Wall Street's M&A Chatter From April 24: Akorrn, Albertsons-Whole Foods, US Foods-FirstClass, PPG-Akzo Nobe

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday, April 24, 2017.

PPG Raises Offer for Akzo Nobel to €61.50, 0.357 Shares of PPG

The Revised Offer:

PPG Industries, Inc. PPG submitted a revised proposal to Akzo Nobel N.V. (ADR) AKZOY Chairman of the Supervisory Board, Antony Burgmans, and CEO Ton Büchner detailing PPG's increased offer of €96.75 per outstanding ordinary share of AkzoNobel. The new offer consists of €61.50 and 0.357 shares of PPG common stock for a transaction valued at approximately €26.9 billion, or $28.8 billion.

Akzo Nobel confirmed receipt of a third unsolicited and conditional proposal from PPG and will carefully review and consider this proposal. Elliott Advisors said it's encouraged Akzo Nobel will carefully review and consider PPG's revised proposal says continues to believe it's in the interest of all shareholders for Akzo Nobel's boards to accept PPG's offer.

PPG closed Monday at $108.01, up $2.07.

US Foods to Acquire FirstClass Foods

The Deal:

US Foods Holdings Corp USFD announced it has agreed to acquire privately-held meat manufacturing company, FirstClass Foods. Terms were not disclosed.

The transaction is expected to close by the end of April.

US Foods closed at $27.60, up $0.07.

Albertsons Considering Bid for for Whole Foods

The Rumor:

Albertsons is considering a takeover of Whole Foods Market, Inc. WFM, according to sources as reported by Financial Times. Cerberus Capital Management, the private equity firm that backs Albertsons, has had preliminary talks with bankers regarding a bid, a source said, though no formal bid has been presented.

Jana Partners reported a 9 percent stake in Whole Foods on April 10 and urged the upscale grocer to consider a sale. The next day, Bloomberg reported Amazon.com, Inc. AMZN had considered a bid for Whole Foods last fall.

Whole Foods closed at $36.46, up $0.75.

Fresenius to Acquire Akorn for $34.00/Share

The Deal:

Fresenius Kabi has agreed to acquire Akorn AKRX for $34.00 per share or approximately $4.3 billion, plus the assumption of approximately $450 million of debt. The transaction is expected to close by early 2018

Akorn closed at $32.72, and traded at $32.80 after-hours.