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Benzinga's M&A Chatter for Wednesday December 12, 2012

December 12, 2012 5:59 pm
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The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday December 12, 2012:

Hearing Unconfirmed Chatter of Potential Sanofi Bid for Dendreon

The Rumor:
Sanofi (NYSE: SNY) may bid as much as $10 per share to acquire Dendreon (NASDAQ: DNDN), according to unconfirmed market chatter. Celgene (NASDAQ: CELG) has been mentioned most often in the past as a possible suitor for the maker of Provenge.

Spokesperson for Dendreon and Sanofi were not available for comment.

Dendreon closed at $5.12 Wednesday, a gain of 4% on higher than average volume.

Hearing SPX May Offer $4B for Gardner Denver

The Rumor:
SPX (NYSE: SPW) could offer more than $4 billion to acquire Gardner Denver (NYSE: GDI), according to Reuters. Private equity firms Advent International, KKR (NYSE: KKR) and a consortium of TPG Capital Management and Onex Corp have made all-cash offers, but the SPX offer is much higher, according to sources.

Gardner Denver announced on October 25 that its Board of Directors, working together with its management team and the Company’s financial advisor, Goldman, Sachs, are exploring strategic alternatives, which could include a possible sale or merger. SPX was first mentioned as a potential buyer by Bloomberg on November 7.

Spokespersons for SPX and Gardner Denver declined comment on the report.

Gardner Denver closed at $72.98 Wednesday, a gain of 5% on 5.5 times average volume.

NASDAQ OMX to Acquire Thomson Reuters Businesses for $390M in Cash

The Deal:
NASDAQ OMX (NASDAQ: NDAQ) has made a binding offer to acquire Thomson Reuters (NYSE: TRI) Investor Relations, Public Relations and Multimedia Solutions businesses for $390 million in cash. Thomson Reuters and NASDAQ OMX will begin the information and consultation process with respect to this proposed transaction with all relevant works councils, unions and employee representatives. Upon completion of the employee information and consultation process, NASDAQ OMX expects Thomson Reuters to enter into a definitive purchase and sale agreement in respect of the proposed acquisition. The proposed transaction will also be subject to customary regulatory approvals and is expected to close in the first half of 2013.

Nasdaq OMX Group closed at $24.31 Wednesday, a gain of 3.75% on almost 4 times average volume.

Gilead Sciences to Buy YM Biosciences for $2.95/Share in Cash

The Deal:
Gilead Sciences (NASDAQ: GILD) and YM BioSciences Inc. (NYSE: YMI) announced Wednesday that the companies have signed a definitive agreement under which Gilead will acquire YM for $2.95 per share in cash. The transaction has received the unanimous approval of YM’s Board of Directors, and values YM at approximately $510 million, with YM reporting C$125.5 million in cash and cash equivalents as of September 30, 2012. Gilead plans to fund the acquisition with cash on hand. The transaction is expected to close in the first quarter of 2013.

YM Biosciences closed at $2.88 Wednesday, a gain of 76% on 151 times average volume.

Juniper Networks to Buy Contrail Networks for $176M

The Deal:
Juniper Networks (NASDAQ: JNPR) entered into an acquisition agreement to acquire Contrail Networks in a cash and stock transaction for approximately $176 million. Upon consummation of the acquisition of Contrail, the Company will pay cash in the amount of approximately $57.5 million, net of consideration for Contrail shares already owned by the Company. The Company has also agreed to issue up to an aggregate of 5,819,148 shares of its common stock to the stockholders of Contrail as the remaining portion of the consideration for all of the outstanding equity of Contrail, upon the consummation of the acquisition. The final number of shares of the Company’s common stock to be issued in connection with the acquisition is subject to adjustment based on (i) purchase price adjustment provisions, (ii) continuing service obligations to the Company of certain stockholders of Contrail, and (iii) indemnification obligations of Contrail stockholders after the closing of the acquisition.

Juniper Networks closed at $18.97 Wednesday, a loss of 1% on lower than average volume.

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