The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday June 2, 2016:
Alimentation Couche-Tard, Seven & I Holdings Submitted Indicative Offers for CST Brands
The Rumor:
Shares of CST Brands (NYSE: CST) surges sharply higher
Thursday, on report from Reuters that Canada's Alimentation Couche-Tard and Japan's Seven & I Holdings, the parent of 7-11,
have submitted indicative offers for the convenience store retailer. Sources say CST will solicit another round of bids before
deciding on a sale.
CST was spun off from Valero Energy Corp (NYSE: VLO) in
2013.
CST Brands rose 18% Thursday to close at $44.95.
Pentair Exploring Sale of Valves-and-Controls Business
The Rumor:
Pentair PLC (NYSE: PNR) is said to be exploring a sale of its
valves-and-controls business, according to sources as reported by Dow Jones on Thursday. Penntair is working with Citigroup
Inc. on a potential sale of the business, which could be worth more than $2 billion, the sources said.
Pentair closed at $60.75 on Thursday, up $0.56.
HC2 Reiterates Offer of $37/Share in Cash for The Andersons
The Offer:
HC2 Holdings, Inc.(NYSE MKT: HCHC) announced Thursday
that it has sent a second letter to Michael J. Anderson, Chairman of the Board of Directors of The Andersons, Inc. (NASDAQ:
ANDE), reiterating both its offer to acquire The Andersons
for $37 per share in cash ($1.043 billion) and the assumption of $402 million in debt as of March 31, 2016. HC2 reiterated its
willingness to increase the offer following a formal engagement.
HC2 also raised the alternative proposal, including the rail, grain and ethanol businesses to $1.15 billion.
The Andersons closed at $36.36 on Thursday, down $0.07.
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