Benzinga'a M&A Chatter for Friday August 10, 2012
Submitted by charlesgross on Sun, 08/12/2012 - 10:11
The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday August 10, 2012:
Report Yahoo Shopping List Includes Zynga, Yelp
The Rumor:
Zynga (NASDAQ: ZNGA) and Yelp (NYSE: YELP) are among the companies on the shopping list of new Yahoo CEO Marissa Mayer, according to AllThngsD. Yahoo could have as much as $4 billion to spend on acquisitions from the sale of its Chinese assets.
Yelp closed at $25.85 Friday, gaining 0.47%, while Zynga lost 2.00%, closing at $2.95 on light volume.
Hearing Renewed Takeover Chatter in Leap Wireless
The Rumor:
Leap Wireless (NASDAQ: LEAP) was the subject of renewed takeover chatter on Friday, according to sources. AT&T (NYSE: T) has been rumored to have been in takeover talks with Leap in recent months.
A Leap Wireless spokesperson would not comment on the rumor.
Leap Wireless closed at $5.45 Friday, a gain of 9.88% on higher than average volume.
Analyst Says GameStop LBO Target
The Rumor:
GameStop (NYSE: GME) is a possible takeover target, according to an analyst at Janney. On Wednesday a Sterne Agee note said the stock could be in for a short squeeze.
A GameStop spokesperson was not available for comment.
GameStop closed at $17.74 Friday, a gain of 5.41% on average volume.
VanceInfo Technologies hiSoft Technology International to Merge
The Deal:
VanceInfo Technologies (NYSE: VIT) and hiSoft Technology International (NASDAQ: HSFT) announced Friday that they have signed a definitive merger agreement, under which the companies will be combined in a tax-free, all-stock merger of equals with a combined equity value of approximately $875 million. Under the terms of the agreement, VanceInfo and hiSoft shareholders will each own approximately 50% of the combined company.
Under the agreement, each outstanding ordinary share of VanceInfo will be exchanged for the right to receive one common share of hiSoft, and each American Depositary Share of VanceInfo, each of which represents one VanceInfo ordinary share, will be exchanged for the right to receive one American Depositary Share of hiSoft.
VanceInfo Technologies shares fell 11% Friday, closing at $8.85, while hiSoft Technology shares lost 3.79% to close at $11.43.