Benzinga's M&A Chatter for Tuesday July 24, 2012
The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday July 24, 2012:
Hearing Renewed Chatter of Celgene Bid for Dendreon
Reports of a possible Celgene (NASDAQ: CELG) bid for Dendreon (NASDAQ: DNDN) surfaced once again today. In June, a Summer Street analyst was reported to have mentioned a possible deal between the two companies, but that was later denied.
A spokesperson for Celgene told Benzinga a Dendreon acquisition "does not make strategic sense". A Dendreon spokesperson was not available for comment.
Dendreon closed at $6.52 Tuesday, a gain of 4.91% on twice the average volume.
Hearing Chatter of Cisco Bid for Netapp
A Netapp spokesperson declined comment on the rumor. A Cisco spokesperson could not be reached for comment.
Netapp closed at $31.24 Tuesday, a gain of 2.09% on higher than average volume.
Winner Medical Enters into Definitive Merger Agreement with Winner Holding
Winner Medical Group (NASDAQ: WWIN) announced Tuesday that the Company has entered into an Agreement and Plan of Merger with Winner Holding Limited, a Cayman Islands exempted company with limited liability and indirectly wholly-owned by Mr. Jianquan Li, and Winner Acquisition, Inc., a Nevada corporation and a wholly-owned, direct subsidiary of Parent. Mr. Jianquan Li is the Company's president, chief executive officer, chairman of the board of directors and principal stockholder.
Subject to satisfaction of the Merger Agreement's terms and conditions, upon consummation of the merger, Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation and a wholly-owned subsidiary of Parent. Pursuant to the Merger Agreement, each of the Company's shares of common stock issued and outstanding immediately prior to the effective time of the merger will be converted into the right to receive $4.50 in cash without interest, except for (i) Shares owned by Parent and Merger Sub, including shares to be contributed to Parent by Mr. Jianquan Li and Ms. Ping Tse immediately prior to the effective time of the merger pursuant to a contribution agreement, dated as of July 24, 2012, among Parent, Glory Ray Holdings Limited, Mr. Jianquan Li and Ms. Ping Tse, and (ii) Shares held by the Company as treasury stock, which will be cancelled and retired and cease to exist as of the effective time of the merger.
Winner Medical closed at $4.21 Tuesday, a gain of 3.95% on 7.5 times average volume.