Market Overview

Wall Street's M&A Chatter From November 30


The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday November 30, 2016.

ScottsMiracle-Gro Exercises Warrants to Achieve 80% Stake in AeroGrow

The Stake:

Scotts Miracle-Gro Co (NYSE: SMG) announced that its subsidiary, SMG Growing Media, Inc., has exercised its current outstanding warrants to establish an 80 percent stake in AeroGrow International, Inc. (OTC: AERO). SMG had established an approximately 31 percent stake in AeroGrow in 2013.

Approximately 21.6 million shares of AeroGrow were issued to ScottsMiracle-Gro for $47.8 million. ScottsMiracle-Gro had a net cash outlay for the transaction of approximately $9 million.

ScottsMiracle-Gro closed at $91.27 on Wednesday, down $0.34.

Harte Hanks to Sell Trillium Business for $112M Cash to Syncsort

The Deal:

Syncsort Incorporated announced it has signed a definitive agreement with Harte Hanks Inc (NYSE: HHS) to acquire Trillium Software. The purchase price is $112 million in cash.

Harte Hanks closed at $1.50 on Wednesday, down 12.79 percent.

Zayo to Acquire Electric Lightwave for $1.42B in Cash

The Deal:

Zayo Group Holdings Inc (NYSE: ZAYO) announced it has entered into an agreement to acquire provider of infrastructure and telecom services, Electric Lightwave, for $1.42 billion in cash. The deal is expected to close in Q1 of 2017,

Zayo closed Wednesday at $34.50, down $0.21.

Starboard Pressures Rockwell Collins to Reconsider B/E Aerospace Purchase, Consider Sale

The Rumor:

Rockwell Collins, Inc. (NYSE: COL) is said to be under pressure from investor Starboard Value LP to reconsider its acquisition of B/E Aerospace Inc. (NASDAQ: BEAV), according to sources as reportred by Bloomberg. The fund led by Jeff Smith would like Rockwell Collins to explore a potential sale, as well as other options.

A Rockwell Collins spokesperson declined comment on the rumor and said the company remains "confident that the acquisition of B/E Aerospace will create significant value for our shareholders."

Rockwell Collins closed Wednesday at $92.27 and traded as high as $96.50 after-hours. B/E Aerospace shares fell to a low of $57.46 after closing at $60.04.

Posted-In: News Rumors M&A


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