The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday, October 31, 2017.
Neos Therapeutics Will Consider Offers from Other Potential Buyers
The Rumor:
Neos Therapeutics Inc (NASDAQ: NEOS)
will consider offers from other potential buyers following a rejected fourth takeover offer from PDL Biopharma Inc
(NASDAQ: PDLI), according to sources as reported by Reuters.
Neos turned down an approximately a $300 million all-cash offer from PDL.
Neos and PDL each declined comment on the report.
Neos Therapeutics closed Tuesday at $10.40 and traded as high as $11.00 after-hours.
Rockwell Automation Confirms Rejection of $215 Per Share Cash, stock Offer from Emerson Electric
The Rejection:
Rockwell Automation, (NYSE: ROK) confirmed
it rejected a $215 per share unsolicited proposal from Emerson Electric Co. (NYSE: EMR) consisting of $107.50 per share in cash and 225 million shares of Emerson common
stock, valued at $107.50 per share based on Emerson's 30-day volume weighted average share price of $62.92 as of October 10. That
followed a $200 per share offer in August.
Rockwell said its Board of Directors carefully reviewed the proposals and determined they were not in the best interest of
Rockwell Automation or its shareholders.
Rockwell Automation closed at $200.82, up $13.82. Emerson Electric shares fell $2.88, to close at $64.46.
Charter Communications Shares Spike Higher on Report of Softbank Interest
The Rumor:
Shares of Charter Communications, Inc. (NASDAQ: CHTR) spiked as high as $339.42 Tuesday, following a report from Nikkei that
Softbank (OTC: SFTBY) had interest in a
potential acquisition of America's second-largest cable operator. That report came as merger talks between T-Mobile
US (NASDAQ: TMUS) and Sprint
(NYSE: S) appear to have hit a serious snag.
Charter Communications closed at $334.17, up $10.19.
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