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Nokia Wants to Conquer Apple by Changing Everything

Courtesy of Benzinga.

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday August 29, 2012:

Hearing Chatter of Cisco Interest in Acme Packet

The Rumor:
Cisco (NASDAQ: CSCO) was rumored Wednesday to be considering a bid for Acme Packet (NASDAQ: APKT), according to sources. There was also mention that APKT has hired an advisor, possibly JP Morgan, to handle potential bids. In February, the company was rumored to be looking for $45 per share from potential buyers.

Spokespersons for Acme Packet and Cisco were contacted by Benzinga, but neither would comment on the rumor.

Acme Packet closed at $19.73 Wednesday, a gain of 10.41% on 2.5 times average volume.

Hearing Private Equity Chatter in Seagate

The Rumor:
Seagate (NASDAQ: STX), which has been rumored frequently recently to be putting together a deal to acqure OCZ Technology (NASDAQ: OCZ), was itself the subject of a takeover rumor on Wednesday. Reports circulated that Seagate was being looked at by private equity firms.

A spokesperson for Seagate had no comment on the rumor.

Seagate closed at $33.59 Wednesday, a loss of 0.24% on lower than average volume.

Report Gleacher is for Sale

The Rumor:
Gleacher (NASDAQ: GLCH) has put itself up for sale and has hired Credit Suisse as an adviser, according to Bloomberg.

A spokesperson for Gleacher was not available for comment.

Gleacher closed at $0.76 Wednesday, a gain of 1.33% on almost twice the average volume.

Stratex CEO Says He Does Have Financing in Place for Magellan Deal

The Offer:
Stratex Oil & Gas Holdings (OTC: STTX) CEO Stephen Funk spoke with Benzinga Wednesday regarding his bid for Magellan Petroleum (NASDAQ: MPET). Stratex offered $2.30 per share on Monday to acquire Magellen. Funk told Benzinga he did have the financing in place to complete the deal.

Magellan responded to the Stratex offer on Wednesday, saying the Board was in receipt of the offer letter, but had not yet had a chance to review it. The unsolicited offer was received following a brief meeting between the two company CEO’s in the Spring of 2012.

Funk said he met with Magellan CEO Thomas Wilson in April, but did not reveal what they had discussed. Asked about some of the legal matters in his past, Funk said, “that was 13 years ago”. He indicated he had moved on with a clean slate.

Magellan Petroleum closed at $1.31 Wednesday, a gain of 3.15% on almost 9 times average volume.


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