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The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday March 5, 2015:
AbbVie to Acquire Pharmacyclics for $261.25/Share in Cash, StockThe Deal:
AbbVie
ABBV and Pharmacyclics
PCYC announced late Wednesday, a definitive agreement whereby AbbVie will acquire Pharmacyclics for $261.25 per share comprised in cash and AbbVie shares. Through a tender offer, AbbVie will offer to acquire all of the outstanding shares of Pharmacyclics' common stock for $261.25 per share, consisting of approximately 58% cash and 42% AbbVie common stock.
The deal is expected to close in mid-2015.
Pharmacyclics shares gained more than 10% Thursday, closing at $254.22.
Ingersoll Rand Acquires FRIGOBLOCK for €100MThe Deal:
Ingersoll-Rand plc
IR announced Thursday, it has completed the acquisition of FRIGOBLOCK for €100 million..
The deal closed on March 4, 2015.
Ingersoll Rand shares closed Thursday at $67.68, a gain of 1%.
Citigroup Completes Sale of 9.9% Stake in Akbank for ~$1.15BThe Deal:
Citigroup Inc.
C announced Thursday, that it has sold 396 million common shares in Akbank through an equity offering representing its entire 9.9% equity interest in the company for proceeds from of approximately $1.15 billion.
Citigroup shares Thursday at $53.56, down $0.11.
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Mallinckrodt plc
MNK and privately-held critical care company, Ikaria, announced Thursday, that Mallinckrodt will acquire from a Madison Dearborn-led investor group in a transaction valued at approximately $2.3 billion. The deal is expected to closed in early Q2 of 2015.
Mallinckrodt closed Thursday at $121.70, up $5.51.
Rumor of VF Corp Acquisition of LululemonThe Rumor:
Shares of Lululemon Athletica Inc.
LULU rose Thursday, on unconfimred market chatter of a potential bid from V.F. Corporation
VFC. The rumored offer is $84.00 per share in cash and stock.
Nike, Inc.
NKE has previously been mentioned as a possible buyer for the manufacturer of athletic apparel.
Spokespersons for Lululemon and V.F. Corporation did not respond to requests for comment.
Lululemon closed Thursday at $64.85, down $0.67.
Rumor of Navistar Acquisition Interest by European AutomakersThe Rumor:
Shares of Navistar International Corporation
NAV surged higher Thursday on an unconfirmed rumor that several European automakers, including AB Volvo
VOLVY, Volkswagen AG
VLKAY and Daimler AG
DDAIF were considering a bid for the manufacturer of commercial trucks, buses, defense vehicles and engines.
Navistar declined comment on the rumor.
Navistar shares closed Thursday at $30.30, up $1.57.
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