Benzinga's M&A Chatter for Wednesday January 2, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday January 2, 2013:
Avis to Acquire Zipcar for $12.25/Share in CashThe Deal

Avis Budget Group
and Zipcar
announced Wednesday that Avis Budget Group has agreed to acquire Zipcar for $12.25 per share in cash, a 49% premium over the closing price on December 31, 2012, representing a total transaction value of approximately $500 million. The transaction is subject to approval by Zipcar shareholders and other customary closing conditions, and is expected to be completed in the spring of 2013. The Boards of Directors of both companies unanimously approved the transaction, and Zipcar shareholders representing approximately 32% of the outstanding common stock have agreed to vote their shares in support of the transaction. Zipcar closed at $12.18 Wednesday, a gain of 47% on 32 times average volume.
Molycorp is a Takeover Target According to SourcesThe Rumor

could be a takeover target, according to a report by
on Tuesday, citing several analyst notes . Shares of the Greenwood Village, CO rare earth company rose as high as $11.37 Wednesday on the report. A spokesperson for Molycorp declined comment on the report. Molycorp closed at $10.39 Wednesday, a gain of 10% on 3 times average volume.
Hearing Takeover Chatter in Energy XXIThe Rumor

Energy XXI
was the subject of takeover chatter on Wednesday, according to
Deal Reporter
. A spokesperson for Energy XXI declined comment on the rumor. Energy XXI closed at $32.99 Wednesday, a gain of 2.5% on 1.5 times average volume.
Questcor Pharmaceuticals to Acquire BioVectra for C$50MThe Deal

Questcor Pharmaceuticals
announced Wednesday that it has signed a definitive agreement to acquire all issued and outstanding shares of BioVectra Inc., for an upfront payment of C$50 million. Questcor will purchase all issued and outstanding shares of BioVectra for an upfront payment of C$50 million, utilizing cash on hand. BioVectra stakeholders could also receive additional cash consideration, based on BioVectra's financial results over the next three years. The contingent payments could result in the payment of up to an additional C$50 million. Questcor anticipates closing the transaction in January 2013. Questcor Pharmaceuticals closed at $25.99 Wednesday, a loss of 2.73% on higher than average volume.

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