Market Overview

Wall Street's M&A Chatter From February 1


The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday, February 1, 2017.

Report Pershing Square Takes Stake in National Oilwell Varco; Cramer Says

The Rumor:

Shares of National Oilwell Varco, Inc. (NYSE: NOV) spiked as high as $39.68 as a report from Activist Insights stated that Pershing Square could be taking a new position in the manufacturer of products used in oil and gas drilling. The company later stated it has no information regarding an activist position.

CNBC's Jim Cramer tweeted "$NOV screaming. I am on record from my Deal Economy speech that this company will be acquired by $BHI-GE."

National Oilwell Varco closed at $38.55, up 1.96 percent.

Reckitt Benckiser Confirms Talks to Acquire Mead Johnson for $90/Share

The Talks:

Reckitt Benckiser Group confirmed to Reuters it's in talks to acquire Mead Johnson Nutrition Co (NYSE: MJN) for $90 per share in cash or approximately $16.7 billion. This confirmed an earlier report from the Wall Street Journal.

Benzinga reported unconfirmed market chatter earlier in the day regarding a potential offer for Mead Johnson. France's Danone (OTC: DANOY) and Nestle (OTC: NSRGF) have also been mentioned in the past as potential buyers.

Mead Johnson closed at $69.50 on Wednesday, and traded over $86 after-hours.

Air Methods Considering Sale

The Rumor:

Air Methods Corp (NASDAQ: AIRM) is exploring a potential sale, according to sources as reported by the Wall Street Journal. The company has hired bankers to review potential buyers, sources said.

Activist investor Voce Capital Management LLC, has been pressuring the company to formulate a plan to boost Air Method's share price.

Air Methods closed at $38.40 on Wednesday, up 7.56 percent, after spiking as high as $40.40.

Ply Gem's Said to be for Sale

The Rumor:

Fred Iseman's private equity firm, CI Capital Partners, has put Ply Gem Holdings Inc (NYSE: PGEM) up for more than $2 billion including debt, according to a source as reported by the New York Post. Credit Suisse has been hired to run the sales process, the source said.

Iseman bought the nation's largest manufacturer of vinyl siding in 2004 and took it public in May 2013.

CI Captial partners did not respond to requests for comment.

Ply-Gems closed at $17.25 on Wednesday, up 6.81 percent.

Posted-In: M&A News Rumors


Related Articles (AIRM + DANOY)

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