Benzinga's M&A Chatter for Thursday March 7, 2013
The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday March 7, 2013:
Hearing Unconfirmed Chatter of TD Bank Bid for CIT Group
A spokesperson for CIT Group declined comment. A TD Bank spokesperson was not available.
CIT Group closed at $44.48 Thursday, a gain of 3.5% on more than twice average volume.
Report Icahn Offered $15/Share for Dell
Icahn submitted a letter to Dell's Board, which was published in a 14A filing on Thursday, in which he proposed a $9.00 per share special dividend, as an alternative to the going private proposal at $13.65 per share.
Dell closed at $14.22 Thursday, a loss of $0.10 on lower than average volume.
Yelp Shares Surge Higher on Report Yahoo is Seeking Acquisitions
Shares of Yelp (NYSE: YELP) spiked sharply higher Thursday afternoon on a report from AllThingsD that Yahoo (NASDAQ: YHOO) 'was working on two “significant” acquisitions and about six smaller talent “acqhires.”' Yelp was not mentioned in the article, but Pinterest, Tumblr and Hulu were mentioned as possible targets.
Earlier this week, Amazon (NASDAQ: AMZN) was rumored to be offering to acquire Yelp in the mid $30s.
Yelp closed at $23.46 Thursday, a gain of 2% on average volume.
Sycamore Partners to Acquire Hot Topic for $14.00/Share in Cash
Hot Topic (NASDAQ: HOTT) and Sycamore Partners announced Thursday that they have entered into a definitive agreement, pursuant to which Sycamore Partners will acquire Hot Topic for $14.00 per share in cash, or a total of approximately $600 million. The agreement, which has been unanimously approved by Hot Topic's Board of Directors, represents a premium of approximately 30% over Hot Topic's closing stock price on March 6, 2013.
Hot Topic closed at $13.87 Thursday, a gain of 29% on 35 times average volume.
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