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Wall Street's M&A Chatter From April 17: Norsat, MoneyGram, Disney-Snap, Verizon-Straight Path


The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday April 17, 2017:

MoneyGram, Ant Financial Enter into Amended Merger Agreement; Ant Financial Raises Offer from $13.25 to $18.00/Share in Cash

The Deal:

MoneyGram (NASDAQ: MGI) and Alibaba's (NYSE: BABA) Ant Financial Services Group announced Sunday the companies have entered into an amended agreement under which Ant Financial will raise its offer to acquire all of the outstanding shares of MoneyGram from $13.25 per share to $18.00 per share in cash. The MoneyGram board of directors has unanimously approved the amended merger agreement, which is valued at approximately $1,204 million.

On April 14, 2017, MoneyGram received a binding offer from Euronet Worldwide, Inc. (NASDAQ: EEFT) to acquire all of the outstanding shares of MoneyGram Common Stock and Preferred Stock for $15.20 per share in cash and determined that the Euronet proposal was not superior to the amended merger agreement with Ant Financial.

MoneyGram closed at $17.79, up $1.28.

Norsat Receives Unsolicited, Non-Binding Proposal from Privet Fund Management of $11/Share in Cash

The Offer:

Norsat International Inc. (NYSE: NSAT) announced it has recently received an unsolicited, conditional, non-binding proposal from Privet Fund Management LLC to acquire the company for US$11.00 per share in cash. The non-binding proposal is subject to due diligence and financing. Norsat's Board of Directors has created a special committee of the Board to review and consider the proposal.

On March 27, 2017, Norsat agreed to be Hytera acquired by Hytera for $10.25 per share. At this time, Nordat's Board has not changed its recommendation regarding the pending transaction with Hytera and has not yet determined that the offer by Privet is a "Superior Proposal", as defined in the Arrangement Agreement.

Norsat closed at $10.85, up $0.75.

Disney Said to be Interested in SnapChat

The Rumor:

Disney (NYSE: DIS) is said to be one of several potential buyers for Snap (NYSE: SNAP), according to a report from The Information on Monday. Facebook (NASDAQ: FB) has been copying some of Snap's features and now might be the right time to sell, the sources said.

Snap closed at $19.94, down $0.25.

Verizon Could Top AT&T Bid for Straight Path

The Rumor:

On April 13, 2017, Straight Path (NYSE: STRP) and Evercore Group received a letter from a third party that had been bid for Straight Path prior to its merger agreement with AT&T (NYSE: T). The letter, whose sender was not identified, but believed to be Verizon Communications (NYSE: VZ), indicated they continue to have interest in a deal and are evaluating presenting a higher offer than that made by AT&T.

Straight Path closed at $112.31, up $20.79.


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Posted-In: M&A News Rumors

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