Market Overview

Benzinga's M&A Chatter for Monday May 9, 2016


The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday May 9, 2016:

Krispy Kreme to be Acquired by JAB Beech for $21/Share in Cash

The Deal:
Krispy Kreme Doughnuts, Inc. (NYSE: KKD) and JAB Beech Inc., announced Monday, that JAB Beech will acquire Krispy Kreme for $21 per share in cash, or a total equity value of approximately $1.35 billion. Krispy Kreme will become a privately owned company and will continue to operate from the company's headquarters in Winston-Salem, NC.

The transaction is expected to close in Q3 of 2016.

Krispy Kreme closed at $20.96 on Monday, up 24%.

Ferro Corporation Announces Exploring Strategic Alternatives

The Strategic Review:
Ferro Corporation (NYSE: FOE) confirmed Monday, that its Board of Directors is exploring potential strategic alternatives to enhance shareholder value and has retained Lazard Frères & Co. as its financial advisor.
Bloomberg reported in March that Ferro had rejected an approach from Apollo Global Management (NYSE: APO).

Ferro closed at $13.82 on Monday, down $0.10.

Medivation to Explore Sale; Signs NDA's With Pfizer, Amgen

The Rumor:
Medivation Inc (NASDAQ: MDVN) is said to have decided to explore a potential, according to sources as reported by Reuters on Monday. Pfizer Inc (NYSE: PFE) and Amgen Inc (NASDAQ: AMGN) are among the companies that have signed non-disclosure agreements with Medivation, the sources said.

Sanofi (NYSE: SNY) announced an offer of $52.50 per share for Medivation on April 28. That offer was rejected. Medivation, Sanofi, Pfizer and Amgen declined to comment on today's report.

Medivation closed at $62.54 on Monday, up 4%.

SBE Entertainment to Acquire Morgans Hotel Group for $2.25/Share

The Deal:
Morgans Hotel Group Co. (NASDAQ: MHGC) confirmed Monday, it has entered into a definitive agreement to be acquired by SBE for $2.25 per share in cash, or an enterprise value of approximately $794 million.

The transaction is expected to close in Q3 or Q4.

Morgans Hotel Group closed at $2.10 on Monday, up 10%.

Posted-In: M&A News Rumors Movers


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