Market Overview

Benzinga's M&A Chatter for Wednesday September 28, 2016


The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday September 28, 2016:

Hearing DealReporter Says Allergan Could Bid for Acadia, Ophthotech

The Rumor:
Shares of Acadia Pharmaceuticals (NASDAQ: ACAD) popped Wednesday, on a report from DealReporter that Allergan (NYSE: AGN) might bid for the biopharma company whose pipeline includes treatments for Alzheimer's and Shizophrenia in phase II trials, as well as Nuplazid, which has been approved by the FDA for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis. Ophthotech (NASDQ: OPHT), which had unusual activity in the December 80 call on Wednesday, also was mentioned as a potential takeover target.

Acadia closed at $33.68 on Wednesday, down 4.4%. Ophthotech closed at $57.30, down 1.85%.


National Amusements Pushes for CBS, Viacom Merger

The Rumor:
Shares of Viacom (NASDAQ: VIAB) and CBS (NYSE: CBS) surged higher Wednesday, as controlling shareholder National Amusements was said to push the companies for a merger, according to sources as reported by Reuters. National Amusements is controlled by Sumner and Shari Redstone. Sources say National Amusements may ask the companies as soon as this week to form independent board committees and explore a merger.

Dow Jones reported a letter from NAI could come before the open on Thursday.

CBS closed at $54.15 on Wednesday, up 4.03%. Viacom closed at $36.56, up 3.07%.


Hearing Takeover Chatter in Goodyear Tire

The Rumor:

Shares of Goodyear Tire (NYSE: GT) rose Wednesday, on unconfirmed market chatter. There was activity in the September 30 $32.5 call.

Rumors have surfaced in the past of a possible leveraged buyout.

Goodyear Tire closed at $32.82 on Wednesday, up 2.88%.

Posted-In: News Rumors Options M&A Markets Movers


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