The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday January 25, 2017.
EU clears Abbott Acquisition of Alere Subject to Divestments
The Approval:
Alere Inc (NYSE: ALR) confirmed that the
European Commission has granted clearance for Abbott Laboratories (NYSE: ABT) acquisition of Alere. Alere CEO Namal Nawana remains "confident that the merger
will close according to the terms of the agreement."
Abbott announced on February 1, 2016, that it would acquire Alere for $56 per share in cash.
An Abbott spokesperson told Benzinga
the company continues to gain regulatory approvals for the Alere acquisition, "but Alere clearly is not the company we agreed to
buy and look forward to showing why that constitutes a material adverse event in court."
The EC said it accepted Abbott's offer to divest Alere's global Epoc, Triage and BNP reagents businesses as conditions for
approval of the deal.
Alere closed Wednesday at $39.33, down $0.17.
Arctic Cat to be Acquired by Textron for $18.50/Share in Cash
The Deal:
Arctic Cat Inc (NASDAQ: ACAT) announced
it has signed a definitive merger agreement under which Textron Inc. (NYSE: TXT) will acquire Arctic Cat in a cash transaction valued at approximately $247
million, plus the assumption of existing debt. Textron, through a wholly owned subsidiary, will commence a tender offer to purchase
all outstanding shares of Arctic Cat for $18.50 per share in cash.
The completion of the acquisition is subject to customary conditions and regulatory approvals.
Arctic Cat closed at $18.55 on Wednesday, up 41.67 percent.
AltaGas Ltd. to Acquire WGL Holdings for $88.25/Share in Cash
The Deal:
WGL Holdings Inc (NYSE: WGL) and
AltaGas Ltd. (OTC: ATGFF) announced that the
Boards of Directors of both companies have unanimously approved a plan of merger for WGL to be acquired by AltaGas for
approximately $6.4 billion in cash. WGL shareholders will receive $88.25 in cash per WGL share.
The transaction is expected to close in Q2 of 2018 and requires approval from WGL shareholders, the Public Service Commission of
the District of Columbia, the Maryland Public Service Commission and the Virginia State Corporation Commission.
WGL Holdings closed at $78.78 on Wednesday, and traded as high as $85.67 after-hours.
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