Benzinga's M&A Chatter for Thursday June 14, 2012

June 14, 2012 6:25 pm
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Benzinga's M&A Chatter for Thursday June 14, 2012

The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday June 14, 2012:

Quest Software Announces Receipt of Superior Proposal

The Offer:
Quest Software (NASDAQ: QSFT) announced Thursday the receipt of a proposal from a strategic bidder to acquire all of the outstanding shares of Quest common stock for $25.50 per share in cash.

Following the recommendation of the special committee of independent directors established by the Company’s Board of Directors, the Company’s Board of Directors determined that the proposal constitutes a Superior Proposal, as such term is defined in the Agreement and Plan of Merger dated March 8, 2012. In making its recommendation, the Special Committee consulted with its independent financial advisors and outside legal counsel.

Quest is a party to the Insight Merger Agreement among Quest and affiliates of Insight, pursuant to which Insight agreed to acquire all of the unaffiliated outstanding shares of Quest for $23.00 per share in cash. In accordance with the Insight Merger Agreement, Quest provided notice to Insight on Thursday, June 14, 2012 of the Board’s determination that the proposal from the bidder constitutes a Superior Proposal.

Dell (NASDAQ: DELL) was reported to be the strategic bidder late Thursday, but they would not confirm the report.

Quest Software closed at $26.06 Thursday, a gain of 9.20% on almost twice the average daily volume.

Arkansas Best Agrees To Acquire Panther Expedited Services

The Deal:
Arkansas Best Corporation (NASDAQ: ABFS) announced Thursday it has entered into a definitive agreement to acquire Panther Expedited Services from Fenway Partners LLC, a leading middle market private equity firm. The total transaction value is approximately $180 million, subject to post-closing adjustments, with all of Panther’s outstanding debt being repaid as part of the transaction. The acquisition is scheduled to close on or about June 15, 2012, subject to customary conditions, including the funding of a new term loan agreement for Arkansas Best.

Arkansas Best Corporation closed at $11.62 Thursday, a gain of 6.02% on 4 times the average daily volume.

Hearing Renewed Takeover Chatter in Patriot Coal

The Offer:
Patriot Coal (NYSE: PCX) was the subject of renewed takeover chatter on Thursday. No specific potential buyers were mentioned, but there is talk of private equity interest in Patriot and possibly other smaller coal companies.

A spokesperson for Patriot Coal was not available for comment.

Patriot Coal closed at $1.19 on Thursday, a loss of 4.03% on 1.5 times the average daily volume.

Hearing Chatter of Microsoft Interest in Glu Mobile

The Rumor:
Microsoft (NASDAQ: MSFT) is looking at Glu Mobile (NASDAQ: GLUU) as a means of getting into the mobile gaming space, according to sources. The purchase price is rumored to be around $7 per share.

Glu Mobile closed at $4.68 on Thursday, a gain of 5.41% on slightly more than average volume.

Hearing Chatter of Siemens Bid for Cree

The Rumor:
Siemens (NYSE: SI) is offering $35.50 per share to purchase Cree (NASDAQ: CREE), according to sources. Cree is the subject of frequent takeover chatter and the company reportedly hired Goldman Sachs earlier this year to located a buyer at around $40 per share.

A spokesperson for Cree declined comment on the report. A Siemens spokesperson was not available.

Cree closed at $22.91 on Thursday, a loss of 0.61% on lower average volume.

Hearing Renewed Chatter Huntsman Seeking Buyer

The Rumor:
Huntsman (NYSE: HUN) once again is rumored to have hired Bank of America as an adviser to explore strategic options, including locating a buyer. On April 9, Dow Chemical (NYSE: DOW) was rumored to have offered $21.50 to acquire Huntsman.

A spokesperson for Hunstsman was not available for comment.

Huntsman closed at $12.96 on Thursday, a gain of 9.23% on 4.5 times the average daily volume.

Hearing Chatter Kinross Gold Has Hired an Adviser to Find a Buyer

The Rumor:
Kinross Gold (NYSE: KGC) has hired an adviser to find a buyer, according to dealReporter. Kinross was rumored to be in talks to acquire Jaguar Mining’s (NYSE: JAG) exploration and development assets for CAD $6.50 back in April.

A spokesperson for Kinross would not comment on the story.

Kinross Gold closed at $8.70 on Thursday, a gain of 5.71% on 1.7 times the average daily volume.

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