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Benzinga's M&A Chatter for Wednesday December 23, 2015

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The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday December 23, 2015:

Nexstar in Talks to Buy Media General for Around $17.50/Share

The Rumor:
Nexstar Broadcasting Group (NASDAQ: NXST) is in talks to acquire Media General (NYSE: MEG) for approximately $17.50 per share, according to sources as reported by Reuters on Wednesday. The deal would be valued at over $2 billion.

On September 8, 2015, Media General announced it was acquiring Meredith Corporation (NYSE: MDP) for approximately $2.4 billion. On September 28, Nexstar made its first unsolicited bid of $14.50 per share to acquire Media General. Rumors of bids as high as high as $17 per share were previously reported in the media.

Representatives from Nexstar, Media General and Meredith declined to comment.

Media General closed at $15.99, a gain of 3.16%.

Bridgestone to Increase Offer for Pep Boys

The Rumor:
Bridgestone has decided to raise its offer for U.S. tire retailer Pep Boys (NYSE: PBY), according to sources as reported by Nikkei on Wednesday. On Friday, shareholder Carl Icahn in a filing said he was raising his offer for Pep Boys to $16.50 per share, which is one dollar higher than he previous offer.

Bridgestone announced on October 26, it was offering to acquire Pep Boys for $15 per share cash. The offer was raised to $15.50 per share on December 11. Icahn stated in his filing that he would beat any Bridgestone offer by $0.10 per share, up to $18.10.

Pep Boys rose 3.02% Wednesday, closing at $17.40.

Altice's $10B Takeover of Cablevision Meeting Potential Resistance in NYC

The Concerns:
New York City has concerns over Altice's $10 billion acquisition of Cablevision Systems Corporation (NYSE: CVC), according to a report from the Wall Street Journal late Tuesday. According to Mayor de Blassio legal counsel Maya Wiley, there are concerns over Altice being financially able to provide the proper customer service and infrastructure upgrades, including faster broadband speeds.

Shares of Cablevision are trading well below the $34.90 per share offer due to investor worry over the deal being completed.

Cablevision closed at $31.54 on Wednesday, a loss of $0.23.

Posted-In: M&A News Rumors Movers

 

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