Market Overview

Benzinga's M&A Chatter for Monday April 11, 2016


The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday April 11, 2016

ENDP Shares Spike, DealReporter Says AGN Could Be Looking To Buy ENDP

The Rumor:
Shares of Endo International (NASDAQ: ENDP) rose Monday, following a DealReporter report that Allergan (NYSE: AGN) could be looking to acquire Endo. There has be heavy call activity in Endo shares over the past week.

The U.S. Treasury Department's new tax inversion rules announced last week, effectively blocked Pfizer's (NYSE: PFE) takeover of Allergan.

Endo closed at $26.03 on Monday, down 8%.

Canadian Pacific Terminates Efforts to Merge With Norfolk Southern

The Termination:
Canadian Pacific Railway Ltd. (NYSE: CP) announced Monday, that it has terminated efforts to merge with Norfolk Southern Corp. (NYSE: NS). CP said no further financial offers or overtures to meet with the NS board are planned at this time.

CP CEO E. Hunter Harrison said mergers can still happen, it's just a matter of the timing. Harrison said CP's Board will consider a buyback or dividend next week.

Norfolk Southern closed at $79.28 on Monday, down 2.71%. Canadian Pacific rose 3.4% to close at $139.37.

Annaly Capital Management Announces Acquisition Of Hatteras Financial for $1.5B

The Deal:
Annaly Capital Management, Inc. (NYSE: NLY), Ridgeback Merger Sub Corporation and Hatteras Financial Corp., (NYSE: HTS), announced Monday, that they entered into an agreement and plan of merger, under which Annaly will commence an exchange offer to purchase all of Hatteras' issued and outstanding shares of common stock for$5.55 in cash and 0.9894 shares of Annaly common stock.

The deal is expected to close by the end of Q3 of 2016.

Hatteras Financial closed at $15.80 on Monday, up 10.80%

Posted-In: News Rumors Movers


Related Articles (AGN + CP)

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