Market Overview

Benzinga's M&A Chatter for Wednesday September 5, 2012


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

Susquehanna Note Says Wells Fargo Should Buy Discover Financial

The Note:
A note Wednesday out of Susquehanna said Wells Fargo (NYSE: WFC) should consider buying Discover Financial Services (NYSE: DFS). Discover recently made a deal with eBay's (NASDAQ: EBAY) PayPal to begin processing transactions for the online payment site.

A spokesperson for Discover declined comment on the note. A Wells Fargo spokesperson was not available for comment.

Discover Financial Services closed at $37.91 Wednesday, a loss of 2.17% on higher than average volume.

Bernstein Note Says Dendreon Worth $10.50 in Takeover

The Note:
A Bernstein note Wednesday has Dendreon (NASDAQ: DNDN) on its short list of high probability takeover targets for 2012, with a valuation of $10.50. Dendreon has been mentioned frequently as a takeover target, with Celgene (NASDAQ: CELG) usually the rumored buyer.

A Dendreon spokesperson was not available for comment.

Dendreon closed at $4.88 Wednesday, a loss of 2.01% on lower than average volume.

General Growth Properties Seeking to Hire Adviser

The Rumor:
General Growth Properties (NYSE: GGP) board is seeking to hire an adviser, following pressure from investor Bill Ackman to put the company up for sale. The report comes from sources speaking to Reuters.

It is not known if the adviser will assist the board in locating a buyer or will be hired as a defensive measure.

General Growth Properties closed at $20.98 Wednesday, a gain of 1.06%, and traded above $21.00 after-hours.

Hearing Chatter Dell May Have Interest in Qlogic

The Rumor:
Dell (NASDAQ: DELL) may have an interest in acquiring Qlogic (NASDAQ: QLGC), according to sources. The purchase price is said to be as much as $18.00 per share.

A Qlogic spokesperson was not aware of the chatter. A Dell spokesperson could not be reached for comment.

Qlogic closed at $12.18 Wednesday, a loss of 1.22% on average volume.

Keegan Resources Says Company Has Talked with Potential Buyers

The Talks:
Keegan Resources (NYSE: KGN) has been in talks with junior and mid-tier companies for a possible partnership, joint venture or a buyout, according to spokesperson Erick Bertsch.

Keegan's Esaase Gold Project in Southwest Ghana could yield as much as 5 million ounces of gold. The project will cost the company $260 million, with operating costs estimated at $700 per ounce.

Keegan Resources closed at $4.00 Wednesday, a gain of 2.56% on 4 times average volume.

Hearing Renewed Takeover Chatter in Monster Worldwide

The Rumor:
Monster Worldwide (NYSE: MWW) was the subject of renewed takeover chatter on Wednesday, according to sources. PE firm General Atlantic was mentioned as the rumored buyer.

LinkedIn (NYSE: LNKD) has previously been mentioned as a possible buyer, but they have denied any interest.

A Monster Worldwide spokesperson was not available for comment.

Monster Worldwide closed at $7.55 Wednesday, a gain of 6.34% on almost 4 times average volume.

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