Market Overview

Benzinga's M&A Chatter for Thursday December 10, 2015


The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday December 10, 2015:

Report of Buyer Interest in CST Brands

The Rumor:
Shares of CST Brands (NYSE: CST) spiked higher Thursday, following a report from that Marathon Petroleum (NYSE: MPC) subsidiary, Speedway, Energy Transfer Partners' (NYSE: ETP) subsidiary Sunoco are among potential buyers for the second-largest publicly traded fuel and convenience retailer in North America, according to sources.

Engine Capital delivered a letter to the board of CST Brands on Wednesday, urging CST take actions to improve shareholder value, including a review of strategic alternatives and a potential sale.

CST did not respond to a request for comments.

CST rose 2.30% Thursday, closing at $38.21.

Global Payments Said to be in Talks to Acquire Heartland Payment

The Rumor:
Global Payments Inc. (NYSE: GPN) is in talks to acquire Heartland Payment Systems Inc. (NYSE: HPY), according to sources as report by Bloomberg on Thursday. A deal could be announced this month, though there is not one in place yet.

Spokespersons for Heartland and Global Payments declined to comment.

Global Payments rose 2.61% Thursday, closing at $71.45. Heartland shares rose 8.93%, to close at $84.79.

CalAmp Offers $5.50/Share in Cash for LoJack

The Offer:
CalAmp (NASDAQ: CAMP) announced Thursday, an offer to acquire all of the outstanding shares of LoJack Corporation (NASDAQ: LOJN) for $5.50 per share in cash, for a total transaction value of approximately $113 million. CalAmp's President and CEO, Michael Burdiek, said "For nearly two years, we have tried to engage with LoJack in friendly discussions regarding a combination of our two companies, and in the past 14 months we have made three all-cash offers to LoJack. To our disappointment, and to the detriment of LoJack's shareholders, LoJack has not demonstrated willingness to move toward actively negotiating a transaction with us."

LoJack confirmed receipt of the unsolicited proposal from CalAmp and said its Board of Directors, in consultation with its legal and financial advisors, has been carefully reviewing and considering the proposal to determine the course of action that it believes is in the best interests of the company and its shareholders.

LoJack closed at $5.20 on Thursday, up 49.64%.

Posted-In: M&A News Rumors Movers


Related Articles (CAMP + CST)

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