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Benzinga's M&A Chatter for Thursday February 28, 2013

Benzinga's M&A Chatter for Thursday February 28, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday February 28, 2013:

Report Schulze Gives Up on Bid to Acquire Best Buy

The Rumor:
Best Buy (NYSE: BBY) founder Richard Schulze reportedly has given up in his attempt to acquire the electronics retailer, according to the Star Tribune. Schulze will instead attempt to to expand his Best Buy stake and acquire a third Board seat, according to sources.

A Best Buy spokesperson declined comment on the report.

Best Buy closed at $16.41 Thursday, a loss of 1% on higher than average volume.

Hearing Unconfirmed Chatter of US Steel Sale Talks with Thyssenkrupp

The Rumor:
Shares of US Steel (NYSE: X) moved higher early Thursday, on unconfirmed market chatter of a bid by Thyssenkrupp. Arcelor Mittal (NYSE: MT) has also been previously rumored to have an interest in US Steel.

A spokesperson for US Steel declined comment on the rumor. A Thyssenkrupp spokesperson was not available for comment.

US Steel closed at $20.84 Thursday, a loss of 1% on higher than average volume.

Facebook Acquires Atlas From Microsoft

The Deal:
Facebook (NASDAQ: FB) has acquired Atlas from Microsoft (NASDAQ: MSFT) for a price believed to be below $100 million. Facebook posted the news of the acquisition on their blog.

Facebook closed at $27.25 Thursday, a gain of 1.5% on higher than average volume.

Herbalife to Increase Size of Board, Nominate Two Icahn Representatives, Icahn Can Increase Stake to 25%

The Deal:
Herbalife (NYSE: HLF) announced Thursday that it has reached an agreement with Carl Icahn, under which Herbalife will increase the size of its Board of Directors from nine to eleven members immediately before the 2013 Annual General Meeting of Shareholders. Herbalife's Board of Directors will nominate two individuals to the Company's Board of Directors, designated by Icahn and approved by the Company's Nominating and Corporate Governance Committee.

Under the terms of the agreement, Icahn has the right to increase the size of his stake in Herbalife to up to 25% of the outstanding common stock. In an interview on Bloomberg TV, Icahn said he would like to increase his stake to 25%, but he was not sure if he would do so at the current share price.

Herbalife closed at $40.29 Thursday, a gain of 7.5% on Average Volume.

Posted-In: Long Ideas News Short Ideas Rumors Management Insider Trades M&A After-Hours Center


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