Market Overview

Wall Street's M&A Chatter From December 1


The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday December 1, 2016.

Parker to Acquire CLARCOR for $4.3B Cash

The Deal:

Parker-Hannifin Corp (NYSE: PH) and CLARCOR Inc. (NYSE: CLC) announced that Parker has agreed to acquire CLARCOR for $83.00 per share in cash, or approximately $4.3 billion in cash. The transaction has been unanimously approved by the Board of Directors of both companies and is expected to be completed by or during Q1 of Parker's FY 2018.

CLARCOR closed at $82.58 on Thursday, up 17.22 percent.

KongZhong Corporation Enters into Definitive Agreement for Going Private Transaction Of ~$299M Cash

The Deal:

KongZhong Corporation (ADR) (NASDAQ: KZ) announced it has entered into a definitive agreement and plan of merger with Linkedsee Limited and Wiseman International Limited to be acquired in a transaction valued at approximately $299 million. Under the agreement, each ADS will be cancelled in exchange for the right to receive $7.55 in cash.

KongZhong closed at $6.78 on Thursday, up $0.12.

Cummins to Explore Sale of Filtration Unit

The Rumor:

Cummins Inc. (NYSE: CMI) is considering the sale of its unit business that manufactures filters and coolants, according to sources as reported by Reuters. The unit could be worth more than $1.5 billion, sources said.

Cummins is said to have hired an investment bank to assist in an auction process. A Cummins spokeswoman declined comment on the rumor.

Cummins closed Thursday at $142.63, up $0.85.

Alibaba Said to be in Talks to Acquire Snapdeal

The Rumor:

Alibaba Group Holding Ltd (NYSE: BABA) is said to be in talks to acquire India's Snapdeal, according to a report from Factor Daily. The report cites three sources as saying a deal can happen if a price is agreed upon for the Amazon competitor.

Reports of of a potential Snapdeal acquisition follow a stall in talks with Flipkart.

Reuters later reported that Alibaba was not in talks to buy Snapdeal.

Alibaba closed Thursday at $89.69, down 4.42 percent.

Posted-In: M&A News Rumors


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