Benzinga's M&A Chatter for Tuesday September 24, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday September 24, 2013 Applied Materials and Tokyo Electron to Combine, Creating $29B Company The Deal:
Applied Materials AMAT and Tokyo Electron Limited TOELF announced Tuesday they have agreed to combine in an all-stock transaction, valuing the combined company at $29 billion. The deal is expected to close by H2 2014, at which time Applied Materials shareholders will own approximately 68% of the new company and Tokyo Electron shareholders approximately 32%. Tokyo Electron shareholders will receive 3.25 shares of the new company for every Tokyo Electron share held, while Applied Materials shareholders will receive 1 share of the new company for every Applied Materials share held. Applied Materials closed at $17.44 Tuesday, a gain of 9%. Clovis Oncology Shares Selloff on Report of No Interested Buyers The Rumor:
Shares of Clovis Oncology CLVS plummeted after-hours on a report from Bloomberg that the company has received no interest from buyers. Bloomberg reported on September 17 that Clovis was considering a sale. A spokesperson for Clovis Oncology declined comment on the rumor. Clovis Oncology closed at $73.52 Tuesday, but fell 13% after the close. Active Network Shares Surge on Report of Multiple Bidders The Rumor:
Shares of Active Network ACTV spiked higher Tuesday on market chatter that the company has received bids from multiple potential suitors. Active Network reportedly hired Citigroup as an advisor to handle a potential transaction, according to sources. An Active Network spokesperson was not available for comment. Active Network closed at $10.73 Tuesday, a gain of almost 3% on twice average volume.