Market Overview

Benzinga's M&A Chatter for Tuesday May 26, 2015

Benzinga's M&A Chatter for Tuesday May 26, 2015

The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday May 26, 2015:

Charter to Acquire Time Warner Cable for $78.7B

The Deal:
Charter Communications, Inc. (NASDAQ: CHTR) and Time Warner Cable Inc. (NYSE: TWC) announced Tuesday, that they have reached an agreement for Charter to merge with Time Warner Cable in a deal that values Time Warner Cable at $78.7 billion. Charter will pay $100.00 in cash and shares of a new public parent company equivalent to 0.5409 shares of Charter for each Time Warner Cable share outstanding. Each Time Warner Cable share is valued at approximately $195.71 based on Charter's market closing price on May 20. Time Warner Cable shareholders, other than Liberty Broadband or Liberty Interactive may elect to receive $115.00 of cash and New Charter shares equivalent to 0.4562 shares of Charter for each Time Warner Cable share they own.

Charter also announced that Charter will acquire Bright House Networks for $10.4 billion. The transactions are expected to close by the end of 2015.

Time Warner Cable shares rose 7% Tuesday, to close at $183.60, while Charter shares rose 2.5%, to close at $179.78.

Hewlett-Packard to Acquire Contextreme

The Deal:
Hewlett Packard (NYSE: HPQ) has reached an agreement to acquire ConteXtream, a provider of OpenDaylight-based software-defined networking and network functions virtualization products. The in a blog post.

Terms were not disclosed.

HP shares fell 4% Tuesday, closing at $33.38.

TIVO to Acquire Cubiware, Terms Not Disclosed

The Deal:
TiVo Inc., (NASDAQ: TIVO) announced Tuesday, that is has acquired a provider of cost-effective software solutions for emerging market Pay-TV operators, Cubiware. Terms were not disclosed.

TIVO shares fell 2.5% Tuesday, closing at $10.36.

Hormel Foods to Acquire Applegate for $775M

The Deal:
Hormel Foods Corporation (NYSE: HRL) announced Tuesday, that it has entered into a definitive agreement to acquire organic meat producter, Applegate Farms, LLC for $775 million. The deal is expected to close within 60 days.

Hormel shares closed Tuesday at $56.61 and rose more than 3% after-hours.

Posted-In: News Rumors M&A Movers


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