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Benzinga's M&A Chatter for Friday December 14, 2012

December 15, 2012 10:23 am
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The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday December 14, 2012:

Hearing SPX Deal for Gardner Denver Could be Announced Next Week

The Rumor:
SPX’s (NYSE: SPW) bid to acquire Gardner Denver (NYSE: GDI) could be announced next week, according to the Deal Reporter. Reports have been circulating that the offer from SPX will exceed $4 billion.

A block of 2,000 April 80 GDI call contracts were traded Friday at $1.10 following that report.

Spokespersons for the two companies were not available for comment.

Gardner Denver closed at $73.32 Friday, a gain of 1.85% on 3 times average volume.

Best Buy Extends Bid Window for Schulze to February 1 to February 28

The Extension:
Best Buy (NYSE: BBY) shares plunged Friday after the company and founder Richard Schulze announced that they have agreed to amend the terms of their August 26, 2012 agreement that allowed Mr. Schulze access to certain due diligence information and permission to form an investment group in furtherance of making a fully financed proposal with respect to a Qualified Offer.

Best Buy and Mr. Schulze have mutually agreed that Mr. Schulze will have the opportunity to deliver the proposal to the Board of Directors on or after February 1, 2013 through February 28, 2013. The Board would, within 30 days, review and take a position on any such offer, consistent with its fiduciary duties and in the best interests of shareholders.

Best Buy closed at $12.05 Friday, a loss of over 14% on almost 5 times average volume.

Hearing Unconfirmed Market Chatter of Possible Samsung Bid for SanDisk

The Rumor:
Samsung (OTC: SSNLF) is preparing to make a bid for SanDisk (NASDAQ: SNDK) of as much as $65 per share, according to unconfirmed market chatter. SanDisk was rumored to have hired Goldman Sachs as an adviser to explore strategic alternatives back in October.

Spokespersons for SanDisk and Samsung were not available for comment.

SanDisk closed at $42.67 Friday, a loss of 1% on average volume.

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