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The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday November 15, 2016.
Patriot National Said to have Better Offer than Ebix' $475M Bid
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The Rumor:
Patriot National Inc (NYSE: PN) is said to be considering a better offer than $475 million offer submitted by Ebix (NASDAQ: EBIX), according to a report from Insurance Insider on Tuesday. CEO Steven Mariano told analysts the Ebix offer was rejected because "we had a better offer from someone else." Mariano said "there is still a process going."
Ebix raised its offer for Patriot National to $475 million on August 1.
Patriot National closed at $6.18 on Tuesday, up $0.02.
Verifone Systems has Hired Goldman Sachs to Field Takeover Bids
The Rumor:
Verifone Systems Inc (NYSE: PAY) is said to have hired Goldman Sachs following expressions of interest from several companies, including Amazon.com, Inc. (NASDAQ: AMZN), Blackhawk Network Holdings Inc (NASDAQ: HAWK), Target Corporation (NYSE: TGT) and Alibaba Group Holding Ltd (NYSE: BABA), according to "sources." A deal could be made at $27 per share or approximately $3 billion, the sources said.
Verifone Systems closed at $17.47 on Tuesday, up 3.13 percent.
AIG Said to Bid for Allstate in Mid $90s
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The Rumor:
American Insurance Group Inc (NYSE: AIG) is rumored to be a bidder for Allstate Corp (NYSE: ALL), according to unconfirmed market chatter circulating on Tuesday. "Sources" see a deal in the mid-$90s range.
Allstate closed Tuesday at $71.30, up $0.61.
EU Regulators Expected to Clear $25B Abbott, St Jude Deal
The Rumor:
EU antitrust regulators are expected to give conditional clearance to Abbott Laboratories' (NYSE: ABT) takeover of St. Jude Medical, Inc. (NYSE: STJ), according to sources as reported by Reuters. In order to get approval for the deal, which was announced in April, the companies offered concessions last month, without disclosing details. They did confirm the sale of medical devices to Japan's Terumo, in a deal worth about $1.12 billion.
Abbott did not comment. St Jude was not available for comment.
St Jude closed Tuesday at $79.75, up 1.63 percent.
Icahn Enterprises Announces Extension Of Tender Offer for All Outstanding Shares Of Federal-Mogul @ $9.25/Share in Cash
The Extension:
Icahn Enterprises L.P. (NASDAQ: IEP) announced Monday that the expiration of its cash tender offer for $9.25 per share of Federal-Mogul Holdings Corp (NASDAQ: FDML) has been extended to midnight, New York City time, on December 15, 2016. All other terms and conditions, including the $9.25 per share offer price, remain unchanged.
Federal-Mogul closed Tuesday at $9.93, up 1.53 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.