Market Overview

Wall Street's M&A Chatter From November 28


The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday November 28, 2016.

Time Rejects Takeover Bid from Edgar Bronfman Jr

The Rumor:

Edgar Bronfman Jr. recently made an offer to acquire People publisher Time Inc (NYSE: TIME), according to sources reported by the New York Post on Monday. Soureces say an offer of $18 per share from Bronfman and Len Blavatnik’s Access Industries was rejected by Time's Board.

Later, Bloomberg reported that Bronfman Jr. and Ynon Kreiz offered $18 to $20 per share in cash in a letter dated October 20. That proposal was rejected by Time's Board, according to sources.

Spokespersons for the parties, including investor Jana Partners, who reported a 5 million share steak in Time, declined comment.

Time closed at $16.00 on Monday, up 17.65 percent.

CRN Reporting Microsoft Will Pursue a Takeover of Box

The Rumor:

Shares of Box Inc (NYSE: BOX) spiked to a high of $16.12, following a report from the CRN mentioning it as possible takeover target of Microsoft Corporation (NASDAQ: MSFT). Cartwheel CEO Rafi Kronzon was quoted as saying "Microsoft will someday acquire Box or Dropbox."

Box closed at $15.49 on Monday, up almost 1 percent.

Report of Potential Roche Interest in Vertex

The Rumor:

Shares of Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) traded higher on a report from Betaville that Roche (OTC: RHHBY) might have an interest in acquiring the Boston-based marketer of Kalydeco and Orkambi.

Vertex replied to Benzinga, "We do not comment on market rumors or speculation. Vertex's Board of Directors and management are focused on continuing to create significant value for our shareholders by executing our long-term strategy of delivering transformative medicines for people with serious diseases."

Vertex closed Monday at $86.90, down 1 percent.

Allstate Acquires SquareTrade for $1.4B

The Deal:

The Allstate Corp (NYSE: ALL) agreed to acquire SquareTrade for approximately $1.4 billion. The seller includes Bain Capital Private Equity and Bain Capital Ventures.

The transaction is expected to close in January 2017.

Allstate closed Monday at $72.04 and traded at $71.50 after-hours.

Posted-In: News Rumors M&A


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