The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday, January 30, 2017.
Keysight to Acquire Ixia for $19.65/Share in Cash
The Deal:
Keysight Technologies, Inc. (NYSE: KEYS)
and Ixia (NASDAQ: XXIA) announced a
definitive agreement for Keysight to acquire Ixia for $19.65 per share in cash, in a transaction valued at approximately $1.6
billion in consideration. Both Board of Directors have unanimously approved the deal, which is anticipated to close no later than
the end of October 2017, subject to customary closing conditions and approvals.
Ixia closed Monday at $19,45, up 6.87 percent.
Walgreens- Rite Aid Amendment, Extension to Merger Agreement Cuts Rite Aid Purchase Price to Maximum of $7.00/Share
The Amended Merger Agreement:
Walgreens Boots Alliance Inc (NASDAQ: WBA) and Rite Aid Corporation (NYSE: RAD) announced they have agreed to amend and extend their merger agreement. Under the
terms of the amendment, the parties have agreed to reduce the price for each share of Rite Aid common stock to a maximum of $7.00
per share and a minimum of $6.50 per share. Walgreens will also be required to divest up to 1,200 Rite Aid stores and certain
additional related assets if required to obtain regulatory approval. The purchase price for Rite Aid will be $7.00 per share if
1,000 stores or fewer are required for divestiture and at $6.50 per share if 1,200 stores are required for divestiture.
Walgreens and Rite Aid have agreed to extend the deadline for their merger agreement from January 27 until July 31 so that the
companies may obtain regulatory approval.
Rite Aid closed at $5.72 on Monday, down 17.46 percent.
Frontline Offers $5.09/Share for DHT in All-Stock Deal
The Offer:
DHT Holdings, Inc. (NYSE: DHT) has received
a non-binding, highly conditional proposal from Frontline Ltd. (NYSE: FRO) to acquire all of the outstanding shares of common stock of DHT for $5.09 per
share, in a stock-for-stock deal. Under the proposed terms of the offer, DHT shareholders would receive 0.725 of a Frontline share
for each share of DHT.
DHT's Board said it will evaluate the proposal from Frontline and respond in due course. In addition, the DHT Board has adopted
a one-year shareholder rights plan and declared a dividend of one preferred share purchase right for each share of DHT common stock
outstanding at the close of business on February 9, 2017.
DHT closed at $4.61 on Monday, up 7.61 percent.
Trump Could Approve AT&T-Time Warner Deal
The Rumor:
Shares of Time Warner (NYSE: TWX) spiked to
a high of $96.95 Monday, following a tweet from Fox Business' Charlie Gasparino that the Trump administration will approve the
merger with AT&T (NYSE: T), according to
banking sources. CNN could be spunoff or sold to a potential buyer, namely CBS Corporation (NYSE: CBS), sources said.
Trump said during the election campaign that he opposed the merger.
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