Market Overview

Benzinga's Weekend M&A Chatter


The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday February 26 through Sunday February 28, 2016:

SES to Acquire RR Media for $13.291/Share

The Deal:
RR Media (NASDAQ: RRM) announced Friday, that it has agreed to be acquired by SES (OTC: SGBAF) for $13.291 per share, for an enterprise value of $242 million. The deal is expected to be completed in Q2 or Q3 of 2016.

RR Media closed at $13.07 on Friday, up 50%.

Apollo Commercial Real Estate Finance To Acquire Apollo Residential Mortgage For $14.59/Share

The Deal:
Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) and Apollo Residential Mortgage, Inc. (NYSE: AMTG) announced Friday an agreement, under which ARI will acquire AMTG for approximately $14.59 per share in cash and stock, based upon the closing price of ARI's shares of common stock on February 25, 2016. AMTG shareholders will receive approximately 0.417 ARI shares of common stock per AMTG share of common stock and approximately $7.53 per share in cash.

The transaction is expected to be completed in Q2 or Q3 of 2016.

Apollo Residential Mortgage shares rose more than 27% on Friday, to close at $12.92.

Unconfirmed Market Chatter of Potential Michael Kors LBO

The Rumor:
Shares of Michael Kors Holdings (NYSE: KORS) surged higher Friday on unconfirmed market chatter that the women's apparel company is close to an LBO for approximately $68 to $72 per share.

Michael Kors did not respond to a request for comment.

Michael Kors closed at $56.58 on Friday, up $0.11.

Honeywell Announces Details of Proposal for United Technologies

The Deal:HON) released a presentation that on Friday Honeywell Chairman and CEO, Dave Cote, shared with United Technologies (NYSE: UTX) Chairman, Edward A. Kangas, and CEO, Gregory J. Hayes, at their meeting on February 19, 2016. Honeywell offered $108 per share in cash and stock to United Technologies, including $42.63 per share in cash 0.614 shares of Honeywell common stock.

UTX CEO Hayes responded to Honeywell's presentation, saying "We have discussed a combination with Honeywell on-and-off for years to determine if there was a way to create shareholder value. However, after the exploratory discussions last spring it became clear that the regulatory environment had shifted dramatically during the course of 2015. After consultation with our legal advisors, we concluded that a combination would be blocked outright or, even if it were possible to complete a transaction, the regulatory delay, required divestitures, and customer concerns and concessions would ultimately destroy shareholder value far beyond any synergies."

United Technologies closed at $97.69 on Friday, down $0.38.

Alexza Pharmaceuticals Confirms Grupo Ferrer Non-binding Letter of Intent

The LoI:
Alexza Pharmaceuticals, Inc. (NASDAQ: ALXA) confirmed Friday, that on February 15, 2016 it had entered into a non-binding letter of intent with Grupo Ferrer Internacional, S.A., regarding Ferrer's proposed acquisition of all outstanding Common Shares of the company, as described in Ferrer's 13D filing.

Ferer reported a 12.1% stake in Alexza in a 13D filing on Friday after the close.

Alexza Pharmaceuticals closed at $0.29 on Friday, up $0.01.

Posted-In: M&A News Rumors Movers


Related Articles (ALXA + AMTG)

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