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Benzinga's M&A Chatter for Wednesday January 30, 2013

January 30, 2013 7:03 pm
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Benzinga's M&A Chatter for Wednesday January 30, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday January 30, 2013:

Hearing Endo Health in Talks with Potential Buyers

The Rumor:
Shares of Endo Health (NASDAQ: ENDP) surged higher Wednesday, on a report from Reuters that the company had sale talks with Warner Chilcott (NASDAQ: WCRX) and Valeant Pharmaceuticals (NYSE: VRX). Endo hit a high of $33.32, before pulling back.

A spokesperson for Valeant Pharmaceuticals declined comment on the report. Spokespersons for Endo and Warner Chilcott were not available for comment.

Endo Health closed at $31.66 Wednesday, a gain of 10.78% on 6 times average volume.

KMP to Acquire Copano for Approximately $5B

The Deal:
Kinder Morgan Energy Partners (NYSE: KMP) and Copano Energy(NASDAQ: CPNO) announced Tuesday, a definitive agreement whereby KMP will acquire all of Copano’s outstanding units for a total purchase price of approximately $5 billion, including the assumption of debt. The transaction, which has been approved by the boards of directors of both companies, will be a 100 percent unit for unit transaction with an exchange ratio of .4563 KMP units per Copano unit. The consideration to be received by Copano unitholders is valued at $40.91 per Copano common unit based on KMP’s closing price as of Jan. 29, 2013, representing a 23.5 percent premium to Copano’s close on Jan. 29, 2013. The transaction is expected to close in the third quarter of 2013.

Copano Energy closed at $38.03 Wednesday, a gain of 14.79% on higher than average volume.

Alvarion in Talks to be Sold to DVTel

The Rumor:
Alvarion Ltd. (NASDAQ: ALVR) is in talks to be sold to DVTel, according to the Israeli web site Globes. Alarion reportedly will sell its WiMAX division to Fortissimo Capital.

Alvarion closed at $0.56 Wednesday, a gain of 30% on 21 times average volume.

BioClinica to be Acquired by JLL Partners for $7.25/Share

The Deal:
BioClinica (NASDAQ: BIOC) announced Wednesday that it has entered into a definitive agreement to be acquired by a holding company controlled by JLL Partners, Inc., a leading private equity firm. Under terms of the BioClinica agreement, the holding company will commence a cash tender offer to purchase all of BioClinica’s common stock at an offer price of $7.25 a share, which results in an equity value of approximately $123 million. Any BioClinica shares not tendered in the offer will be acquired in a second-step merger at the same cash price as paid in the tender offer. The purchase price represents a premium of 23.2% over its average closing price for the 90 days ended January 29, 2013, and 28.7% over the average price for the 52-week period ended January 29, 2013.

BioClinica closed at $7.21 Wednesday, a gain of 19% on 832 times average volume.

Pioneer Natural Resources Announces $1.7B Sale of 40% of Interest in Horizontal Wolfcamp Shale to Sinochem

The Deal:
Pioneer Natural Resources Company (NYSE: PXD) announced Wednesday that the Company has signed an agreement with Sinochem Petroleum USA LLC, a U.S. subsidiary of the Sinochem Group (“Sinochem”), to sell 40% of Pioneer’s interest in approximately 207,000 net acres leased by the Company (“joint interest area”) in the highly prospective horizontal Wolfcamp Shale play in the southern portion of the Spraberry Trend Area Field for a total price of $1.7 billion. At closing, Sinochem will pay $500 million in cash to Pioneer, before normal closing adjustments, and will pay the remaining $1.2 billion by carrying a portion of Pioneer’s share of future drilling and facilities costs.

Pioneer Natural Resources closed at $116.21 Wednesday, a loss of 1% on 3 times average volume.

United Bankshares to Acquire Virginia Commerce Bancorp for $14.00/Share in Stock Deal

The Deal:
United Bankshares (NASDAQ: UBSI) Chairman and Chief Executive Officer, Richard M. Adams, announced the signing of a definitive merger agreement with Virginia Commerce Bancorp (NASDAQ: VCBI). United will acquire 100% of the outstanding shares of VCBI in exchange for common shares of United. The exchange ratio will be fixed at 0.5442 of United’s shares for each share of

VCBI which equates to a deal value of $14.00 per share, or approximately $490.6 million in the aggregate, based on United’s ten-day average closing price of $25.73 as of January 29, 2013. The transaction is expected to close in the third quarter of 2013.

Virginia Commerce Bancorp closed at $12.86 Wednesday, a gain of 5% on 24 times average volume.

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