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The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday July 10, 2017:
Hawaiian Telcom to be Acquired by Cincinnati Bell for $30.75/Share Cash and Stock
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The Deal:
Cincinnati Bell Inc (NYSE:CBB) announced a merger agreement with Hawaiian Telcom HoldCo Inc (NASDAQ:HCOM). Hawaiian Telcom shareholders will have the option to elect either $30.75 in cash, 1.6305 shares of Cincinnati Bell common stock, or a mix of $18.45 in cash and 0.6522 shares of Cincinnati Bell common stock for each share of Hawaiian Telcom.
The transaction is expected to close in H2 of 2018.
Hawaiian Telcom closed at $28.87, up $4.43.
Abercrombie No Longer in Talks for Sale
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The End of Sale Talks:
Abercrombie & Fitch Co. (NYSE:ANF) announced it has terminated discussions regarding a potential transaction. Executive Chairman Arthur Martinez said, "After a comprehensive review of all relevant factors, with the assistance of our financial advisor, the A&F Board of Directors determined that the best path to enhance value for stockholders is the rigorous execution of our business plan."
On May 10, A&F announced it had it had preliminary talks with several potential buyers, after receiving expressions of interest. Reuters reported Monday Sycamore was the highest bidder for A&F, but couldn't meet the company's valuation expectations.
Abercrombie & Fitch closed at $9.59, down $2.57.
Vintage Capital Proposes to Acquire Rent-A-Center for $15.00/Share Cash
The Deal:
Vintage Capital is said to have proposed to acquire Rent-A-Center Inc (NASDAQ:RCII) for $15.00 per share or approximately $800 million, according to a letter as reported by Reuters. The letter was sent by Vintage's managing partner, Brian Kahn, to JPMorgan Chase.
Rent-A-Center said Vintage Capital's proposal "significantly undervalues the company" and its strategic plan, according to Reuters.
Rent-A-Center shares closed at $11.10, and traded as high as $14.30 after-hours.
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.