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Benzinga's M&A Chatter for Monday November 16, 2015

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The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday November 16, 2015:

B Riley Offers $12.50/Share for United Online

The Offer:
B Riley announced Monday in a letter delivered to the United Online, Inc. (NASDAQ: UNTD) Board of Directors, it was offering to acquire all of the outstanding shares UOL for for $12.50 per share. B Riley also reported a 7.9% stake in the company.

United Online acknowledged receipt of the unsolicited proposal from B. Riley and said it will carefully review and evaluate the proposal.

United Online shares rose more than 16% Monday, closing at $12.01.

Nexstar Submitted Offer to Acquire Media General for $10.50/Share in Cash, 0.0898 Nexstar Shares

The Offer:
Media General, Inc. (NYSE: MEG) announced Monday, that its Board of Directors has unanimously decided to enter into negotiations with Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) regarding the non-binding, unsolicited proposal from Nexstar to acquire all of the outstanding common stock of Media General for $10.50 per share in cash, plus 0.0898 Nexstar shares. Media General did inform Nexstar that its proposal was unanimously rejected by the Board.

Media General's merger agreement with Meredith Corporation (NYSE: MDP) permits MEG to explore a potential transaction and negotiate with a third party making an acquisition proposal. Media General and Meredith announced a merger agreement on September 8, 2015, with Meredith Shareholders to receive $34.57 in cash and 1.5214 Media General shares for each Meredith share.

Media General shares fell 6% Monday, closing at $15.38.

Marriott Announces Acquisition of Starwood Hotels for $12.2B

The Deal:
Marriott International, Inc. (NYSE: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced Monday, that their boards of directors had unanimously approved a definitive merger agreement. Under the terms of the agreement, Starwood shareholders will receive 0.92 shares of Marriott International, Inc. Class A common stock and $2.00 in cash for each share of Starwood common stock. The merger transaction has a current value of $72.08 per Starwood share, for a total transaction value of $12.2 billion.

The deal is expected to close in mid-2016.

Starwood closed at $72.27 on Monday, a loss of 3.5%. Marriott closed at $73.72, gaining more than 1%.

 

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