Market Overview

Benzinga's M&A Chatter for Thursday March 31, 2016


The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday March 31, 2016:

Anbang Confirms it is Walking Away from Proposed Takeover of Starwood; Starwood, Marriott to Go Ahead With Merger

The Withdrawn Offer:
The consortium led by Anbang Insurance Group Co., Ltd., and including J.C. Flowers & Co. and Primavera Capital Limited, announced Thursday that it has decided not to proceed with its proposal to acquire Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT). The consortium stated: "We were attracted to the opportunity presented by Starwood because of its high-quality, leading global hotel brands, which met many of our acquisition criteria, including the ability to generate consistent, long-term returns over time. However, due to various market considerations, the Consortium has determined not to proceed further. We thank the Starwood Board, management team and its advisors for their efforts and support throughout this process."

Starwood acknowledged the Anbang statement and reaffirmed its commitment to merge with Marriott International, Inc. (NYSE: MAR)

Starwood closed at $83.43 on Thursday, and traded as low as $79 after-hours. Marriott closed at $71.81 and traded as low as $67.11 after-hours.

Aixtron Said To Attract Veeco, Chinese Bidders

The Rumor:
Aixtron SE (NASDAQ: AIXG) is in discussions with potential buyers, including Veeco (NASDAQ: VECO), according to sources as reported by Bloomberg on Thursday. Aixtron is said to be working with JPMorgan Chase to explore options. Chinese bidders, are also among the people said, asking not to be identified as the information is private. Discussions have been on-and-off again for months, and the company is unlikely to reach an agreement with any party soon, the people said.

Aixtron closed at $4.85 on Thursday, up almost 7%.

Sterling Bancorp Acquires NewStar Business Credit, LLC for $112M

The Deal:
NewStar Financial Inc. (NASDQ: NEWS) announced Thursday, the sale of NewStar Business Credit LLC to Sterling National Bank, a wholly owned subsidiary of Sterling Bancorp (NYSE: STL) for approximately $112 million in cash. NewStar expects to recognize a gain on the sale in the first quarter of 2016.

NewStar closed at $8.75 on Thursday, up 2%.


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