Market Overview

Wall Street M&A Chatter From Wednesday, November 2


The following are the M&A deals, rumors and chatter circulating on Wall Street from Wednesday, November 2, 2016.

Broadcom Limited to Acquire Brocade Communications Systems for $12.75/Share

The Deal:

Broadcom Limited (NASDAQ: AVGO) and Brocade Communications Systems, Inc. (NASDAQ: BRCD) announced they have agreed that Broadcom will acquire Brocade for $12.75 per share in cash, or approximately $5.5 billion, plus $0.4 billion of net debt. The transaction, which is presently expected to close in H2 of Broadcom's FY 2017. Brocade closed at $12.32 on Wednesday, up 9.61 percent.

Rumor of Multiple Bidders for Angie's List

The Rumor:

Shares of Angie's List (NASDAQ: ANGI) spiked to a high of $8.13 Tuesday, on unconfirmed market chatter that there are multiple bidders for the consumer review website. An MKM Analyst said on Tuesday that "Angie's List could be an attractive asset for a strategic investor/ acquirer from a tangential space," while an Oppenheimer analyst stated that management is "likely focused on a strategic investment to accelerate growth vs. a potential sale."

Bary Diller’s IAC/InterActiveCorp offered $8.75 per share last November. A company spokesperson declined comment to Benzinga on potential current interest. Angie's List closed at $7.59 on Tuesday.

Valeant is Exploring Sale of Eye-Surgery Equipment Unit, Could Be Valued at $2.5B

The Rumor:

Valeant Pharmaceuticals (NYSE: VRX) is said to be exploring a sale of its eye-surgery equipment business for as much as $2.5 billion, according to sources as reported by the Wall Street Journal on Wednesday. Valeant acquired the business with its purchase of Bausch & Lomb. This follows a report on Tuesday that Valeant is in talks to sell its Salix Pharmaceuticals Ltd. stomach-drug business to Takeda Pharmaceutical Co. (OTC: TKPYY) for $10 billion.

Valeant closed Tuesday at $21.12, down 11.48 percent.

Inteliquent to be Acquired by GTCR for $23.00/Share

The Deal:

Inteliquent, Inc. (NASDAQ: IQNT) announced it has entered into a definitive agreement to be acquired by an affiliate of GTCR LLC and merged with a subsidiary of Onvoy, LLC for $23.00 per share in cash, for a total value of approximately $800 million. The transaction is expected to close in H1 of 2017. Inteliquent closed Tuesday at $16.74, and traded as high as $22.47 after-hours.

Posted-In: M&A News Rumors


Related Articles (AVGO + ANGI)

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