Market Overview

Wall Street M&A Chatter From Tuesday, November 8

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The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday, November 8, 2016.

Tesla to Acquire Grohmann Engineering; Terms Not Disclosed

The Deal:

Tesla (NASDAQ: TSLA) entered into an agreement to acquire German engineering company Grohmann Engineering. Terms Were not disclosed. The company will become Tesla Grohmann Automation is expected to add more than 1,000 advanced engineering and skilled technician jobs in Germany over the next two years.

The acquisition is expected to close in early 2017.

Tesla closed at $194.94 on Tuesday, up 0.90 percent.

Patriot National Rejects $475M Offer from Ebix

The Rejected Offer:

Patriot National, Inc. (NYSE: PN) said that its Special Committee of the Board of Directors has determined that Ebix's $475 million proposal does not maximize value for Patriot National shareholders and has been rejected. Patriot National's special committee continues to evaluate other more attractive offers and opportunities for value creation.

Patriot National closed at $6.90 on Tuesday, up 21.05 percent.

Kellogg Shares Rise on Report 3G Capital has Raised $8B-$10B for Potential Acquisition

The Rumor:

Kellogg (NYSE: K) spiked as high as $78.37 Tuesday, following a report from Brazil Journal that 3G Capital is raising $8 billion to $10 billion for their next takeover target, according to sources. The article did not mention Kellogg but did state that a Mondelez (NASDAQ: MDLZ) takeover would more likely come from Kraft Heinz (NYSE: KHC) than from 3G.

Kellogg closed Tuesday at $76.96, up 2.68 percent.

Posted-In: M&A News Rumors

 

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