Market Overview

Benzinga's M&A Chatter for Friday January 25, 2013

Benzinga's M&A Chatter for Friday January 25, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday January 25, 2013:

Compuware Board Rejects Elliott Management Bid

The Rejection:
Compuware (NASDAQ: CPWR) announced Friday that its Board of Directors unanimously concluded that Elliott Management Corporation's proposal to acquire all of the outstanding shares of Compuware for $11.00 per share significantly undervalues the company and is not in the best interest of shareholders.

Compuware closed at $11.57 Friday, a gain of 7.5% on 4.5 times average volume.

Report US Airways, AMR in Final Stages of Merger Negotiations

The Rumor:
US Airways (NYSE: LCC) and AMR Corp (OTC: AAMRQ) are the final stages of negotiating a merger agreement, according to Reuters. An announcement could come in the next two weeks. Sources have said the combined carrier could be valued at $8.5 billion.

US Airways closed at $14.97 Friday, a gain of 2% on higher than average volume.

Vornado Completes Sale of Green Acres Mall for $500M

The Deal:
Vornado Realty Trust (NYSE: VNO) announced Friday that it has completed the previously announced sale of the Green Acres Mall, Valley Stream, Long Island, New York for $500 million to Macerich (NYSE: MAC). Net proceeds from the sale were approximately $185 million after repaying the existing loan and closing costs.

The financial statement gain is approximately $205 million and the tax gain is approximately $304 million. The tax gain has been deferred as part of a like-kind exchange.

Vornado closed at $35.45 Friday, a gain of $0.68 on lower than average volume.

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