Market Overview

Benzinga's M&A Chatter for Wednesday January 23, 2013

Benzinga's M&A Chatter for Wednesday January 23, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday January 23, 2013:

Hearing Chatter of Private Equity Interest in JC Penney

The Rumor:
Shares of JC Penney (NYSE: JCP) spiked higher early Wednesday on unconfirmed market chatter of private equity interest. A rumored offer of $35/share was mentioned.

A JC Penney spokesperson declined comment on the rumor.

JC Penney closed at $18.35 Wednesday, a loss of 2% on higher than average volume.

Allergan to Acquire Map Pharmaceuticals

The Deal:
Allergan (NYSE: AGN) and MAP Pharmaceuticals (NASDAQ: MAPP) jointly announced Tuesday that they have entered into a definitive merger agreement whereby Allergan will acquire 100% of the shares of MAP Pharmaceuticals for a price of $25.00 per share. MAP Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing new therapies in Neurology, including LEVADEX, an orally inhaled drug for the potential acute treatment of migraine in adults, currently under review with the FDA.

The transaction has been unanimously approved by the boards of directors of both companies and is expected to close late in the first quarter or in the second quarter of 2013.

MAP Pharmaceuticals closed at $24.71 Wednesday on 2.5 times average volume.

Hearing Chatter of Google, Realogy Bid for Zillow

The Rumor:
Google (NASDAQ: GOOG) and Realogy (NASDAQ: RLGY) are rumored to be bidding to acquire Zillow (NYSE: Z), according to unconfirmed market chatter circulating today. Zillow's IPO debuted on July 20, 2011, rising 79% on its first day of trading.

Spokespersons for Zillow, Google and Realogy all declined comment on the rumor.

Zillow closed at $34.69 Wednesday, a gain of 3% on lower than average volume.

Hearing Takeover Speculation for Safeway's Canadian Stores

The Analyst Note:
Shares of Safeway (NYSE: SWY) rose sharply Wednesday following a note from Desjardins Securities, which said that Metro could bid for the company's Canadian stores. Metro is Canada's third-largest supermarket chain.

A spokesperson for Safeway was not available for comment.

Safeway closed at $19.85 Wednesday, a gain of 5% on almost 4 times average volume.

Snip.It Announces Acquisition by Yahoo

The Deal:
Snip.It announced on its website that it has been acquired by Yahoo (NASDAQ: YHOO). lets you create collections of content (“snips”) and share them.

Yahoo closed at $20.11 Wednesday, a gain of 1% on lower than average volume.

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