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Benzinga's M&A Chatter for Thursday October 4, 2012

Benzinga's M&A Chatter for Thursday October 4, 2012

The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday October 4, 2012:

Sprint to Make Offer for MetroPCS

The Rumor:
Sprint (NYSE: S) is reported to be preparing a bid for MetroPCS (NYSE: PCS), according to sources. The Sprint board will reportedly meet on Friday October 5 to discuss the offer.

A spokesperson for Sprint would not confirm the report and declined comment. A MetroPCS spokesperson also declined comment.

Deutsche Telekom (OTC: DTEGY) and MetroPCS had announced Wednesday that they had signed an agreement to merge T-Mobile USA and MetroPCS in a deal that included 1.5B in cash plus stock. MetroPCS closed at $12.69 Thursday, a gain of 3.68% on almost 10 times average volume.

BioSante Pharmaceuticals and ANI Pharmaceuticals to Merge

The Deal:
BioSante Pharmaceuticals (NASDAQ: BPAX) and ANI Pharmaceuticals announced Thursday that they have entered into a definitive merger agreement by which the companies will merge in an all-stock transaction, with BioSante as the surviving company.

Under the terms of the agreement, upon completion of the merger, BioSante will issue to ANI stockholders shares of BioSante common stock such that the former ANI stockholders will own approximately 53 percent of the combined company's shares outstanding, and the former BioSante stockholders will own approximately 47 percent, subject to adjustment as provided in the merger agreement.

The merger transaction has been approved by the boards of directors of both companies and currently is anticipated to close in the first quarter of 2013, subject to customary closing conditions.

BioSante Pharmaceuticals closed at $1.60 Thursday, a loss of 11.11% on 2.5 times average volume.

Hearing Chatter Sanofi to Make Offer for Rosetta Genomics

The Rumor:
Sanofi (NYSE: SNY) is looking at Rosetta Genomics (NASDAQ: ROSG) as a possible takeover target, according to sources. The purchase price being mentioned is $12.50 per share.

A spokesperson for Rosetta Genomics had no knowledge of a Sanofi bid.

Rosetta Genomics closed at $5.97 Thursday, a gain of 1.70% on lower than average volume.

Hearing Chatter SanDisk Hires Goldman Sachs as Adviser

The Rumor:
SanDisk (NASDAQ: SNDK) has hired Goldman Sachs as an adviser to explore a sale of the company, according to sources.

A spokesperson for SanDisk was not available for comment.

SanDisk closed at $44.63 Thursday, a gain of 2.30% on average volume.

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


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