The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday, August 9, 2017.
Altice working on offer to buy Charter Communications
The Rumor:
Shares of Charter Communications (NASDAQ: CHTR) surged over the $400 mark on Wednesday, following a report from CNBC's David
Faber that Altice (NYSE: ATUS) is preparing
an offer to acquire Charter. No proposal has been submitted to Charter or its advisors. Faber said the offer would be approximately
$500 per share.
Financial Times later reported that Altice is preparing a bid of $185 billion for the second-largest U.S. cable company.
Softbank (OTC: SFTBY) has been reported as a
potential buyer as well for Charter.
Charter closed at $400.90 on Wednesday, up $11.15.
Wabash National to Acquire Supreme Industries for $21.00/Share
The Deal:
Wabash National Corporation (NYSE: WNC) and
Supreme Industries, Inc. (NYSE: STS) have
entered into a definitive agreement under which Wabash National would acquire all of the outstanding shares of Supreme for $21 per
share in cash via a tender offer. The equity value is $364 million and the enterprise value is $342 million.
The acquisition is expected to close no later than Q4 of 2017.
Supreme Industries closed at $20.95, up $5.42.
Birchbox Held Takeover Talks with Walmart, Other Retailers
The Rumor:
Online cosmetics retailer Birchbox has been in talks with several retailers about selling the company, according to a report
from Recode. Wal-Mart Stores Inc (NYSE: WMT)
is among the potential buyers, according to the report.
Wal-Mart's U.S. e-commerce head Marc Lore had discussions with Birchbox co-founder and CEO Katia Beauchamp, the sources
said.
Skyline Medical Signs Definitive Agreement to Merge With CytoBioscience in All-Stock Deal
The Deal:
Skyline Medical Inc. (NASDAQ: SKLN)
announced the signing of a definitive agreement to merge with privately held biomedical company, CytoBioscience. Under the terms of
the agreement, CytoBioscience owners will receive at closing, 19.8 percent of the outstanding common shares, currently 1,234,086
shares with a current value of approximately $1.9 million, plus shares of Class C, D and E non-convertible, non-voting preferred
stock with a total liquidation preference of $22.7 million.
The acquisition is expected to close by September 30, 2017.
Skyline Medical closed at $1.50, and traded as high as $2.08 after-hours.
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