The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday January 5, 2017:
Stanley Black & Decker to Buy Craftsman from Sears for ~$900M
The Deal:
Stanley Black & Decker, Inc. (NYSE: SWK)
and Sears Holdings Corp (NASDAQ: SHLD) have
reached an agreement under which Stanley Black & Decker will purchase the Craftsman brand from Sears for payments pf $525 million
at closing, $250 million at end of year three, plus annual payments on new Stanley Black & Decker Craftsman sales through year 15,
for a value of approximately $900 million.
The transaction is expected to close during 2017.
Sears closed Thursday at $10.39, up 11.02 percent.
Gartner to Acquire CEP for $2.6B Cash and Stock
The Deal:
Gartner Inc (NYSE: IT) and CEB
Inc. (NYSE: CEB) have entered into a definitive
agreement under which Gartner will acquire all of the outstanding shares of CEB in a cash and stock transaction valued at
approximately $2.6 billion, with a total enterprise value of approximately $3.3 billion. CEB shareholders will receive $77.25 per
share, consisting of $54.00 in cash and 0.2284 shares of Gartner common stock for each share of CEB common stock they own.
The transaction is expected to close in H1 of 2017.
CEB closed at $74.85 on Thursday, up 20.92 percent.
Meredith Contacts Time Regarding Interest in Merger
The Rumor:
Meredith Corporation (NYSE: MDP) is said to
have contacted Time Inc (NASDAQ: TIME) to
express interest in a potential merger, according to sources as reported by Bloomberg. A group headed by Edgar Bronfman Jr. offered
$18.00 per share, according to the NY Post and that offer was rejected.
Other potential buyers have contacted Time regarding a potential deal, a source said.11 percent in New York trading. Time’s
board of directors will meet later this month to discuss its options.
Spokespersons for Time and Meredith declined comment.
time closed at $18.95 on Thursday, up 2.71 percent.
Google Acquires Limes Audio
The Deal:
Google (NASDAQ: GOOG) announced the
acquisition of Limes Audio, which created TrueVoice two-way communication audio processing software. Terms of the deal were not
disclosed.
Google closed at $813.02 on Thursday, up $5.25.
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