Market Overview

Wall Street's M&A Chatter From February 2

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The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday, February 2, 2017.

Veeco to Acquire Ultratech for $21.75/Share in Cash, 0.2675 Shares of VECO Common Stock

The Deal:

Veeco Instruments Inc. (NASDAQ: VECO) and Ultratech, Inc. (NASDAQ: UTEK) have signed a definitive agreement under which Veeco will acquire Ultratech for $21.75 per share in cash and 0.2675 of a share of Veeco common stock for each Ultratech common share outstanding. The transaction is valued at approximately $28.64 per Ultratech share, based on recent Veeco share price. The total transaction value is approximately $815 million.

The transaction is expected to close in Q2 of 2017.

Ultratech closed Thursday at $28.20, up 8.71 percent.

Advisory Board Said to Consider Sale

The Rumor:

The Advisory Board Company (NASDAQ: ABCO) is said to be interviewing banks as advisors to assist in planning a potential sale, among strategic options, according to sources as reported by Bloomberg.

Elliott Management reported an 8.3 percent stake in ABCO on January 12. The Advisory Board said they were aware Of Elliott's filing and were "always open to discussing constructive ideas for enhancing long-term shareholder value."

Representatives for Advisory Board and Elliott declined to comment on today's report.

Advisory Board closed at $47.05 on Thursday, up 2.06 percent.

CBS Corporation and Entercom Announce Merger of CBS Radio with Entercom

The Deal:

Entercom Communications Corp. (NYSE: ETM) and CBS Corporation (NYSE: CBS) have entered into an agreement under which Entercom will combine with CBS Radio in a tax-free merger. Under the agreement, CBS shareholders will have the opportunity to exchange all, some, or none of their CBS shares for CBS Radio shares.

Following the completion of the exchange offer, CBS Radio will merge with an Entercom subsidiary, with the new CBS Radio shareholders receiving approximately 105 million Entercom shares, which is equal to 72 percent of all outstanding shares of the combined company on a fully diluted basis.

The transaction is expected to close during H2 of 2017.

Entercom closed at $15.70 on Thursday, up 10.95 percent.

Macy's Said to be Approached Regarding Potential Sale

The Rumor:

Macy's Inc (NYSE: M) has been approached regarding a potential sale, according to a source reported by the New York Post late Wednesday. The source, a partner at a private equity firm, said he was contacted about a sale by a real estate investor.

Macy's shares have fallen approximately 60 percent since hedge fund Starboard Value took a stake in the retailer in July 2015 and sources say a proxy fight is coming ahead of the annual meeting.

A Macy's spokesperson declined comment on the report.

Macy's closed at $30.72 on Thursday, up 5.17 percent.

Posted-In: M&A News Rumors

 

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