement. Average working capital needed for this business is estimated to be approximately $0.5-billion. In 2011, Viterra's total Agri-products business generated $2.4-billion in revenue and $244-million in EBITDA according to Viterra's annual report.

Agrium closed at $88.27 Tuesday, a gain of 1.76% on almost twice the average daily volume.

Hearing Novartis' Sandoz Unit to Acquire Hospira

The Rumor:
Sandoz, a unit of Novartis (NYSE: NVS) is rumored to be purchasing Hospira (NYSE: HSP), according to sources.

A Novartis spokesperson would not comment on the rumor. A Hospira spokesperson was not available for comment.

Hospira closed at $37.33 Tuesday, a loss 0.08% on average volume.

Hearing Blackstone, Apollo Bidding for Monster Worldwide

The Rumor:
Blackstone Group (NYSE: BX) and Apollo Global Management (NYSE: APO) are both bidding for Monster Worldwide (NYSE: MWW), according to sources. Monster has been a frequent takeover name and the company announced on March 6 it was retaining Stone Key Partners LLC and BofA Merrill Lynch as advisers.

Spokespersons for Monster Worldwide and Blackstone Group could not be reached for comment. A spokesperson for Apollo declined comment.

Monster Worldwide closed at $9.40 Tuesday, a loss of 2.59% on slightly more than average volume.

Hearing Leonard Green Takes Big Stake in Abercrombie & Fitch, Eyes Buyout

The Rumor:
Abercrombie & Fitch (NYSE: ANF) is a takeover target of Leonard Green and he has taken a large stake in the company in preparation of the buyout, according to sources. A similar rumor appeared on March 14.

Spokespersons for Abercrombie & Fitch and Leonard Green were not available for comment.

Abercrombie & Fitch closed at $52.89 Tuesday, a gain of 1.46% on 81% of the average daily volume.

Hearing Renewed Takeover Chatter in Aeropostale

The Rumor:
Aeropostale (NYSE: ARO) has been mentioned as a possible takeover target once again, according to sources. The stock was last mentioned to have buyer interest back in December.

A spokesperson for Aeropostale was not available for comment.

Aeropostale closed at $20.78 Tuesday, a gain of 2.41% on average volume.

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