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Wall Street's M&A Chatter From April 3: Panera, Syneron Medical, Akzo Nobel, Cowen

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The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday, April 3, 2017.

Apax Partners Acquires Syneron for $11.00/Share Cash

The Deal:

Syneron Medical Ltd. (NASDAQ: ELOS) and Apax Partners confirmed weekend reports and announced a definitive agreement under which an affiliate of funds advised by Apax Partners will acquire all of the outstanding shares of Syneron Candela for $11.00 per share in cash in a transaction valued at approximately $397 million. The transaction is subject to customary closing conditions and has a "go-shop" period which ends on May 9, 2017.

Syneron Medical closed at $11.10, up $0.55.

Akzo Nobel CEO Says No Merit in Engaging in Talks With PPG

The CEO Comments:

Akzo Nobel (OTC: AKZOY) CEO Ton Buechner repeated that he is opposed to the March 20 takeover proposal from PPG Industries (NYSE: PPG) and said he sees no merit in negotiating with PPG, according to a report from Reuters. PPG had offered $26.1 billion for Azo Nobel.

A major Akzo investor said he was pleased with the job Buechner has done, PPG's €90 per share offer was "at a level where the company's got to engage."

PPG closed at $105.08.

Cowen Group Acquires Convergex for $116M Cash, Cowen Common Stock

The Deal:

Cowen Group, Inc. (NASDAQ: COWN) announced the signing of a definitive agreement under which Cowen will acquire Convergex Group, LLC from private equity firm GTCR, Bank of New York Mellon, and other shareholders, for a total consideration, less certain closing adjustments, of $116 million in cash and Cowen common stock. The transaction is expected to close by the end of Q2 2017.

Cowen Group closed at $14.30, down $0.65.

Panera Explores Sale

The Rumor:

Panera Bread Co. (NASDAQ: PNRA) is considering strategic options including a potential, according to sources as reported by Bloomberg. The sources said Panera received takeover interest from interested parties including JAB, Starbucks (NASDAQ: SBUX) and Domino's (NYSE: DPZ). A Domino's spokesperson told Benzinga there were no conversations regarding the purchase of Panera and the company was "committed to remaining a single-brand pizza company."

Panera is said to be working with advisers to study their options.

Panera closed at $282.63, up $20.76.

Posted-In: M&A News Rumors

 

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