Benzinga's M&A Chatter for Thursday June 2, 2016

The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday June 2, 2016:

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Shares of CST Brands

surges sharply higher Thursday, on report from

that Canada's Alimentation Couche-Tard and Japan's Seven & I Holdings, the parent of 7-11, have submitted indicative offers for the convenience store retailer. Sources say CST will solicit another round of bids before deciding on a sale. CST was spun off from Valero Energy Corp

in 2013. CST Brands rose 18% Thursday to close at $44.95.

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Pentair PLC

is said to be exploring a sale of its valves-and-controls business, according to sources as reported by

on Thursday. Penntair is working with Citigroup Inc. on a potential sale of the business, which could be worth more than $2 billion, the sources said. Pentair closed at $60.75 on Thursday, up $0.56.

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HC2 Holdings, Inc.(NYSE MKT:

) announced Thursday that it has sent a second letter to Michael J. Anderson, Chairman of the Board of Directors of The Andersons, Inc.

, reiterating both its offer to acquire The Andersons for $37 per share in cash ($1.043 billion) and the assumption of $402 million in debt as of March 31, 2016. HC2 reiterated its willingness to increase the offer following a formal engagement. HC2 also raised the alternative proposal, including the rail, grain and ethanol businesses to $1.15 billion. The Andersons closed at $36.36 on Thursday, down $0.07.