Market Overview

Wall Street's M&A Chatter From December 7


The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday December 7, 2016.

Aon Considering $5B Benefits Outsourcing Unit Sale

The Rumor:

Aon Plc (NYSE: AON) said to be considering a sale of its employee benefits outsourcing unit, according to sources as reported by Reuters on Wednesday. Aon has hired Morgan Stanley to handle potential interest from private equity firms, sources said.

Aon closed at $115.95 on Wednesday, up 2.42 percent.

Abbott Seeking to Terminate Alere Acquisition

The Termination:

Abbott Laboratories (NYSE: ABT) has filed a complaint to terminate its proposed acquisition of Alere based on the substantial loss in Alere's value following the merger agreement. Abbott said Alere has lost significant value based on adverse events, which allow Abbott to terminate the agreement.

Alere responded, saying Abbott's lawsuit is entirely without merit and there are no grounds to avoid closing the merger. Alere said it has fully complied with its contractual obligations under the merger agreement.

Alere closed at $36.67 on Wednesday, down 8 percent.

Pandora Exploring Interest Of Suitors Beyond SiriusXM According to Sources

The Rumor:

Pandora Media Inc (NYSE: P) is looking at potential buyers other than SiriusXM (NASDAQ: SIRI), according to sources reported by CNBC on Wednesday.

A report last week from CNBC said the music streaming service was open to a sale and was willing to hold talks with SiriusXM, whose majority owner Liberty Media (NASDAQ: LMCA) had offered $15 per share this past summer.

Pandora declined comment on this latest report.

Pandora closed Wednesday at $13.85, up $0.07.

Curtiss-Wright to Acquire Teletronics Technology for $233M Cash

The Deal:

Curtiss-Wright Corp (NYSE: CW) has agreed to acquire Teletronics Technology Corporation for $233 million in cash. The acquisition is expected to close in early 2017.

Curtiss-Wright closed Wednesday at $107.06, up 2.97 percent.

FitBit Acquires Assets from Pebble The Deal:
Fitbit Inc (NYSE: FIT) announced it has acquired specific assets of Pebble, excluding hardware products. Terms of the acquisition, which closed on December 6, were not disclosed.

FitBit closed Wednesday at $7.97, down $0.01.

Comerica Warming to Idea of Sale

The Rumor:

A source familiar with the matter told Benzinga that the Comerica Incorporated (NYSE: CMA) board is opening up to a potential sale, following a push for strategic review in order to enhance holder value.

Loan exposure to the energy sector was said to previously be a concern for potential buyers, but with the recent rebound in energy prices, that is no longer the case, the source said. Other possible options include a merger or high-level management change.

Comerica closed Wednesday at $68.35, up $0.66.

Posted-In: M&A News Rumors


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