Benzinga's Weekend M&A Chatter
The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday, October 9, 2016:
<b>Hearing Unconfirmed Takeover Chatter in Best Buy</b>
<i>The Rumor</i>:<br>Shares of Best Buy (NYSE: BBY) rose Friday, on unconfirmed market chatter of interest from private equity. "Sources" say there is talk of a deal around $50 per share.
Best Buy closed at $38.90 on Friday, up 1.89%.
<b>Lowe's to Acquire Rona's Preferred Shares for C$24/Share</b>
<i>The Deal</i>:<br>Lowe's Companies, Inc. (NYSE: LOW) and RONA inc. announced Friday, that Lowe's, through a wholly owned subsidiary, will acquire RONA's outstanding Cumulative 5-Year Rate Reset Series 6 Class A Preferred Shares and Cumulative Floating Rate Series 7 Class A Preferred Shares for C$24 per share in cash pursuant to a plan of arrangement under the Business Corporations Act.
The deal is expected to be consummated before the end of the year.
Lowe's closed at $71.30 on Friday, down 1.1%.
<b>William Hill Confirms Interest in Amaya</b>
<i>The Discussions</i>:<br>The Boards of William Hill PLC and Amaya Inc. (Nasdaq: AYA) announced Friday, that they are in discussions regarding a potential all stock merger of equals, confirming a report from <i>Reuters</i>. Amaya reiterated that has been undertaking a review of its strategic alternatives since February 2016, while the Board of William Hill has been evaluating options to accelerate its strategy of increasing diversification by growing its digital and international businesses.
Amaya closed at $16.75 on Friday, and traded as high as $18.81 after-hours.