Wall Street's M&A Chatter From April 25: Straight Path, Deckers Outdoor, Tyson-AdvancePierre Foods, Frontline-DHT

The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday, April 25, 2017.

Tyson Acquires AdvancePierre Foods for $40.25/Share in Cash

The Deal:

Tyson Foods, Inc. TSN and AdvancePierre Foods Holdings Inc APFH have entered into a definitive merger agreement under which a subsidiary of Tyson will launch a tender offer to acquire all of AdvancePierre's outstanding common shares for $40.25 per share in cash, for a total enterprise value of approximately $4.2 billion, including $3.2 billion in equity value and $1.1 billion in assumption of AdvancePierre debt.

The transaction is expected to close in Q3 of Tyson's FY 2017.

AdvancePierre Foods closed at $40.48, up $3.81.

Straight Path's Board Says $104.64/Share All Stock Offer Is Superior to AT&T's Previous $95.63/Share All Stock Offer

The Offer:

Straight Path Communications Inc STRP announced the Board of Directors determined that an unsolicited offer from a multi-national telecommunications company VZ) to acquire 100 percent of the issued and outstanding shares of Straight Path for $104.64 per share in stock, constitutes a "Superior Proposal" to AT&T's T all-stock offer of $95.63 per share.

Straight Path said it remains subject to the AT&T Merger Agreement and the Straight Path Board has not changed its recommendation in support of the AT&T transaction. Straight Path is required to pay a $38 million termination fee to AT&T if the Straight Path Board terminates the AT&T Merger Agreement

Straight Path closed at $128.96, up $18.07.

Deckers to Review Strategic Alternatives, Including Potential Sale

The Strategic Review:

Deckers Outdoor Corp DECK announced that its Board of Directors has initiated a process to review a broad range of strategic alternatives to enhance stockholder value, including a sale or other transaction. Deckers has retained Moelis & Company as its financial advisor to assist in the review process.

Deckers closed at $58.74, up $0.40.

Frontline Submits New DHT Offer Proposal

The Revised Offer:

Frontline Ltd FRO has approached the Board of Directors of DHT Holdings Inc DHT to consider a revised proposal, which includes the ships already delivered and yet to be delivered by BW Group Ltd. to DHT under the Vessel Acquisition Agreement entered into by DHT and BW on March 23, 2017. Under the proposed agreement, 0.8 Frontline shares would be exchanged for each DHT common share.

The initial proposal in January, consisted of 0.725 Frontline shares for each DHT common share.

DHT closed at $4.67, and traded at $4.90 after-hours.