Market Overview

Wall Street's M&A Chatter From March 7


The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday, March 7, 2017.

HPE to Acquire Nimble Storage for $12.50/Share in Cash

The Deal:

Hewlett Packard Enterprise (NYSE: HPE) has entered into a definitive agreement to acquire Nimble Storage (NYSE: NMBL) for $12.50 per share in cash, for a net cash purchase price of $1.0 billion. An HPE subsidiary of HPE will commence a tender offer for all outstanding shares of Nimble common stock.

The transaction is expected to be completed in April.

Nimble Storage rose 46 percent on Tuesday to close at $12.58.

Takeover Chatter in Kimberly-Clark

The Rumor:

Shares of Kimberly-Clark (NYSE: KMB) spiked to a high of $134.09 following renewed unconfirmed takeover chatter. Last month, Kraft-Heinz was mentioned as a potential buyer for the Kleenex manufacturer.

There was activity in the March 135 call at the time the chatter was being circulated.

Kimberly-Clark closed at $133.38 on Tuesday, up $0.05.

Impax Labs Said to Hire Morgan Stanley for Strategic Review

The Rumor:

Impax Laboratories Inc (NASDAQ: IPXL) is said to have hired Morgan Stanley to assist it in a strategic review, according to sources as reported by Reuters. A sale of the generic drug company is one possibility, sources said.

Impax and Morgan Stanley did not immediately respond to requests for comment.

Impax Laboratories closed at $9.10 on Tuesday, up $0.70.

Sterling Bancorp, Astoria Financial to Merge in Stock-for-Stock Deal Valued at ~$2.2B

The Deal:

Sterling Bancorp (NYSE: STL) and Astoria Financial Corporation (NYSE: AF) announced a definitive merger agreement in a stock-for-stock transaction valued at approximately $2.2 billion. Under the merger agreement, 0.875 shares of Sterling common stock will be exchanged for each share of Astoria common stock, resulting in a purchase price of $21.92 per Astoria share.

The transaction is expected to close in Q4 of 2017.

Astoria Financial closed at $20.65 on Tuesday, up $2.17.

Posted-In: M&A News Rumors


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