The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday, May 9, 2017.
Icahn Could by Rest of Hertz Following Drop in Share Price
The Rumor:
Shares of Hertz Global (NYSE: HTZ) rose
following a report from Deal Reporter that investor Carl Icahn could acquire the rest of Hertz he doesn't already own for less than
twice what he paid for a 15 percent stake in November, according to sources. Shares fell 14 percent after Monday's disastrous
earnings report.
Hertz closed at $12.80, down $2.11.
Chatter of Amazon Interest in GrubHub
The Rumor:
Shares of GrubHub (NASDAQ: GRUB) rose on
unconfirmed market chatter of a potential offer from Amazon (NASDAQ: AMZN). Yelp Inc. (NASDAQ: YELP), Priceline (NASDAQ: PCLN), Yahoo! (NASDAQ: YHOO),and Google (NASDAQ: GOOG) have been mentioned in the past as possible suitors.
McDonald's (NYSE: MCD) had mentioned
GrubHub as a delivery partner at their investor presentation at the beginning of March. Steve Cohen's Point 72 took a 5.3 percent
passive stake in GrubHub a few days after that McDonald's mention.
GrubHub closed at $45.35, up $0.05.
EU Antitrust Regulators to Approve Broadcom's Acquisition Of Brocade With Conditions
The Rumor:
EU antitrust regulators are about to approve Broadcom's (NASDAQ: AVGO) acquisition of Brocade (NASDAQ: BRCD) after Broadcom agreed to make it easier for customers to use either Broadcom
switches or competing ones on their network, according to sources as reported by Reuters. The EC is expected to approve the deal by
the May 12 deadline, the sources siad.
The EU regulator declined to comment on the rumor.
Brocade closed at $12.64, up $0.05. Broadcom rose $3.38 to close at $228.46.
Hearing PE in Talks to Acquire Lululemon
The Rumor:
Shares of lululemon athletica (NASDAQ: LULU) rose to a high of $52.32 following unconfirmed market chatter of a potential
bid from private equity. "Sources" said offers were coming in around $80 per share. Lululemon is a frequent takeover name.
Lululemon closed at $52.05, up $0.36.
Apollo to Acquire West Corporation in Take Under for $23.50/Share in Cash
The Deal:
West Corporation (NASDAQ: WSTC)
announced it has entered into a definitive agreement with affiliates of certain funds managed by affiliates of Apollo
Global Management, LLC (NYSE: APO) to acquire all of
the outstanding shares of West common stock for $23.50 per share in cash. The transaction is expected to close in H2 of this year,
subject to regulatory approvals and West shareholder approval.
West Corporation closed at $24.11, unchanged. Shares were halted ahead of the news and will resume trading on Wednesday.
Abercrombie & Fitch Receives Takeover Interest
The Rumor:
Abercrombie & Fitch Co (NYSE: ANF) is said
to be working with Perella Weinberg Partners to handle takeover interest, according to sources as reported by Reuters. Abercrombie
and Perella Weinberg declined comment on the rumor.
Last October, there were rumors of possible private equity interest in ANF. This time, the suitors are said to be rival
retailers.
Abercrombie & Fitch closed at $12.67, up $0.03.
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