Market Overview

Wall Street's M&A Chatter From March 1

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

Yelp Acquires Wait-list Service Nowait for $40M in Cash

The Deal:

Yelp Inc (NYSE: YELP) announced it has acquired wait-list company Nowait for $40 million in cash. The transaction closed on February 28, 2017.

Yelp closed at $34.66 on Wednesday, up 2.83 percent.

Sinclair Broadcast Group Approached Tribune Media Regarding Potential Business Combination

The Rumor:

Sinclair Broadcast Group Inc (NASDAQ: SBGI) has contacted Tribune Media Co (NYSE: TRCO) regarding a potential merger, according to sources as reported by Reuters. A combination of the local television station owners would face regulatory issues.

Activist investor Starboard Value disclosed a 6.6 percent stake in Tribune Media last month.

Tribune Media closed at $37.38 on Wednesday, up 8.29 percent.

Frontline, DHT Holdings to Meet to Discuss Takeover Bid

The Meeting:

Frontline Ltd. (NYSE: FRO) and DHT Holdings Inc (NYSE: DHT) will meet this month to discuss Frontline's previously rejected takeover proposal and attempt to work out a deal, according to sources as reported by Dow Jones. Frontline's $475 million, $5.09 per share hostile offer was presented in late January and was rejected as "inadequate and unacceptable."

Robert Macleod, CEO of Frontline Management, said DHT extended an invitation to meet, which will happen over the next ten days. Frontline Chairman John Fredriksen owns a 16.4 percent stake in DHT.

DHT closed at $4.94 on Wednesday, up 6.7 percent.

Posted-In: M&A News Rumors

 

Related Articles (DHT + FRO)

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