Market Overview

Wall Street's M&A Chatter From February 16


The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday, February 16, 2017.

Kate Spade to Review Strategic Alternatives

The Strategic Review:

Kate Spade & Co (NYSE: KATE) Board of Directors and management are in process of exploring and evaluate strategic alternatives to shareholder value. Kate Spade is working with Perella Weinberg Partners as its financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison as its legal counsel.

The manufacturer of women's apparel and accessories said no forward-looking guidance will be provided at this time.

Kate Spade closed Thursday at $22.56, up 14.69 percent.

Swiss Takeover Commission Says J&J Offer for Actelion Meets Legal Requirements

The Rumor:

The Swiss Takeover Commission announced Johnson & Johnson's (NYSE: JNJ) offer to acquire Actelion (OTC: ALIOF) meets legal requirements.

Also on Thursday, Actelion announced J&J's Janssen Holding GmbH, has published the Offer Prospectus for its previously announced all-cash tender offer to acquire all of the outstanding shares of Actelion for $280 per share, which id equal to CHF 280.08 per share as of January 25, 2017.

Johnson & Johnson closed at $118.08 on Thursday, up $0.88.

Sage Therapeutics CEO Says on Top of Everyone's M&A List

The CEO Comments:

Shares of Sage Therapeutics Inc (NASDAQ: SAGE) spiked as high as $66 following comments by CEO Jeffrey Jonas. Speaking on Bloomberg Radio, Jonas said the company has received takeover interest: "We're on top of everyone's MA list."

Sage announced encouraging top-line results from its Phase 2 clinical trial of orally-administered SAGE-217 for the treatment of major depressive disorder on February 13.

Sage Therapeutics closed at $62.75, up 9 percent.

Zhaopin Receives Preliminary Non-Binding Proposal from Consortium for $18/ADS

The Offer:

Zhaopin Ltd (ADR) (NYSE: ZPIN) announced that a special committee of its board of directors is in advanced discussions with a consortium led by the Company's largest shareholder, SEEK International Investments Pty Ltd., regarding a potential transaction. The Special Committee says it received a preliminary non-binding proposal from the Consortium of $18.00 per ADS to acquire all outstanding shares of the Company not already owned by members of the Consortium.

As of December 31, 2016, SEEK International beneficially owned ordinary shares representing approximately 74.6 percent of the voting power and 61.3 % of the share capital of the Company.

Zhaopin closed at $15.94 on Thursday, down $0.06.

Posted-In: M&A News Rumors


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