Benzinga's M&A Chatter for Monday Monday March 11, 2013
The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday March 11, 2013:
Simcere Pharmaceutical Group Receives ‘Going Private’ Proposal of $9.56/ADS
The Going Private Proposal:
Simcere Pharmaceutical Group (NYSE: SCR) announced Monday that its Board of Directors has received a non-binding proposal letter from Mr. Jinsheng Ren, New Good Management Limited, Assure Ahead Investments Limited and its affiliates, pursuant to which the Buyer Group proposes to acquire all of the outstanding ordinary shares of the Company not currently owned by the Buyer Group, for $9.56 per American Depositary Share or $4.78 per ordinary shares in cash.
The Company’s Board has formed a special committee to consider the proposed transaction.
Simcere Pharmaceutical Group closed at $9.25 Monday, a gain of 16% on 19 times average volume.
Icahn Enters Into Confidentiality Agreement with Dell
The Confidentiality Agreement:
Icahn Enterprises (NASDASQ: IEP) announced Monday that on March 10, 2013 it entered into a confidentiality agreement with Dell. Icahn Enterprises looks forward to commencing its review of Dell’s confidential information.
Icahn submitted a letter to Dell’s Board, which was published in a 14A filing last Monday. Icahn proposed a $9.00 per share special dividend, instead of the going private proposal at $13.65 per share. Icahn also took a 6% stake in Dell, in an attempt to block founder Michael Dell’s bid to take the company private for $3.65 per share.
Dell closed at $14.37 Monday, a gain of 1.5% on lower than average volume.
Zynga Rise 10% on Analyst Note Mentioning Potential Yahoo Bid
Shares of Zynga (NASDAQ: ZNGA) rose Monday on a Wunderlich note that Yahoo (NASDAQ: YHOO) might be seeking to acquire the online gaming company. Zynga is one of several companies CEO Marissa Mayer is reportedly considering. Last week, share of Yelp (NYSE: YELP) rose on a report that it might be a target for Yahoo.
Spokespersons for Zyna and Yahoo were not available for comment.
Zynga closed at $3.93 Monday on 3 times average volume.
Blackberry Rises on Comments from Lenovo CEO
The CEO Comments:
Shares of Blackberry (NASDAQ: BBRY) rose 14% Monday, after Lenovo (OTC: LNVGY) CEO Yang Yuanqing told Les Echos that a deal for the Canadian phone maker “could make sense”. On January 24, Lenovo CFO Wong Wai Ming told Bloombeg that his company was considering all opportunities, “including Blackberry”. However, a spokesperson for the world’s
second-largest pc maker later told Benzinga the comments were “overstated”.
Blackberry closed at $14.90 Monday on 1.5 times average volume.
Cadence to Acquire Tensilica for $380M in Cash
The CEO Comments:
Cadence Design Systems (NASDAQ: CDNS) announced Monday that it has entered into a definitive agreement to acquire Tensilica for approximately $380 million in cash.
Tensilica had approximately $30 million of cash as of December 31, 2012.
The transaction is expected to close in the second quarter of fiscal 2013.
Cadence Design Systems closed at $14.58 Monday, a gain of $.10 on average volume.
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