Market Overview

Benzinga's M&A Chatter for Monday July 15, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday July 15, 2013:

MB Financial to Acquire Taylor Capital for $22.00/Share

The Deal:
MB Financial (NASDAQ: MBFI) and Taylor Capital Group (NASDAQ: TAYC) announced Monday the signing of a merger agreement whereby MB Financial will acquire Taylor Capital for $22.00 per share or approximately $680 million. Upon completion of the merger, each share of Taylor Capital common stock and nonvoting preferred stock will be converted into the right to receive

0.64318 shares of MB Financial common stock and $4.08 in cash, equal to 81% MB Financial stock and 19% cash.

The deal is expected to close in the first half of 2014.

Taylor Capital Group closed at $21.20 Monday, a gain of 19% on 30 times average volume.

Loblaw to Acquire Shoppers Drug Mart for C$12.4B in Cash, stock Deal

The Deal:
Loblaw Companies (OTC: LBLCF) and Shoppers Drug Mart (OTC: SHDMF) announced Monday a definitive agreement under which Loblaw will acquire all of the outstanding Shoppers Drug Mart common shares for C$33.18 in cash plus 0.5965 Loblaw common shares per each Shoppers Drug Mart common share, on a fully pro rated basis. The total consideration will consist of approximately 53.9% cash and 46.1% Loblaw common shares. Shoppers Drug Mart shareholders will have the ability to choose whether to receive C$61.54 in cash or 1.29417 Loblaw common shares plus $0.01 cash for each Shoppers Drug Mart share held, subject to pro ration.

The deal requires the approval of at least 66 2/3% of the votes cast by the shareholders of Shoppers Drug Mart at a special meeting expected to take place in September 2013.

Shoppers Drug Mart closed at C$57.60 Monday, a gain of 25%.

Avis Acquires Payless Car Rental for $50M in Cash

The Deal:
Avis Budget Group (NYSE: CAR) announced Monday that it has acquired Payless Car Rental for approximately $50 million in cash. Avis acquired ZipCar earlier this year.

Avis Budget Group closed at $32.22 Monday, a loss of 1.5% on lower than average volume.

Posted-In: News M&A After-Hours Center Movers

 

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