Courtesy of Benzinga.
The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday March 9, 2012:
Quest Software Enters into Agreement with Insight Venture Partners to Become Private Company in Transaction Valued at $2.0 Billion
The Deal:
Quest Software (NASDAQ: QSFT) announced Friday that it had entered into definitive agreements with affiliates of Insight Venture Partners, under which stockholders not affiliated with the buyout group would receive $23.00 per share in cash, valuing the Company at approximately $2.0 billion. The shares of Chairman and CEO Vinny Smith, who will continue to lead the Company after the closing of the proposed transaction, will be “rolled over” into the surviving privately owned entity. The purchase price represents a 19-percent premium to the closing price on March 8, 2012.
Quest Software closed at $24.07 Friday, a gain of 24.07% on 18 times the average daily volume.
Hertz Acquires Arpielle
The Deal:
Hertz Global Holdings (NYSE: HTZ) announced that Hertz Equipment Rental Corporation has acquired Arpielle Equipment, a leading metropolitan New York City-based rental company, focused primarily on rentals to the construction and industrial markets.
It is anticipated that Arpielle will generate incremental revenues of approximately $25 million in year one, and will be accretive to Hertz’s 2012 earnings.
Hertz closed at $14.82 Friday, a gain of 1.37% on about half the average daily volume.
El Paso Corporation Stockholders Approve Merger With Kinder Morgan
The Merger:
El Paso Corporation (NYSE: EP) announced Friday that its shareholders approved the merger with Kinder Morgan (NYSE: KMI) during a special meeting of stockholders. Based on preliminary results, approximately 79 percent of El Paso’s outstanding shares of common stock as of the record date were voted at the special meeting. Of the shares that were voted, more than 95 percent voted in favor of the merger.
El Paso Corporation closed at $29.40 Friday, a gain of 2.30% on just under the average daily volume.
Kinder Morgan closed at $37.52 Friday, a gain of 2.15% on average volume.
Nike Rumored to be Acquiring Crocs
The Rumor:
Nike (NYSE: NKE) is rumored to be acquiring Crocs (NASDAQ: CROX), according to sources.
A Crocs spokesperson would not comment on the rumor and said the company’s ‘focus remains on providing comfortable, casual footwear’. A Nike spokesperson was not available for comment.
Crocs closed at $18.66 Friday, a gain of 1.47% on just under the twice average daily volume.
Hearing Starwood Hotels & Resorts to be Acquired by Singapore Pension Fund
The Rumor:
Starwood Hotels & Resorts (NYSE: HOT) is rumored to be in talks with a Singapore pension fund to be acquired for $70 per share or more, according to sources. The same rumor surfaced last month.
A Starwood spokesperson could not be reached for comment.
Starwood Hotels & Resorts closed at $54.89 Friday, a gain of 1.4% on 1.23 times the average daily volume.
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