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Wall Street's M&A Chatter From July 10: Abercrombie & Fitch, Rent-A-Center, Cincinnati Bell-Hawaiian Telcom

RCII, ANF

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday July 10, 2017:

Hawaiian Telcom to be Acquired by Cincinnati Bell for $30.75/Share Cash and Stock

The Deal:

Cincinnati Bell Inc (NYSE: CBB) announced a merger agreement with Hawaiian Telcom HoldCo Inc (NASDAQ: HCOM). Hawaiian Telcom shareholders will have the option to elect either $30.75 in cash, 1.6305 shares of Cincinnati Bell common stock, or a mix of $18.45 in cash and 0.6522 shares of Cincinnati Bell common stock for each share of Hawaiian Telcom.

The transaction is expected to close in H2 of 2018.

Hawaiian Telcom closed at $28.87, up $4.43.

Abercrombie No Longer in Talks for Sale

The End of Sale Talks:

Abercrombie & Fitch Co. (NYSE: ANF) announced it has terminated discussions regarding a potential transaction. Executive Chairman Arthur Martinez said, "After a comprehensive review of all relevant factors, with the assistance of our financial advisor, the A&F Board of Directors determined that the best path to enhance value for stockholders is the rigorous execution of our business plan."

On May 10, A&F announced it had it had preliminary talks with several potential buyers, after receiving expressions of interest. Reuters reported Monday Sycamore was the highest bidder for A&F, but couldn't meet the company's valuation expectations.

Abercrombie & Fitch closed at $9.59, down $2.57.

Vintage Capital Proposes to Acquire Rent-A-Center for $15.00/Share Cash

The Deal:

Vintage Capital is said to have proposed to acquire Rent-A-Center Inc (NASDAQ: RCII) for $15.00 per share or approximately $800 million, according to a letter as reported by Reuters. The letter was sent by Vintage's managing partner, Brian Kahn, to JPMorgan Chase.

Rent-A-Center said Vintage Capital's proposal "significantly undervalues the company" and its strategic plan, according to Reuters.

Rent-A-Center shares closed at $11.10, and traded as high as $14.30 after-hours.