The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday March 29, 2017:
WebMD Begins Sale Process
The Rumor:
WebMD (NASDAQ: WBMD) has begun its sales
process, according to sources as reported by Dealreporter. WebMD announced February 16 it was exploring strategic alternatives and
hired JPMorgan as an advisor.
WebMD closed at $53.79, up $3.56.
Exar to be Acquired by MaxLinear for $13/Share Cash
The Deal:
MaxLinear, Inc. (NYSE: MXL) and
Exar Corporation (NYSE: EXAR) have entered
into a definitive agreement under which MaxLinear has agreed to acquire Exar for $13.00 per share in cash, for a total value of
approximately $700 million, or $472 million net of Exar's cash acquired. The acquisition will be conducted by means of a tender
offer and is expected to close in Q2 of 2017.
Exar closed at $12.99, up $2.37.
Under Armour Chatter of PE Interest
The Rumor:
Private equity is in talks to take Under Armour (NYSE: UAA) private at $26.00 per share, according to unconfirmed market chatter. Management
is said to be considering the offer and could make a decision by the weekend.
Nike (NYSE: NKE) has been mentioned often
as a potential buyer for Under Armour.
Under Armour closed at $20.66, up $0.71.
Synovus Financial in Talks to Acquire Cabela's Banking Unit
The Rumor:
Cabela's (NYSE: CAB) is said to be in talks
to sell its financial business to Synovus Financial Corp. (NYSE: SNV), according to sources as reported by the Wall Street Journal. Under the proposed
plan, Synovus would resell the credit-card portfolio to Capital One (NYSE: COF) and retain approximately $1 billion in deposits held in Cabela's bank, in order
to avoid a regulatory review for Capital One, the sources said.
Bass Pro Shops and Cabela's announced on October 3 that Bass would acquire Cabela's for $65.50 per share in cash. Capital One
was to acquire the banking operation, but investigations into its anti-money-laundering controls put the whole deal in jeopardy and
sent Cabela's shares into the mid-$40s.
The talks are said to be ongoing.
Cabela's closed at $52.04, up $5.79.
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