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The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday, November 9, 2016.
Merrimack Said to Explore Strategic Alternatives
The Rumor:
Merrimack Pharmaceuticals (NASDAQ: MACK) is said to be working with Credit Suisse and Bank of America on a strategic review that could lead to a sale of assets or a licensing deal, according to sources as reported by Reuters on Wednesday. AbbVie Inc (NYSE: ABBV) and Pfizer Inc (NYSE: PFE) might have an interest in the company's cancer drugs, the sources said.
Credit Suisse declined comment. Bank of America and Merrimack were not available for comment.
Merrimack closed at $5.82 on Wednesday, up 15 percent.
Ebix to Terminate All Discussions Regarding Potential Acquisition Of Patriot National
The Termination:
Ebix (NASDAQ: EBIX) announced on Sunday it told to Patriot National, Inc. (NYSE: PN) that it is terminating all discussions regarding a potential acquisition of Patriot National by Ebix. The reason for the termination was not disclosed by Ebix, due to its NDA with Patriot National.
Patriot National announced on Tuesday, that it had rejected the $475 million offer from Ebix.
Patriot National closed at $6.35 on Wednesday, down 7.97 percent.
GTT Communications to Acquire Hibernia Networks for $590M
The Deal:
GTT Communications, Inc. (NYSE: GTT) announced an agreement to acquire Hibernia Networks for $590 million, including $515 million in cash and approximately 3.3 million shares of GTT common stock, to be issued to the sellers at closing, valued at $75 million. The transaction is expected to close by the end of Q1 2017.
GTT Communications closed Wednesday at $23.50, up 10.85 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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