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Wall Street's M&A Chatter From March 28: Moneygram, Huntsman, Oracle-Accenture


The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday, March 28, 2017.

Report Oracle Doing Due Diligence on Accenture

The Rumor:

Oracle (NASDAQ: ORCL) has hired advisers to investigate a possible acquisition of Accenture (NYSE: ACN), according to sources as reported by the UK Register. The process is at an early stage, a source said.

Accenture and Oracle have had a working relationship and formed the  Accenture Oracle Business Group in 2015 to assist in moving businesses to the cloud.

Accenture denied knowledge of Oracle's activities, while Oracle declined comment on the report.

Accenture closed at $121.35, up $1.96.

Hunstsman CEO Sees Potential M&A Activity

The CEO Comments:

Huntsman (NYSE: HUN) Chairman Jon Hunstman Sr., in an interview with Bloomberg said his company was looking seriously at a possible merger or "something that would double or triple our revenues." Huntsman said there are seven or eight specialty chemical companies that would make suitable business partners, but didn't specify any by name.

Huntsman said he was considering a merger following the spinoff of the TiO2 unit.

Huntsman closed at $24.11, up $1.22.

Euronet Urges U.S. to Scrutinize Ant Financial Bid for MoneyGram

The CEO Letter:

Reuters reports Euronet Worldwide Inc (NASDAQ: EEFT) CEO Michael Brown said in a letter on Monday to U.S. Treasury Secretary Mnuchin that Alibaba's (NYSE: BABA) Ant Financial's bid to acquire MoneyGram International Inc (NASDAQ: MGI) raises "significant national security risks and urged the U.S. government to closely scrutinize the offer."

Brown said MoneyGram's new owner would have to comply with data requests and assist law enforcement in combating terrorist financing and money laundering. The letter was also sent to more than a dozen congressional offices.

Euronet has proposed to acquire MoneyGram for $15.20 per share in cash. MoneyGram's Board said the unsolicited proposal could reasonably be expected to result in a superior proposal to Ant's $13.25 per share offer.

Moneygram closed at $16.98, up $0.23.


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Posted-In: M&A News Rumors

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