Market Overview

Wall Street's M&A Chatter From March 24-26: Time Inc, Lattice Semiconductor, Evolent Health


The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday, March 24, through Sunday, March 26, 2017.

Time Moving Closer to Sale for $20+/Share

The Rumor:

Time Inc. (NYSE: TIME) is said to be getting closer to a deal to sell the entire company for more than $20 a share, according to sources as reported by Bloomberg on Friday. A deal could be reached in the coming week or in early April, the sources said.

Meredith Corp. (NYSE: MDP) and a group including Pamplona Capital Management and Jahm Najafi are said to be among the remaining bidders for Time, plus one other publicly-traded company. A group let by Edgar Bronfman Jr. had previously dropped out the bid process.

Time closed at $19.35 on Friday, up $0.10.

Canyon Bridge, Lattice Semiconductor Resubmit Merger Deal for CFIUS Review

The Filing:

Lattice Semiconductor Corporation (NASDAQ: LSCC) and Canyon Bridge Fund I, LP have jointly withdrawn and re-filed their joint voluntary notice to the Committee on Foreign Investment in the United States under the Defense Production Act of 1950, as amended, to allow more time for review and discussion with CFIUS in connection with the proposed merger between Lattice and an indirect wholly-owned subsidiary of Canyon Bridge. Lattice disclosed this in an 8-K filing on Friday. The merger was approved by the holders of approximately 77.83 percent of Lattice’s shares of common stock on February 28, 2017.

Lattice and Canyon Bridge said they remain fully committed to their merger, under which Lattice agreed to be acquire for $8.30 per share in cash. But U.S. lawmakers urged rejection of a deal linked to China-backed investment.

Lattice Semiconductor closed at $7.04.

Evolent Health Explores Merger With Advisory Board

The Rumor:

Evolent Health Inc (NYSE: EVH) is exploring a potential merger with Advisory Board Co (NASDAQ: ABCO), according to sources as reported by Reuters on Friday. Evolent has contacted private equity firms regarding funding for a potential deal, the sources said. Advisory Board announced on February 6 it was exploring strategic alternatives and had hired Goldman Sachs and Allen & Co. as financial advisers. Elliott Associates reported a stake of 8.3 percent in a 13D filing on February 9.

Evolent Health closed at $20.85, up $0.95. Advisory Board closed at $44.70, unchanged.


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Posted-In: M&A News Rumors