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Benzinga's M&A Chatter for Monday March 4, 2013

Benzinga's M&A Chatter for Monday March 4, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday March 4, 2013:

New Energy Systems Receives Non-Binding Going Private Proposal from Chairman of $1.30/Share

The Offer:
New Energy Systems Group (NYSE: NEWN) announced Monday, that its Board of Directors has received a preliminary, non-binding proposal from its Chairman and Chief Executive Officer, Mr. Weihe Yu, which stated that Mr. Yu intends to acquire all of the outstanding shares of the Company's common stock not currently owned by him in a going private transaction at a proposed price of $1.30 per share in cash. Mr. Yu currently beneficially owns approximately 13.65% of the Company's common stock.

The Company's Board of Directors intends to form a special committee of independent directors to consider this proposal.

New Energy Systems Group closed at $0.66 Monday, a gain of 78% on 36 times average volume.

A. Schulman Offers to Acquire Ferro Corp for $6.50/Share; Ferro Board Rejects Proposal

The Offer:
A. Schulman (NASDAQ: SHLM) announced Monday, that it has made a proposal to the Board of Directors of Ferro Corporation (NYSE: FOE) to acquire all of the outstanding shares of Ferro common stock for per-share consideration of $6.50, or $855 million, including total indebtedness. The offer represents a 25 percent premium over the closing price of Ferro common stock on March 1, 2013, and a 32 percent premium over the volume-weighted average trading price over the preceding 60-day period.

Ferro confirmed that its Board of Directors had received and had rejected the proposal. Ferro Corp. closed at $6.80 Monday, a gain of 30% on 8.5 times average volume.

Hearing KKR Close to Deal to Acquire Gardner Denver

The Rumor:
Shares of Gardner Denver (NYSE: GDI) surged higher in late trading Monday on chatter a deal was close with KKR (NYSE: KKR). KKR has reportedly offered $75 per share to acquire Gardner Denver.

A Spokesperson for KKR declined comment on the rumor. A Gardner Denver spokesperson was not available for comment.

Gardner Denver closed at $73.62 Monday, a gain of 3.5% on almost twice average volume.

MetroPCS to Update Proxy for T-Mobile Merger Following Pressure from Investor

The Proxy:
MetroPCS (NYSE: PCS) is updatings the proxy for its merger with Deutsche Telekom's (OTC: DTEGY) T-Mobile unit, a source close to the situation has told Benzinga.

Investor P. Schoenfeld Asset Management, who owns a 2% stake in MetroPCS, told Reuters that the proxy must be updated to reflect the earnings of T-Mobile.

MetroPCS closed at $10.14 Monday, a gain of over 3% on average volume.

Posted-In: Long Ideas News Short Ideas Rumors M&A Global After-Hours Center Movers


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