The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday, November 8, 2017.
AT&T CFO Says Timing of Time Warner Deal Closing Uncertain
The CFO Comment
AT&T Inc. (NYSE: T) CFO John Stephens
said Wednesday in an interview with Reuters that he's unsure about the timing of his company's planned takeover of Time
Warner Inc. (NYSE: TWX) due to regulatory review.
Stephens said he expected the deal to close in 2017.
Financial Times reported later that AT&T must sell CNN in order for the deal to be approved. In response to the report,
AT&T CEO Randall L. Stephenson told CNBC, "Until now, we’ve never commented on our discussions with the DOJ. But given DOJ’s
statement this afternoon, it’s important to set the record straight. Throughout this process, I have never offered to sell CNN and
have no intention of doing so."
AT&T closed at $33.44, up 37 cents. Time Warner closed at $88.50, down $6.16.
Rent-A-Center Rejects Vintage Capital's Proposed Exclusivity Agreement
The Rejection:
Rent-A-Center Inc (NASDAQ: RCII)
announced it had sent a letter to activist investor Vintage Capital in response to a proposal requesting an exclusivity agreement.
Vintage in a 13D filing on Nov. 3, offered $13 per share to acquire Rent-A-Center.
Rent-A-Center said, "Given the early stage of the strategic review and the level of inbound interest from other parties, we do
not believe it is in the best interests of our stockholders to enter into an exclusivity agreement with Vintage at this time."
Rent-A-Center closed at $10.35, up 20 cents.
Lead Bidder to Acquire NRG Yield Surfaces
The Rumor
Shares of NRG Yield (NYSE: NYLD) rose as
SparkSpread reported that a private equity investor that has participated in several recent renewable energy portfolio auctions is
now a leading bidder to acquire the power generation company. NRG Yield recently formed a partnership with NRG
Energy (NYSE: NRG) to invest up to $50 million in a
portfolio of distributed solar assets.
NRG Yield closed at $19.55, down $0.05.
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