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Benzinga's M&A Chatter for Monday October 22, 2012


The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday October 22, 2012: to be Acquired by Permira Funds for $32.00/Share in Cash

The Deal: (NASDAQ: ACOM) and European PE firm Permira, announced Monday that a company owned by the Permira funds and co-investors has entered into a definitive merger agreement to acquire for $32.00 per share in cash in a transaction valued at $1.6 billion. Tim Sullivan,'s President and Chief Executive Officer, and Howard Hochhauser,'s Chief Financial Officer and Chief Operating Officer, will maintain a majority of their equity stakes in the company as part of the transaction. Spectrum Equity will also remain an investor in the company.

The transaction, which is subject to the approval of holders of a majority of the outstanding shares of common stock and other customary closing conditions, is expected to close in early 2013. closed at $31.44 Monday, a gain of 7.75% on 30 times average volume.

Hearing PE Chatter in Auxilium Pharmaceuticals

The Rumor:
Auxilium Pharmaceuticals (NASDAQ: AUXL) is a potential takeover target, according to a report from Deal Reporter on Monday.

A spokesperson for Auxilium Pharmaceuticals was not available for comment.

Auxilium Pharmaceuticals closed at $20.98 Monday, a gain of 2.04% on average volume.

Hearing Chatter of Multiple Bidders for A123 Systems Assets

The Rumor:
Hearing chatter of possible multiple bidders for A123 Systems (NASDAQ: AONE) assets, according to sources. On October 16, A123 reached an agreement to sell its automotive assets to Johnson Controls (NYSE: JCI) for $125 million.

A123 Systems closed at $0.19 Monday, a gain of 53.85% on 5.5 times average volume.

Toyota Industries to Acquire Cascade for $65/Share in Cash

The Deal:
Toyota Industries and Cascade (NYSE: CASC) announced Monday that they have entered into a definitive agreement under which TICO will acquire 100 percent of the shares of Cascade for $65 per share in cash in a transaction valued at $759 million pursuant to a tender offer. The purchase price represents a 23 percent premium over Cascade's volume-weighted average share price for the 60 days ending October 19, 2012.

Under the terms of the agreement, it is anticipated that TICO will commence a tender offer for all of the outstanding shares of Cascade at the price of $65 no later than November 5, 2012. The closing of the tender offer is conditioned upon satisfaction of customary closing conditions, including Cascade's shareholders tendering at least a majority of Cascade's outstanding common shares (on a fully diluted basis) and clearance by applicable regulatory authorities.

Cascade closed at $64.95 Monday, a gain of 17.96% on 41 times average volume.

Hearing Cerberus Working on Takeover Bid for SuperValu

The Rumor:
Hearing Cerbus Capital Management is preparing to bid for SuperValu (NYSE: SVU), according to Reuters. SuperValu reported last week it was undergoing a strategic review process.

SuperValu closed at $3.17 Monday, a gain of 44.75% on 11.5 times average volume.

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


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