The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday, March 27, 2017.
Spotify Acquires MightyTv
The Deal:
Spotify announced it had acquired privately-held MightyTv, whose app provides movie and TV recommendations based on personal
preferences. Terms were not disclosed.
MightyTv Founder and CEO Brian Adams will be joining Spotify as VP of technology
There was spike in volume in Pandora Media Inc (NYSE: P) following the announcement.
Dow-Dupont Merger Approved in EU
The Approval:
DuPont (NYSE: DD) and Dow
Chemical (NYSE: DOW) announced the European Commission
has granted conditional regulatory approval in Europe of their proposed merger. As part of the conditions, DuPont will divest its
Cereal Broadleaf Herbicides and Chewing Insecticides portfolios and will also divest its Crop Protection research and development
pipeline and organization. DuPont will continue to develop and bring to market, seed treatment, nematicides and late-stage R&D
programs.
On February 2, Dow announced an agreement with SK Global Chemical Co., LTD. to divest its global Ethylene Acrylic Acid
copolymers and ionomers business, conditioned on Dow and DuPont closing their merger transaction. Dow and Dupont continue to work
on obtaining clearance for the merger in other jurisdictions and they are confident that will happen.
DuPont closed at $80.58, up $0.98. Dow closed at $64.02, up $0.94.
DryShips Acquires Four Modern Newcastlemax Vessels for $124M Cash
The Deal:
DryShips Inc. (NASDAQ: DRYS) announced
it has entered into agreements with unaffiliated third parties to acquire four modern Newcastlemax bulk carriers of approximately
206,000 DWT and with an average age of 3.0 years. DryShips expects to take delivery of the vessels before the end of June 2017.
DryShips closed at $1.40, up $0.05.
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