Market Overview

Wall Street's M&A Chatter From March 3-5


The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday, March 3, through Sunday, March 5, 2017.

Hudson's Bay Has Not Yet Secured Equity Financing for Macy's Offer

The Rumor:

Hudson's Bay Co is said to have not yet lined up equity financing for its Macy's Inc (NYSE: M) bid, according to sources as reported by Reuters on Friday. Macy's is said to have doubts that Hudson's Bay can raise the financing needed and it is not currently engaged in discussions, the sources said.

A source who spoke to the the New York Post disputed the Reuters report, saying “There are multiple ways HBC can finance the deal.” The source said Macy’s is seeking a much higher price, but doors remain open.

Macy's fell $1.45 on Friday to close at $31.77.

Keith Meister Could be Pushing for Pandora Sale

The Rumor:

Investor Keith Meister could be considering a proxy contest to push for a possible sale of Pandora (NYSE: P), according to a report from The Deal on Friday. The report follows Pandora postponing the deadline for dissident director nominations late Thursday, until March 17. The deadline had previously been Friday, March 3.

Corvex Management head Meister last May urged Pandora to hire an investment bank and explore a sale, saying it could be a "more valuable business as part of a larger enterprise." Corvex has a 10% stake in Pandora.

Pandora closed at $12.75 on Friday, up $0.32.

Fastenal to Acquire Regional Distributor Mansco

The Deal:

Fastenal Company (NASDAQ: FAST) announced it has signed an agreement to acquire certain assets of fastener products distributor Manufacturer's Supply Company or Mansco. Terms were not disclosed.

The deal is expected to close by the end of March.

Fastenal shares closed at $51.80 on Friday, up $1.17.

Posted-In: M&A News Rumors


Related Articles (FAST + M)

View Comments and Join the Discussion!

Urban Outfitters Has 'No Relief In Sight'

AUD/USD Trading Steady, Australian Inflation Expectations Ease