Market Overview

Wall Street's M&A Chatter From February 28


The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday, February 28, 2017.

Merus Labs Hires Rothschild to explore option

The Rumor:

Merus Labs International Inc (USA) (NYSE: MSLI) has hired Rothschild & Co to explore strategic alternatives, including a possible sale, according to sources as reported by Reuters. The sources said Merus has not yet started a sale process.

Merus Labs did not immediately respond to requests for comment. Rothschild declined comment on the report.

Merus Labs closed at $0.86 on Tuesday, up $0.02.

DHT Board Unanimously Rejects Revised Proposal from Frontline

The Rejected Offer:

DHT Holdings Inc (NYSE: DHT) announced its Board of Directors has unanimously rejected Frontline Ltd.'s (NYSE: FRO) revised proposal to acquire all of the outstanding shares of common stock of DHT at an exchange ratio of 0.8 Frontline shares for each DHT share.

The DHT Board conducted a comprehensive review in consultation with its financial and legal advisors, and concluded that the revised Frontline proposal continues to be wholly inadequate and not in the best interests of DHT or its shareholders.

DHT closed at $4.63.

OneWeb, Intelsat Announce Merger Agreement

The Deal:

Intelsat SA (NYSE: I) and OneWeb announced they have entered into a definitive merger agreement under which Intelsat and OneWeb will merge in a share-for-share transaction. In addition, SoftBank Group Corp. (OTC: SFTBY) will invest $1.7 billion in newly issued common and preferred shares of the combined company.

The transaction is expected to close late in Q3 of 2017.

Intelsat closed at $4.98 on Tuesday, down 15.16 percent.

Ashford Hospitality Trust Says Encouraged by FelCor Lodging Trust's Willingness to Engage, Explore Business Combination

The CEO Comments:

Ashford Hospitality Trust, Inc. (NYSE: AHT) CEO Douglas A. Kessler, in a letter to FelCor Lodging Trust (NYSE: FCH) CEO Steven R. Goldman, said AHT was "encouraged by FelCor's offer to engage with Ashford Trust and welcome the opportunity to work together towards a mutually beneficial business combination."

Kessler said, "We believe our current proposal consisting of all stock consideration is one that your Board should continue to prefer."

FelCor 6.1 percent shareholder, Land and Buildings, said Monday Ashford's offer of $9.27 per share was "woefully inadequate" and contained no substantial cash component.

FelCor Lodging Trust closed at $7.25 on Tuesday, down 1.09 percent.

Posted-In: M&A News Rumors


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