Market Overview

Benzinga's M&A Chatter for Tuesday September 6, 2016


The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday September 6, 2016:

Icahn Enterprises to Acquire Federal-Mogul for $9.25/Share in Cash

The Deal:
Federal-Mogul Holdings Corporation (NASDAQ: FDML) and Icahn Enterprises L.P. (NASDAQ: IEP) announced Tuesday, an agreement under which Icahn Enterprises will offer to purchase all of the outstanding shares of Federal-Mogul common stock not owned by Icahn Enterprises or its affiliates, for $9.25 per share in cash. Icahn Enterprises' original offer was $7.00 per share. The deal is structured as a tender offer followed by a merger.

Federal-Mogul closed Tuesday at $9.22, down $0.02.


Danaher to Acquire Cepheid for $53/Share

The Deal:
Cepheid (NASDAQ: CPHD) announced Tuesday, that it has agreed that Danaher Corporation (NYSE: DHR) will acquire all of the outstanding shares of Cepheid common stock for $53 per share in cash, for a total enterprise value of approximately $4 billion.

The deal is expected to close in Q4 of 2016.

Cepheid closed at $52.53 on Tuesday, up 52.61%.


Monsanto Confirms Updated Non-Binding Proposal from Bayer for $127.50/Share in Cash

The Offer:

Monsanto Company (NYSE: MON) confirmed late Monday, it had received a non-binding $127.50 per share proposal during negotiations with Bayer AG (OTC: BAYRY). Monsanto says it is continuing the discussions, while evaluating the proposal and will have no further comment at this time.
CNBC's David Faber reported Tuesday, that the two sides are close on price and deal could happen within a week or two.

Monsanto closed at $106.07 on Tuesday, down 1.28%.


Navidea Biopharma Announces Letter of Intent to Sell Lymphoseek in North America to Cardinal Health for $80M-310M

The Deal:
Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB) announced Tuesday, that it has executed a Letter of Intent with Cardinal Health, Inc. (NYSE: CAH) for the sale of all rights, title and interest to Navidea's Lymphoseek product for all FDA-approved, pending and future oncology diagnostic indications in North America, subject to certain limitations, as well as certain other related assets for $80 million at closing, plus future consideration tied to annual sales of the Lymphoseek product and certain sales-based milestones. The cap on total consideration is set at $310 million.

Under the agreement, Cardinal Health would license back to Navidea a portion of the acquired intellectual property, in order that Navidea will be able to develop, manufacture, market, sell and distribute new products that do not in any way compete with the current Lymphoseek product, and to continue to manufacture, market, sell and distribute Lymphoseek outside of North America.

Navidea Biopharma closed at $0.80 on Tuesday, up 135.57%.


Enbridge and Spectra Energy to Merge In All Stock Transaction Valued at $40.33/Spectra Share

The Deal:
Enbridge Inc. (NYSE: ENB) and Spectra Energy Corp (NYSE: SE) announced Tuesday, that they have entered into an agreement under which Enbridge and Spectra Energy will merge in an all stock transaction, valuing Spectra Energy common stock at approximately $28 billion. Spectra Energy shareholders will receive 0.984 shares of the combined company for each share of Spectra Energy common stock they own, valued at $40.33 per Spectra Energy share.

The transaction is expected to close in Q1 of 2017.

Enbridge closed at $43.06 on Tuesday, up 5.05%. Spectra Energy rose 13.42% to close at $41.00.

Posted-In: M&A News Rumors Movers


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