The following are the M&A deals, rumors and chatter circulating on Wall Street from Wednesday, November 2, 2016.
Broadcom Limited to Acquire Brocade Communications Systems for $12.75/Share
The Deal:
Broadcom Limited AVGO and Brocade Communications Systems, Inc. BRCD announced they have agreed that Broadcom will acquire Brocade for $12.75 per share in cash, or approximately $5.5 billion, plus $0.4 billion of net debt. The transaction, which is presently expected to close in H2 of Broadcom's FY 2017. Brocade closed at $12.32 on Wednesday, up 9.61 percent.
Rumor of Multiple Bidders for Angie's List
The Rumor:
Shares of Angie's List ANGI spiked to a high of $8.13 Tuesday, on unconfirmed market chatter that there are multiple bidders for the consumer review website. An MKM Analyst said on Tuesday that "Angie's List could be an attractive asset for a strategic investor/ acquirer from a tangential space," while an Oppenheimer analyst stated that management is "likely focused on a strategic investment to accelerate growth vs. a potential sale."
Bary Diller’s IAC/InterActiveCorp offered $8.75 per share last November. A company spokesperson declined comment to Benzinga on potential current interest. Angie's List closed at $7.59 on Tuesday.
Valeant is Exploring Sale of Eye-Surgery Equipment Unit, Could Be Valued at $2.5B
The Rumor:
Valeant Pharmaceuticals VRX is said to be exploring a sale of its eye-surgery equipment business for as much as $2.5 billion, according to sources as reported by the Wall Street Journal on Wednesday. Valeant acquired the business with its purchase of Bausch & Lomb. This follows a report on Tuesday that Valeant is in talks to sell its Salix Pharmaceuticals Ltd. stomach-drug business to Takeda Pharmaceutical Co. TKPYY for $10 billion.
Valeant closed Tuesday at $21.12, down 11.48 percent.
Inteliquent to be Acquired by GTCR for $23.00/Share
The Deal:
Inteliquent, Inc. IQNT announced it has entered into a definitive agreement to be acquired by an affiliate of GTCR LLC and merged with a subsidiary of Onvoy, LLC for $23.00 per share in cash, for a total value of approximately $800 million. The transaction is expected to close in H1 of 2017. Inteliquent closed Tuesday at $16.74, and traded as high as $22.47 after-hours.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.