Market Overview

Benzinga's M&A Chatter for Thursday, October 13, 2016


The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday, October 13, 2016:

Kellogg to Acquire Ritmo Investimentos for $429M

The Deal:
Kellogg Company (NYSE: K) announced Thursday, it has entered into an agreement to acquire Brazil's Ritmo Investimentos for $429 million. The deal is expected to close in late 2016.

Kellogg also announced it intends to reduce its expected share buybacks in 2016 to $450 to 550 million, versus previous guidance of $700 to 750 million.

Kellogg closed at $17.56 on Thursday, down 11.54%.

Verizon Could Withdraw from $4.83B Deal to Buy Yahoo

The General Counsel Comments:
Verizon Corp's (NYSE: VZ) general counsel, Craig Silliman, said on Thursday that Verizon has a "reasonable basis" to believe that Yahoo's (NYSE: YHOO) data breach of 500 million email accounts could create a material impact and trigger a clause that might permit Verizon to withdraw its $4.83 billion deal to acquire Yahoo, according to Reuters. Speaking to reporters, Silliman would not comment on whether the companies are discussing a renegotiation of the purchase price.

Yahoo closed at 41.62 on Thursday, down 1.75%.

Tenet Healthcare Shares Surge Higher on Renewed Takeover Chatter

The Rumor:
Shares of Tenet Healthcare (NYSE: THC) surged higher Thursday, on renewed unconfirmed market chatter of a potential takeover. A Tenet Healthcare spokesperson declined comment to Benzinga on the movement of the share price.

Tenet Healthcare closed at $23.13 on Thursday, up 8.69%.

Posted-In: M\u0026A News Rumors Management Movers


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