Market Overview

Benzinga's M&A Chatter for Thursday November 29, 2012

Benzinga's M&A Chatter for Thursday November 29, 2012
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The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday November 29, 2012:

Hearing Unconfirmed Chatter Richard Schulze May Not Have Funding for Best Buy Acquisition

The Rumor:
Shares of Best Buy (NYSE: BBY) spiked lower Thursday morning on chat room chatter Richard Schulze may not have the funding in place to buy the company he founded. Schulze had originally offered $24 to $26 per share for Best Buy in August, but shares have fallen sharply from the $20 level at the time of the offer.

A spokesperson for Best Buy declined comment on the rumor.

Best Buy closed at $12.95 Thursday, a loss of 3% on twice average volume.

Hearing Supervalu Sale Talks with Cerberus Stall

The Rumor:
Supervalu (NYSE: SVU) sales talks with Cerberus have stalled, according to a report from Bloomberg. Cerberus has been rumored to be in talks to acquire Supervalu and to possibly merge its operations with Albertsons.

A Supervalu spokesperson said its previously announced strategic review process was continuing and there is active dialogue with several potential buyers.

Supervalu closed at $2.28 Thursday, a loss of 18% on 3 times average volume.

Cisco to Acquire Cariden for $141M

The Deal:
Cisco (NASDAQ: CSCO) announced Thursday its intent to acquire privately held Cariden Technologies, Inc., a Sunnyvale, Calif.-based supplier of network planning, design and traffic management solutions for telecommunications service providers.

Under the terms of the agreement, Cisco will pay approximately $141 million in cash and retention-based incentives in exchange for all shares of Cariden. The acquisition is subject to various standard closing conditions and is expected to be completed in the second quarter of Cisco's fiscal year 2013.

Cisco closed at $19.01 Thursday, a gain of 1% on lower than average volume.

Whiting Petroleum No Longer Pursuing Sale

The Rumor:
Whiting Petroleum (NYSE: WLL) is no longer pursuing a sale of the company, according to WSJ. Whiting was rumored to have been approached by Statoil (NYSE: STO) with a bid of $65 per share, according to sources. Whiting had reportedly hired Bank of America as an adviser to handle the sale process, according to Deal Reporter.

A spokesperson for Whiting declined comment on the WSJ report.

Whiting Petroleum closed at $40.94 Thursday, a loss of 3% on 2.5 times average volume.

FTC Approves Starbucks Acquisition of Teavana

The Deal:
The U.S. FTC has approved the merger of Starbucks (NASDAQ: SBUX) and Teavana Holdings (NYSE: TEA). Starbucks agreed on November 14 to acquire Teavana for $15.50 per share in cash.

Teavana closed at $14.23 on Thursday, unchanged on twice average volume.

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


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