The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday May 22, 2014:
Hess to Sell Retail Business to Marathon Petroleum for $2.6BThe Deal:
Hess (NYSE:
HES) announced Thursday, that it has agreed to sell its retail business to Marathon Petroleum (NYSE:
MPC) for $2.6 billion in cash. Hess Retail operates 1,342 locations, along the U.S. east coast.
The deal is expected to close before the end of 2014.
Hess shares closed Thursday at $90.29, a gain of 1%. Marathon Petroleum lost less than 1% to close at $86.91.
Philips Rumored to Considering Bid for CreeThe Rumor:
Shares of Cree (NASDAQ:
CREE) rose sharply Thursday, on unconfirmed market chatter that Philips (NYSE:
PHG) is considering an acquisition of the maker of LED bulbs, according to sources. The purchase purchase price is rumored to be $59.00 per share.
Spokespersons for the two companies declined comment on the rumor.
Cree closed Thursday at $47.63, a gain of 1.5%.
GE Agrees to Extend Alstom Proposal Deadline to June 23The Extension:
General Electric (NYSE:
GE) released a statement on Thursday, regarding their $17 billion pursuit of France's Alstom's (OTC:
ALSMYSMAWF).
GE shares closed Thursday at $26.51, again of $0.02.
Microchip Technology Acquires ISSC Technologies for Approximately $328.5M in Equity ValueThe Deal:
Microchip Technology (NASDAQ:
MCHP) and ISSC Technologies announced Thursday, an agreement, under which MCHP will acquire the provider of low power Bluetooth and advanced wireless solutions, for NT$143 per share or approximately US$4.74 per share, for a total equity value of approximately $328.5 million.
The tender offer is expected to close in Q3 2014 and the merger in Q4.
Microchip Technology shares gained $0.10 Thursday, closing at $46.64.
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