Courtesy of Benzinga.
The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday February 14, 2012:
Icahn Says CVR Energy Should Put Itself Up for Sale
The 13D Filing:
Carl Icahn issued the following statement in a 13D filing for CVR Energy (NYSE: CVI):
On February 13, 2012, Carl C. Icahn and other representatives of the Reporting Persons spoke with Jack Lipinski, the Chairman, Chief Executive Officer, and President of the Issuer, and discussed the initiatives announced on February 13th by the Issuer. The Reporting Persons stated that they believed that shareholders would be better served if the Issuer commenced a process to put itself up for sale, rather than pursue the limited initiatives announced by the Issuer.
The Reporting Persons believe the shareholders, the true owners of companies with the most to lose or gain, should decide whether or not the companies should be sold, and at what price – not management or its advisors. The Reporting Persons stated that while certainly the opinions of management and its advisors should be made known, the ultimate decision should be left in the hands of the stockholders/owners.
CVR Energy closed at $27.62 Tuesday, a gain of 2.45% on 1.28 times the average daily volume.
Biogen Idec to Acquire Stromedix
The Deal:
Biogen Idec (NASDAQ: BIIB) and Stromedix announced Tuesday that they have entered into a definitive agreement under which Biogen Idec will acquire Stromedix Inc., a privately held biotechnology company focused on innovative therapies for fibrosis and organ failure. Under the terms of the agreement, Biogen Idec will make an upfront cash payment of $75 million and additional contingent value payments of up to $487.5 million based on the achievement of certain development and approval milestones across multiple indications.
Stromedix’s lead candidate, STX-100, is a novel humanized monoclonal antibody that selectively disrupts the TGF-beta pathway, which plays a central role in fibrotic disease. STX-100 exhibited significant anti-fibrotic activity in preclinical animal models of fibrotic disease and demonstrated an attractive safety and tolerability profile in a Phase 1 trial.
Biogen Idec closed at $119.70, a loss of 0.25% for the day on 63% of the average daily volume.
Allianz Makes Offer for Hartford Financial Services
The Rumor:
Allianz (ASZEY) has offered $27.50 to acquire Hartford Financial Services (NYSE: HIG), according to sources. The same pairing was mentioned on January 9.
A spokesperson for Hartford Financial would not comment on the rumor. An Allianz representative could not be reached for comment.
After-hours, Paulson & Company said it believes a Hartford spinoff would produce increased value for shareholders.
Hartford Financial Services closed at $19.81, a loss of 2.08% for the day on 1.25 times the average daily volume. But shares traded around $21 after-hours on Paulson statement.
Hearing MedAssets Hires JP Morgan
The Rumor:
MedAssets (NASDAQ: MDAS) has hired JP Morgan to explore a possible leveraged buyout, according to sources. The price for an LBO was mentioned as being as much as $18.33 per share.
A spokesperson for MedAssets was not available for comment.
MedAssets closed at $14.09 Tuesday, a gain of 19.61% for the day on 10 times the average daily volume.
Hearing Intel Makes Offer for Interdigital
The Rumor:
Intel (NASDAQ: INTC) has offered $52.50 to acquire Interdigital, according to sources. The frequently mentioned Interdigital last was paired with Intel in a rumored deal on January 5. At that time, the rumored price was $65.50.
Spokespersons for Intel and Interdigital would not comment on the speculation of a deal.
Interdigital closed at $37.20 Tuesday, a loss of 0.40% for the day on slightly more than the average daily volume.
Hearing Renewed Takeover Chatter in Vertex Pharmaceuticals
The Rumor:
Takeover rumors were circulating once again in Vertex Pharmaceuticals (NASDAQ: VRTX). Last week Bristol-Meyers Squibb (NYSE: BMY) was rumored to be offering $50 per share for Vertex.
A spokesperson for Vertex could not be reached for comment.
Vertex Pharmaceuticals closed at $36.13 Tuesday, a loss of 0.06% for the day on 63% of the average daily volume.
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