Benzinga's M&A Chatter for Monday September 10, 2012
The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday September 10, 2012:
Hertz Commences Tender Offer to Acquire Dollar Thrifty
Hertz Global Holdings (NYSEL HTZ) commenced a cash tender offer Monday to purchase all outstanding shares of common stock of Dollar Thrifty Automotive Group (NYSE: DTG). As previously announced on August 26, 2012, Hertz and Dollar Thrifty have entered into a definitive merger agreement under which Hertz would acquire Dollar Thrifty for $87.50 per share in cash in a transaction valued at a corporate enterprise value of approximately $2.3 billion.
Upon the successful closing of the tender offer, stockholders of Dollar Thrifty will receive $87.50 per share in cash for each share of Dollar Thrifty common stock.
The tender offer will expire at 12:00 midnight, New York City time, on October 5, 2012 unless extended in accordance with the merger agreement and the applicable rules and regulations of the SEC.
Dollar Thrifty closed at $87.09 Monday, a gain of 0.07% on average volume.
Magellan Petroleum Board Rejects Stratex Offer
Magellan Petroleum Corporation (NASDAQ: MPET) announced Monday that its Board of Directors has carefully considered the unsolicited proposal by Stratex Oil & Gas Holdings (OTC: STTX) that Stratex announced on August 28, 2012. After consulting with its financial and legal advisors, the Magellan Board has determined not to pursue the Stratex proposal. The proposal, as set forth in a letter from Stratex dated August 27, 2012, was a proposal to acquire each outstanding share of Magellan common stock for $0.65 in cash and one share of Stratex common stock, the closing price for which as reported by the OTCQB on August 27, 2012, was $1.65 per share.
Stratex CEO Stephen Funk had no immediate comment on the rejected offer.
Magellan Petroleum Corporation closed at $1.09 Monday, a gain of 0.93% on twice average volume.
Hearing Renewed Takeover Chatter in Monster Worldwide
Monster Worldwide (NYSE: MWW) shares surged higher Monday following a report Friday saying the company would be receiving final bids from a group of companies that may include Microsoft (NASDAQ: MSFT), Oracle (NASDAQ: ORCL), News Corp (NASDAQ: NWSA) and Salesforce.com (NYSE: CRM).
A spokesperson for Monster was not available for comment.
Monster Worldwide closed at $8.15 Monday, a gain of 10.15% on twice average volume.
Hearing Renewed Takeover Chatter in OCZ Technology
OCZ Technology (NASDAQ: OCZ) shares rallied higher late Monday on renewed takeover chatter. Seagate has been mentioned frequently as the rumored buyer.
OCZ Technology closed at $4.73 Monday, a gain of 3.05% on higher than average volume.
Hearing Renewed Takeover Chatter in Ancestry.com
Ancestry.com (NASDAQ: ACOM) was the subject of renewed takeover chatter late Monday. Reuters reported that three private equity firms, Hellman & Friedman, Permira and TPG were still in the running for a buyout of the geneology site's parent company.
A spokesperson for Ancestry.com declined comment.
Ancestry.com closed at $30.98 Monday, a gain of 0.58% on twice average volume.
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