Gastar Exploration and 12 Stocks Making Deal Buzz This Week

Here’s your Cheat Sheet to this week’s top mergers and acquisition news:

Anadarko Petroleum Corp. (NYSE:APC): Current price $91.31

Anadarko said Monday it will divest a 10 percent interest in Mozambique’s Offshore Area 1 to ONGC Videsh Ltd., a wholly owned subsidiary of Oil and Natural Gas Corporation Ltd., for $2.64 billion in cash. Anadarko will stay the operator of Area 1 with a working interest of 26.5 percent. The transaction should close around the end of the year.

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AstraZeneca Group (NYSE:AZN): Current price $49.21

AstraZeneca said Monday that its global biologics research and development unit, MedImmune, will purchase privately held biologics firm Amplimmune, which is centered on developing novel therapeutics in cancer immunology. The deal should reinforce MedImmune’s oncology pipeline by obtaining multiple early stage assets for its immune-mediated cancer therapy portfolio including AMP-514, according to a press release.

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Cablevision Systems Corp. (NYSE:CVC): Current price $17.76

Analyst Amy Yong at Macquarie Group told Bloomberg that with its valuation surpassing $4.8 billion, Cablevision should take advantage of its surge in value and consider selling. Yong also observed that Cablevision is far smaller than its peers Time Warner and Charter Communications, and that this puts it at a disadvantage if it does not get in on the wave  of consolidation analysts think will occur.

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W.W. Grainger Inc. (NYSE: GWW): Current price $247.31

W.W. Grainger on Monday purchased E&R Industrial Sales Inc., which distributes metalworking, production supplies, and MRO materials to manufacturers and industrial customers spanning the Midwest and eastern United States, as well as its subsidiaries. With this agreement, Grainger adds an industry-leading team of metalworking experts and extends its capabilities for serving customers in the manufacturing space, the company said.

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GWW 20130901

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J.C. Penney (NYSE:JCP): Current price $12.42

Hedge fund manager and activist investor Bill Ackman, who was the No. 1 shareholder in J.C. Penney, said Monday he sold his entire position following the collapse of his campaign to remake the retailer. Ackman’s Pershing Square Capital Management divested its 39.1 million shares, or 18 percent, to Citigroup Inc., which is now offering the shares to other investors, according to a separate statement from each party. Pershing Square said in its statement that Citi’s offering of the common stock was priced to the public at $12.90 per share and is expected to close Friday.

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Akorn Inc. (NASDAQ:AKRX): Current price $17.97

Akorn and Hi-Tech Pharmacal Co. Inc. said Tuesday that Akorn will purchase Hi-Tech at a cash price of $640 million. Hi-Tech is a specialty pharmaceutical firm that develops, manufactures, and markets generic and branded prescription and over-the-counter products. Through the terms, Akorn will pay $640 million in cash, or $43.50 per share, marking a 23.5 percent bonus over the close on Monday. Akorn expects to generate between $15 million and $20 million in yearly run-rate synergies within 12 months of the close.

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ARM Holdings (NASDAQ:ARMH): Current price $40.39

ARM Holdings on Tuesday said it bought Sensinode Oy, which supplies software tech. The privately held firm has led the creation of the 6LoWPAN and CoAP standards for low-cost, low-power devices and has been a crucial contributor to the IETF, ZigBee IP, ETSI, and OMA standardization endeavors. ARM will continue the commercial offering of Sensinodes NanoStack and NanoService products to current and new customers.

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Sangamo BioSciences, Inc. (NASDAQ:SGMO): Current price $9.87

Sangamo BioSciences will acquire privately held Ceregene Inc., a biotech company that centered on developing adeno-associated virus gene therapies. The buyer hosted a teleconference on Tuesday to discuss the purchase and provide a  general business overview.

