Market Overview

Benzinga's M&A Chatter for Monday March 3, 2014

Benzinga's M&A Chatter for Monday March 3, 2014

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday March 3, 2014:

Report of Reynolds American Interest in Lorillard Acquisition

The Rumor:
Shares of Lorillard (NYSE: LO) surged higher Monday on a report from Financial Times that Reynolds American (NYSE: RAI) was considering a bid for the company, whose brands include Newport, Kent and e-cigarette brand Blu. According to sources, Lorillard has hired Lazard as an adivisor on a potential deal, which reportedly would be valued at more than $20 billion. Lorillard's market cap at the close of trade Monday was $19.42 billion.

A Spokesperson for Reynolds American declined comment on the report, a Lorilard spokesperson was not available.

Lorillard closed Monday at $53.61, a gain of 9%. Reynolds American closed at $53.29, a gain of almost 5%.

Caesars Growth Partners to Acquire $2.2B of Assets from Caesars Entertainment

The Deal:
Caesars Acquisition Company (NASDAQ: CACQ) announced Monday that Caesars Growth Partners will acquire Bally's Las Vegas, The Cromwell, The Quad Resort & Casino and Harrah's New Orleans from Caesars Entertainment Corporation (NYSE: CZR) for $2.2 billion. The purchase price includes assumed debt of $185 million and committed project capital expenditures of $223 million, resulting in cash consideration of approximately $1.8 billion.

The deal is expected to close in Q2 2014.

Caesars Entertainment closed Monday at $25.59, a loss of 1.5%.

Report Loral Hires Perella to Assist in Possible Sale

The Rumor:
Shares of Loral Space & Communications (NASDAQ: LORL) spiked higher Monday on a report from Reuters that the company had hired Perella Weinberg Partners to assist the company on a possible sale, according to sources. Potential buyers reportedly include Carlyle Group (NASDAQ: CG), KKR (NYSE: KKR), Apax Partners, the Canada Pension Plan Investment Board and the Ontario Teachers Pension Plan.

A spokesperson for Loral, which owns a majority stake in Canada's Telesat Holdings, was not available for comment.

Orbitz Worldwide closed Monday at $9.66, a gain of 1.5%.

Minerals Technologies Raises Bid for AMCOL International to $45/Share in Cash

The Offer:
Minerals Technologies (NYSE: MTX) announced Monday that it has increased its cash offer for AMCOL International (NYSE: ACO) to $45.00 per share. The transaction is expected to close in the H1 2014.

AMCOL International closed Monday at $46.35, a gain of 4.5%.

Posted-In: M&A News Rumors Movers


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