Benzinga's M&A Chatter for Monday June 4, 2012
The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday June 4, 2012:
Salesforce.com Signs Definitive Agreement to Acquire Buddy Media
Salesforce.com (NYSE: CRM) announced Monday that it has entered into a definitive agreement to acquire Buddy Media for approximately $689 million payable in cash and salesforce.com equity. The transaction is expected to be completed during Salesforce.com's fiscal third quarter ending October 31, 2012, and is subject to customary closing conditions.
Salesforce.com closed at $131.22 on Monday, a gain of 0.18% on 1.5 times the average daily volume.
IDT Announces End of “Go-Shop” Period in PLX Technology Acquisition
Integrated Device Technology (NASDAQ: IDTI) announced Monday the expiration of the “go-shop” period pursuant to the terms of the previously announced merger agreement with PLX Technology, dated April 30, 2012, which contemplates the exchange offer for all outstanding shares of PLX common stock, followed by a second step merger.
Pursuant to the “go-shop” provisions of the merger agreement, PLX and its representatives were permitted to actively solicit alternative acquisition proposals for a period of 30 calendar days, which expired at 11:59 p.m. California time on May 30, 2012, and to continue negotiations with certain qualifying “excluded parties” for up to an additional 15 days thereafter. On May 31, 2012, PLX confirmed that it did not receive any superior acquisition proposals during the “go shop” period and that no qualifying “excluded party” would be permitted to engage in any subsequent negotiations.
Integrated Device Technology closed at $5.13 Monday, a loss of 3.21% on almost twice the average daily volume.
MEDTOX Announces Agreement to Join LabCorp
MEDTOX Scientific (NASDAQ: MTOX) announced Monday that it had entered into a definitive merger agreement with Laboratory Corporation of America Holdings (NYSE: LH). Under the terms of the agreement, LabCorp would acquire MEDTOX for a purchase price of $27.00 per share in cash, representing a total enterprise value of approximately $241,000,000. The board of directors of MEDTOX unanimously approved the agreement and recommended approval of the transaction by MEDTOX's shareholders.
The transaction is expected to close in the third quarter of 2012.
MEDTOX Scientific closed at $26.68 on Monday, a gain of 35.43% on 74 times the average daily volume.
SandRidge Energy Closes Sale of Non-core Tertiary Assets for Proceeds of $130M
SandRidge Energy (NYSE: SD) announced Monday that it has closed the sale of its non-core Tertiary assets to a private party for cash proceeds of $130 million. The divested properties are located in West Texas and currently produce approximately 1,100 Boe per day.
SandRidge Energy closed at $5.89 on Monday, a loss of 1.17% on slightly more than the average daily volume.
Starbucks Announces Agreement to Acquire La Boulange Bakery
Starbucks Coffee Company (NASDAQ: SBUX) announced Monday that it has entered into an agreement to acquire Bay Bread, LLC and the La Boulange bakery brand for $100 million in cash and expects the acquisition to dilute earnings by approximately $0.02 per share in the second half of fiscal 2012, compared to the previously announced earnings targets. Bay Bread, LLC and the La Boulange bakery brand will be a wholly-owned subsidiary of Starbucks Corporation.
Starbucks closed at $53.90 on Monday, but traded 2% lower after-hours following the announcement.
Google is Acquiring Meebo
Google (NASDAQ: GOOG) is acquiring social communications company Meebo, according to a post that had appeared on Meebo's blog.
Terms were not disclosed.
Google closed at $578.58 on Monday, a gain of 1.33% on average volume.
Netapp Could be an Acquisition Target
Netapp (NASDAQ: NTAP) could be an acquisition target, according to a Bloomberg report. In April, Dell (NASDAQ: DELL) was rumored to be offering $55 per share for the Sunnyvale, CA network storage company.
A Netapp spokesperson was not available for comment.
Netapp closed at $29.90 on Monday, a gain of 1.56% on 1.5 times the average daily volume.