Market Overview

Wall Street's M&A Chatter From March 17: Wynn, Innocoll, PTC Therapeutics


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

Chatter of LVS Bid for Wynn

The Rumor:

Shares of Wynn Resorts (NASDAQ: WYNN) spiked higher as traders circulated unconfirmed market chatter Wynn has hired investment bankers following an approach by Las Vegas Sands (NYSE: LVS). The offer is said to be in the range of $125-135 per share.

A Wynn spokesperson later denied the rumor.

Wynn closed at $106.17, up $1.42.

Innocoll Holdings Reports Possible Offer

The Potential Offer:

The Board of Innocoll Holdings (NASDAQ: INNL) in response to movements in its stock's share price this week confirms it's in discussions which may or may not lead to an offer for the entire issued share capital of the company. Management is continuing to investigate strategic options for the company to maximize shareholder value.

Innocoll also said it has participated in a Type A meeting with the FDA regarding the re-submission to for the approval of XARACOLL. It expects to receive the minutes of the Type A meeting before the end of March,

Innocoll Holdings closed at $1.87, up 36.58 percent.

3M to Acquire Scott Safety from Johnson Controls for $2B

The Deal:

3M (NYSE: MMM) announced it has entered into a definitive agreement to acquire Scott Safety from Johnson Controls (NYSE: JCI) for a total enterprise value of $2 billion. The transaction is expected to close in H2 of 2017, subject to customary closing conditions, regulatory approvals, and information or consultation requirements with relevant works councils.

3M said it will finance the transaction through a combination of cash and debt.

3M closed at $190.3, down $0.89.

PTCT to Acquire Emflaza from Marathon for $140M in Cash, Stock

The Deal:

PTC Therapeutics, Inc. (NASDAQ: PTCT) has agreed to acquire all rights to Emflaza from Marathon Pharmaceuticals, LLC for $140 million upon closing. The transaction consists of approximately $75 million in cash and approximately $65 million in PTC common stock. In addition, Marathon has the opportunity to receive a single $50 million sales-based milestone.

The transaction is expected close in Q2 of 2017, subject to customary closing conditions, including receipt of clearance under the Hart-Scott-Rodino Act. Evercore is acting as financial advisor to PTC on the transaction.

PTC Therapeutics closed at $8.84, down $2.06.


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Posted-In: M&A News Rumors