Market Overview

Benzinga's M&A Chatter for Monday August 31, 2015


The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday August 31, 2015:

Perrigo Acquires ScarAway; Terms Not Disclosed

The Deal:
Perrigo Company plc (NYSE: PRGO) announced Monday that it has acquired OTC scar management brand, ScarAway, from Enaltus, LLC. Terms were not disclosed.

The brand is expected to generate approximately $3 million in sales for the remainder of 2015.

Perrigo closed at $182.97 on Monday, a loss of 1.32%.

HealthSouth Acquires CareSouth Home Health for $170M Cash

The Deal:
HealthSouth Corporation (NYSE: HLS) announced Monday, its Encompass Home Health operating unit has agreed to acquire the home health agency operations of CareSouth Health System, Inc. for $170 million in cash.

The transaction is expected to close in Q4 of 2015,

HealthSouth closed at $42.70 Monday, down 1.5%.

Amicus Therapeutics to Acquire Rare Disease Company for $229M in Cash, Stock

The Deal:
Amicus Therapeutics (NASDAQ: FOLD) and privately-held Scioderm, Inc. announced Monday, that they have signed a definitive agreement under which Amicus will acquire 100% of the capital stock of Scioderm, Inc. for $229 million in cash and stock. Amicus will pay Scioderm shareholders $125 million in cash and $104 million in newly issued Amicus shares, plus up to an additional $361 million to Scioderm shareholders upon achievement of certain clinical and regulatory and $257 million to Scioderm shareholders in cash upon achievement of certain sales milestones.

The deal is expected to close in Q3 of 2015.

Amicus shares closed at $14.38 Monday, down 3.3%.

Kang Announces Receipt of Preliminary Non-Binding "Going Private" Proposal

The Going Private Proposal:
iKang Healthcare Group, Inc. (NASDAQ: KANG) announced Monday, that its board of directors has received a non-binding proposal letter, dated August 31, 2015, from Chairman and CEO Ligang Zhang and certain of his affiliated entities, and FV Investment Holdings, proposing a "going-private" transaction to acquire all of the outstanding Class A common shares and ADSs of the Company not already owned by the Buyer Group, for $17.80 per ADS in cash.

The Board intends to form a special committee consisting of independent directors to consider this proposal.

iKang shares closed at $15.72 Monday, a loss of 2%.

Hearing Rumored Bids from Western Digital, Seagate for SanDisk

The Rumor:
Shares of SanDisk (NASDAQ: SNDK) rose Monday on unconfirmed market chatter, that the company has hired an advisor, following approaches from Western Digital (NASDAQ: WDC) and Seagate (NASDAQ: STX). The advisor is rumored to be Goldman Sachs.

SanDisk declined comment on the rumor, while Western Digital and Seagate did not respond to requests for comment.

SanDisk shares closed at $54.56 Monday, a gain of more than 4%.


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Posted-In: M&A News Rumors Movers