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Northrop Grumman Corp. (NYSE:NOC): Current price $92.50

Northrop will acquire the defense division of Australian flag carrier Qantas Airways, Qantas Defence Services, as the United States military contractor endeavors to expand its international presence. Contractors are being forced to search out new sources for revenue because of shrinking military budgets worldwide, including the current sequestration-related cuts in the United States. In 2012, Northrop Grumman obtained some 10 percent of its revenue from overseas military customers, which was smaller than that of its main domestic competitors. Financials of the transaction were not reported.

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IDT Corp. (NYSE:IDT): Current price $16.62

On Thursday, IDT Corp. said that its board had instructed management to identify and pursue strategic alternatives so as to unlock the value in its Zedge subsidiary, among which include a spinoff or IPO of the unit. IDT will retain financial advisors to assist it in analyzing and moving on the optimal path. Zedge ranks as the world’s top discovery platform, offering free, high quality games, ringtones, and wallpapers.

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Maidenform Brands, Inc. (NYSE:MFB): Current price $23.44

Maidenform reported on Thursday that it has been advised by the Premerger Notification Office of the Federal Trade Commission of the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, applicable to its proposed merger with a wholly-owned subsidiary of Hanesbrands Inc.

The early termination of the waiting period meets the condition to the finalization of the proposed merger relating to the expiration or termination of any applicable waiting period under the HSR Act. The proposed merger still needs the approval by the stockholders of Maidenform and other customary closing conditions. As previously reported, Maidenform’s special meeting of stockholders will vote on the merger on October 3.

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Rockwell Collins, Inc. (NYSE:COL): Current price $70.79

Rockwell said Friday that it will divest its subsidiary, Kaiser Optical Systems, Inc. to Endress+Hauser. Financials of the transaction were not reported, but the sale should be completed in early fiscal 2014 and is subject to the usual closing conditions. Kaiser Optical works in spectrographic instrumentation and applied holographic tech.

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America Movil SAB (NYSE:AMX): Current price $19.30

America Movil announced that it is prepared to abandon a 7.2-billion euro offer for the Dutch telephone firm Royal KPN NV after its foundation employed an option to buy shares to avert what it described as a hostile takeover. On Thursday, KPN’s foundation said that it exercised the option to buy preferred shares, giving it close to 50 percent of issued and voting stock, which is nearly sufficient to block America Movil’s 2.40 euro-per-share offer for majority control. America Movil, which is Latin America’s number-one phone company, holds around 30 percent of KPN.

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Gastar Exploration Ltd. (NYSE: GST): Current price $3.17

Gastar reported Friday that it will allow Cubic Energy an additional extension until September 20 on the closing of the previously announced divestiture of Gastar’s East Texas properties. Separately, Cubic Energy announced its financing plans for funding the purchase of Gastar’s working interest in the East Texas properties. As compensation for the extension, Cubic Energy will pay Gastar an additional $1.0 million at the close, bringing the aggregate transaction value to $47 million prior to closing adjustments.

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Brookfield Office Properties Inc. (NYSE:BPO): Current price $16.04

On Friday, Brookfield announced that DTLA Fund Holding Co. and Brookfield DTLA Fund Properties Holding Inc. — both direct wholly-owned subsidiaries of the DTLA Fund — are extending their previously reported cash tender offer to buy all outstanding shares of preferred stock of MPG Office Trust, Inc. until 12:00 midnight, Eastern Time at the end of Monday, September 9.

Brookfield previously announced its intention to purchase MPG via a merger agreement, dated as of April 24, by and among Brookfield DTLA Holdings LLC, a newly formed fund controlled by BPO, Brookfield DTLA Fund Office Trust Investor Inc., Brookfield DTLA Fund Office Trust Inc., Brookfield DTLA Fund Properties LLC, MPG, and MPG Office, L.P.

At the close of the tender offer, preferred stockholders of MPG will receive $25 in cash for each share of MPG preferred stock validly tendered and not validly withdrawn in the offer, without interest and excluding any required withholding taxes.

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BPO 20130901

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