Market Overview

Benzinga's M&A Chatter for Tuesday December 4, 2012


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

Yahoo Buys OnTheAir

The Deal:
Yahoo (NASDAQ: YHOO) purchased video chat startup OnTheAir, as reported by the company on its web site.

Terms were not disclosed.

Yahoo closed at $18.93 Tuesday, a gain of 2% on higher than average volume.

Icahn Tender offer for Oshkosh at $32.50/Share Expires

The Expiration:
Icahn Enterprises announced Tuesday that its tender offer for Oshkosh Corporation (NYSE: OSK) at $32.50 per share, expired at 12:00 midnight, New York City time, on December 3, 2012. Approximately 22% of the shares were tendered. No shares were purchased, and all shares previously tendered and not withdrawn will be promptly returned.

Icahn stated: "We have said in a number of communications to shareholders since the outset of this tender offer that we would not extend our offer unless at least 25% of the outstanding shares are tendered in the offer. Therefore, we are returning all tendered shares and we will not extend the offer."

Oshkosh closed at $28.96 Tuesday, a loss of almost 4% on more than twice average volume.

Baxter Acquires Gambro for $4B

The Deal:
Baxter International (NYSE: BAX) has entered into a definitive agreement to acquire Gambro for approximately $4.0 billion. The transaction will be financed through a combination of cash generated from overseas operations and debt. Baxter expects to maintain its current dividend payout ratio of approximately 40 percent. The closing of the transaction is subject to regulatory approvals and other customary closing conditions and is expected to occur in the first half of 2013.

Baxter International closed at $65.22 Tuesday, a loss of $0.58 on average volume.

Sprint Reportedly Won't Make Counteroffer for MetroPCS

The Rumor:
Sprint (NYSE: S) reportedly will not make a counterbid for MetroPCS (NYSE: PCS), according to Reuters. Guggenheim Securities analyst Shing Yin had said on November 30, Sprint could offer as much as $13 per share for MetroPCS, topping a $1.5 billion cash and stock deal from Deutsche Telekom (OTC: DTEGY) that would merge MetroPCS into T-Mobile.

MetroPCS closed at $9.96 on Tuesday, a loss of 7.50% on higher than average volume.

Unconfirmed Market Chatter of Leonard Green Buying All of DSW

The Rumor:
Private Equity firm Leonard Green & Partners was rumored Tuesday to be making an offer of to acquire all of DSW (NYSE: DSW), according to unconfirmed market chatter. The company did confirm a stake in DSW.

Spokespersons for DSW and Leonard Green were not available for comment.

DSW closed at $70.52 Tuesday, a gain of 4% on 3.5 times average volume.

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


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