The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday, April 10, 2017.
AT&T to Acquire Straight Path Communications for $95.63 per Share in All Stock Deal
The Deal:
Straight Path Communications Inc. STRP and AT&T T announced a definitive merger agreement under which AT&T will acquire Straight Path for $95.63 per share in an all-stock transaction, for a total value of $1.6 billion, including liabilities and amounts to be remitted to the FCC per the terms of Straight Path’s January 2017 consent decree.
Straight Path shareholders will be paid in AT&T stock. Closing is expected within 12 months, subject to FCC review.
Straight Path Communications closed at $91.64, up $55.16.
Marcato urges Rent-A-Center's Board to Explore Sale
The Activist Letter:
Activist investor Marcato Capital Management sent a letter to the Rent-A-Center RCII Board of Directors urging the Board to commence a strategic review process to consider alternatives, including a sale of the company. Marcato Partner Shawn Badlani, RCII's poor financial performance is a "direct result of multiple years of operational and strategic missteps by the Company."
Badlani said if the the Board continues to resist a review strategic alternatives now, Marcato will vote for Engaged Capital's director nominees at the upcoming annual meeting.
Rent-A-Center closed at $10.29, up $0.69.
Microsoft to Acquire Deish
The Deal:
Deis announced it's being acquired by Microsoft MSFT. Terms were not disclosed. Deis develops tools for creating and managing Kubernetes containers.
Microsoft closed at $65.53, down $0.15.
KKR Seeks to Take Harley Davidson Private
The Rumor:
Shares of Harley Davidson HOG spiked higher as traders circulated unconfirmed chatter that KKR is seeking to take the company private. "Sources" say a deal could be made at $73.00 per share. Harley Davidson has been the subject of private equity chatter in the past.
Harley Davidson closed at $61.84, up $0.93.
RetailMeNot to Be Acquired by Harland Clarke Holdings for $11.60/Share in Cash
The Deal:
Harland Clarke Holdings Corp.announced it has reached a definitive agreement to acquire RetailMeNot, Inc. SALE for $11.60 per share in cash. The transaction is expected to close in Q2 of 2017.
RetailMeNot closed at $7.75 and traded at $11.60 after-hours.
Knight Transportation, Swift Transportation to Merge; Deal Values Swift at $22.07/Share
The Deal:
Knight Transportation, Inc. KNX and Swift Transportation Company SWFT announced that their boards of directors have unanimously approved a merger of Knight and Swift in an all-stock transaction. Under the terms of the agreement, each Swift share will convert into 0.72 shares of Knight-Swift by means of a reverse stock split. Each share of Knight will be exchanged for one Knight-Swift share. The implied value per share of Swift is $22.07, based on the $30.65 closing price of Knight shares on April 7, 2017.
The transaction is expected to close in Q3 of 2017.
Knight Transportation closed at $34.75, up $4.10. Swift Transportation closed at $24.77, up $4.75.
© 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.