Courtesy of Benzinga.
The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday January 27, 2012:
Illumina’s Board to Review Offer from Roche
The Offer:
Illumina’s (NASDAQ: ILMN) Board announced Friday that it will review Roche’s (RHHBY) offer of $44.50 per share. The offer was announced by Roche on January 24.
On Thursday, Illumina had announced it had adopted a shareholder rights plan. Under the plan, one preferred stock purchase right will be distributed as a dividend on each share of the Company’s common stock held of record as of the close of business on February 6, 2012.
Illumina closed at $51.69 Friday, a loss of 1.83% for the day on 1.5 times the average daily volume.
Eastman Chemical to Acquire Solutia
The Rumor:
Eastman Chemical (NYSE: EMN) and Solutia (NYSE: SOA) announced Friday that they have entered into a definitive agreement, under which Eastman will acquire Solutia, a global leader in performance materials and specialty chemicals. Under the terms of the agreement, Solutia stockholders will receive $22.00 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock. Based on yesterday’s closing prices, Solutia shareholders will receive cash and stock valued at $27.65 per Solutia common share, representing a premium of 42 percent and a total transaction value of approximately $4.7 billion, including the assumption of Solutia’s debt.
The transaction, which was approved by the Boards of Directors of both companies, remains subject to approval by Solutia’s shareholders and receipt of required regulatory approvals as well as other customary closing conditions. The transaction is expected to close in mid-2012.
Solutia closed at $27.52 Friday, a gain of 41% for the day on 60 times the average daily volume.
JAKKS Pacific May Have to Accept Lower Buyout Offer
The Rumor:
JAKKS Pacific (NASDAQ: JAKK) may have to accept a lower buyout offer due to lowered guidance, according to Bloomberg. Oaktree Capital is the rumored buyer, offering $20 per share for JAKKS back in October. That offer was rejected by JAKKS Board.
A Spokesperson for JAKKS Pacific would not comment on the report.
JAKKS Pacific closed at $15.15 Friday, a loss of 0.72% for the day on half the average daily volume.
Delta Air Lines to Acquire US Airways Group
The Rumor:
Delta Air Lines (NYSE: DAL) is looking at US Airways Group (NYSE: LCC) as a possible acquisition target, according to sources speaking to the Wall Street Journal. Delta is already looking at AMR (AAMRQ) as a possible takeover
US Airways Group closed at $8.18 Friday, and gained an additional $0.57 after-hours.
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