Benzinga's M&A Chatter for Wednesday February 6, 2013

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The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday February 6, 2013:
Liberty Global to Acquire Virgin Media for $23.3B in Cash and StockThe Deal
:

Liberty Global
LBTYA
and Virgin Media
VMED
announced Tuesday that they have entered into an agreement, subject to shareholder approvals, pursuant to which Liberty Global will acquire Virgin Media in a stock and cash merger valued at approximately $23.3 billion. Under the terms of the agreement, Virgin Media shareholders will receive $17.50 in cash, 0.2582 Liberty Global Series A shares and 0.1928 Liberty Global Series C shares for each Virgin Media share that they hold. Based on Liberty Global's Series A share price of $69.46 and Series C share price of $64.50 as of February 4, 2013, this implies a price of $47.87 per Virgin Media share, reflecting a 24% premium to Virgin Media's closing price on February 4, 2013. Virgin Media closed at $44.61 Wednesday, a loss of 1.5% on 30 times average volume.
Reliance Steel to Acquire Metals USA Holdings for $20.65/Share in CashThe Deal
:

Reliance Steel & Aluminum
RS
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and Metals USA Holdings
MUSA
announced Wednesday, a definitive merger agreement whereby Reliance Steel & Aluminum will acquire all outstanding shares of Metals USA Holdings for $20.65 per share in cash, representing an enterprise value of approximately $1.2 billion. The transaction is expected to close in the second quarter of 2013. The merger agreement permits Metals USA to solicit alternative acquisition proposals from third parties through March 8, 2013. Metals USA Holdings closed at $20.65 Wednesday, a gain of almost 13% on 32 times average volume.
Hearing True Religion Losing Support from BankersThe Rumor
:

True Religion Apparel
TRLG
is reportedly losing the support of investment bankers, according to
Deal Reporter
. The consensus is that the sale process is not going well. True Religion Apparel announced on October 10, 2012, that after receiving indications of interest from third parties regarding a potential transaction with the Company, the Board of Directors formed a Special Committee comprised of its non-management directors to explore and evaluate potential strategic alternatives available to the Company, including a possible sale, True Religion Apparel closed at $23.75 Wednesday, a gain of 1% on 3 times average volume.
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Posted In: Long IdeasNewsShort IdeasRumorsM&AAfter-Hours CenterMoversTrading Ideas
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